Does Medtronic do counteroffers, or is it purely a waste of time? Asking for a friend..
6 replies (most recent on top)
Take the counter offer in writing and still leave, and make sure it’s reflected in Workday.
Don't take it. You will be the first on the chopping block in our annual RIFs.
I’m sure they would like to keep solid employees if they could. I recently left and one of our VPs met with me to discuss why I was leaving. I loved MDT and my colleagues and I was honest with the VP. The offer came with a large sign on bonus, guaranteed annual equity, and an annual bonus almost double what MDT gave. I am not a Director. (PTO and Holidays were also more than MDT offered. 401k match was same - 6% of salary) MDT just doesn’t have the funds to compete with that and keep compensation equitable across the system.
If a counter offer is the only thing preventing you from leaving the company, I would highly suggest to leave. The company has not bled enough to pay the employees their true market value or show appreciation. I am sure it must be difficult leaving coworkers and a workplace but MDT has lost its way in caring for the employees.
Yes, MDT does do counteroffers. I know of a couple co-workers in the past who have received one. It is indeed on a case by case basis. As the person below noted don't expect to have them match something in the double digits. Part of the reason is MDT will look at your total compensation package compared to the market. In my opinion, and what I've seen, is MDTs base salary is average at best if not below. Where they exceed the market is their PTO and retirement (401k match). The 401k match historically, up until COVID, has been around 7% with the employee match, core contribution, and extra kicker based on year end.
To my knowledge there is no official policy against it. It’s likely considered on a case-by-case basis. When I served notice they asked if there was anything they could do, but when I told them I was getting a 20% raise they wished me well.
That said, my unsolicited advice is that if you’d made up your mind to leave, just leave. There’s a reason you were looking in the first place; you have an offer in hand; don’t look back. They’ll gladly jettison loyal employees when they feel they need to; what do you think they’ll do to someone they know was looking to leave?