"We are very concerned about cost"
"We've flown people in from all over the world to India to be present"
It must be hard to keep their stories straight. Good thing they hire talented speech writers and handlers.
18 replies (most recent on top)
I’m one of the managers in the US who work with MEIC resources. I spoke to my peers who work with MEIC as well. We all expressed concerns on the lack of quality work and experience. Unfortunately we are not the decision makers; and the decision makers won’t make their decisions based on technicalities.
Wallsteet and corporate knows that Medtronic is a value furnace through its acquisitions and outsourcing to India which destroy IP and knowledge. There’s no free cash flow to quality R&D because it’s going to shareholders and low quality overpriced r&d instead. looks desperate and insiders are not buying. These budget cuts and upcoming layoffs will look desperate too and make things worse, basically looks like the company is dying. Plus CRE exposure as well. capital investment poorly managed. This is what corporate looting looks like, a leadership change would please Wall Street. Once this current sh-tshow is in the past a consolidation and reinvestment into US R&D would solve things but they seem too greedy and focused on India. When rate cuts happen in the US the USD / Rupee pair will loose value and Indian R&D will not be as cheap as predicted meaning that they overpaid and won’t reap the benefits. They’re betting too much on India and following a jack welsh strategy but remember he got forced out of GE in the end
The travel doesn't cost much because it's on the corporate jet - that's already budgeted for the year so it's just using sunk cost.
Geoff is making great fiscal choices, he can only save a little bit of money by changing the behavior of c-suite execs, but can save SO much money by outsourcing jobs and reducing quality expectations of customers.
All of our jobs will be in India eventually the way things are going.
I'm in R&D and it is frightening that they are moving our jobs to India.
Its already happening. Half of R&D team for SI is already in India.
its critical the MDT india site look beautiful and feature frequent exec visits because thats where all the engineering recruiting is going to happen from now on. Geoff thinks US engineers are fat and happy, he wants to exploit the poverty of India with a wage arbitrage win.
Travel should be permitted for true Business purposes on the condition they can only fly Coach. No need to sponsor $5000+ round-trip tickets for our execs so they can drink wine in their Delta One seats. If they want anything above coach, they can fund it themselves.
Our leaders can travel wherever and whenever they want and I can't even buy a Medtronic branded cup?
Based on his linked in posts, it appears that GM travels about as much as Taylor Swift. Always important stuff!
I was thinking about the push to improve our cash flow. Remember during the pandemic and no body was traveling? We saved a lot of money then. I know it is not sustainable to not travel, but they could certainly limit travel to important business needs.
I like the sports analogy. When things are not going well they say that you fire the coach because you can’t fire the entire team. Apparently Medtronic has a contrarian approach when they are not winning.
It's probably Slido because the presentation was made by McKinsey. Look for the branding in the footer of the PowerPoint slides... Lol
IMHO I thought the meeting was quite fun to watch.
- 155K SQ FT 4 story floor like a 4 star hotel, while we sit in 20 yrs old cubes.
- KP piece was informative She got fancy and added green for positive and red for negative growth, Glad I didn't have figure out what a + or - sign meant.
- Slido ... you can not make this mess up.
Oh well lets how were impact come MIP time this year.
Medtronic India is the future. Soon, everyone’s job will be outsourced there for Pennies and only leadership will remain here in the US which manages India people.
You should strongly start looking for other jobs.
We’re not hitting our metrics and it’s all your fault. Work harder, commit, do more with less, make hay…
In sports, it’s the coaches and managers who hold the accountability.
Our quality metric was green but we don’t want to pay out full MIP. Quick, change the goal post.
Outsource Geoff to India