Are you too intending to leave as soon as you receive MIP? I think there are a lot of us like that.
17 replies (most recent on top)
Medtronic will continue to make MIP goals unattainable so that they don’t have to pay out 100%.
Leadership would rather cut cost than put in money to innovate and create better products.
Beneath the surface with all the supposed niceness, Medtronic management is biased with its treatment of older near retirement employees.
In the MIP plan, it says you must be employed on April 28th 2023 to be eligible for the prior years payout.
@5wdg+1mpXuLtD you definitely do not get partial MIP for the fiscal year in which you resign. not that a week of MIP would matter anyway.
Does anyone actually think there will be a MIP payout?
No need to wait. I resigned after the end of the fiscal year. I had enough. Will get full MIP and partial MIP for next year.
Looking ahead, I’m putting in as much FY24 work effort as the MIP percentage. There is no ROI for working hard anymore. Measly 2% raise. Lucky if 4%. Time better spent doing things I enjoy. Life is short.
I worked for a company in the mid-2000s that was taken over by GE executives. That company no longer exists as it got bought by another company. They pulled the same sh-t by forcing managers to fit their employees into a bell curve rating system so there would always be a low performer to terminate. I never imagined Medtronic would go that route and fall victim to GE bs. I’m happy to say I received a job offer today and will happily be giving my resignation tomorrow morning.
2022 review is a joke just submit it, 2023 will be important as they are using performance as they engage the GE mindset, which is terrible 10% MUST fail.
Yep, its the GE process of always wanting to fire the bottom 10%; and each time given a quota of you need to have X% as bottom performers so we can fire them. Not the MDT way so likely part of GM's "enhancing" the MDT culture....
From a people managers meeting, HR is putting in many new processes to make it much more difficult to give people high rating and hinting managers should put few in low rating or will face some kind of audit from leadership
Someone said somewhere that MDT HR is evil...
the comment about being having to be on payroll day of the MIP payout is 100% incorrect. if yoi are there at the end of the FY, and then retire or resign, you have earned mip and will get the payout in July. all the folks laid off, whose 60 day period ends in June, will get MIP. Only if you violate a noncompete in that time period might it get deferred or canceled.
To receive MIP payout, you must be on payroll at the date of the payout. If you were employed through FY23 and chose to resign before payout, you forfeit your FY23 MIP.
Like it or not, you are now looking at working through Q1 FY24 to receive your earned MIP.
I plan on leaving, yes. I’m glad others commented because I thought we would get MIP for FY23 if we were here until that fiscal end. I don’t plan on staying until July. I plan on leaving as soon as an offer comes in.
Mdt never paid a full MIP in the decade I was there
Agree with the last responsw. You don't need to wait until the payout in July. If you have another opportunity you can leave now. I would guess a mass exodus in the first quarter.
No need to wait. You made it through fiscal, you are now guaranteed to get it (whatever it ends up being).