I've been thinking about it for a while now but I always found excuses on why not to start. Well, those excuses are gone now. I realized that a job at Medtronic can only be considered a temporary one. I no longer have expectations of having a long-term career. It's simply surviving from a layoff to a layoff. I refuse to live like that.
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Its 60 day garden leave (basically the WARN period) where you are essentially still an employee but not working. Then if you do not find a new role in those 60 days, you are terminated and given a severance package of 2 weeks per completed year of service. If you find a role within Medtronic during that terminated period, you would owe back whatever would have been "overpaid" as if you had just remained an employee.
MIP/Earned Bonuses are just paid out as normal based on that termination date (60 days after the layoff call).
"I’m hearing 1-month/year plus bonus/MIP top off at 100%."
If this were true, many may wish that they are chosen for the layoff. A more realistic severance package from MDT is 4 weeks + 2 weeks/year of service + unused PTOs.
They also pay out 80%+ in dividends, so there is very little reinvestment back in the company's innovation, employees, and customers.
Now Medtronic's mission is to enrich the shareholders not helping patients.
Medtronic plc (NYSE:MDT) is largely controlled by institutional shareholders who own 86% of the company
https://finance.yahoo.com/news/medtronic-plc-nyse-mdt-largely-110022595.html
I can’t stand it here any longer. I was one of the fortunate (in reality UNfortunate) members to survive the carnage last week.
2 long standing colleagues are gone as well as my Director, and I’m now told I do mission critical work; which is just a big F-you that I’m expected to do more work with the same pay.
I’m regretting every minute I’m here and I’m out of here as soon as I can sign an offer. Bullsh-t that I didn’t get paid…..those who were laid off got sweet compensation! I’m hearing 1-month/year plus bonus/MIP top off at 100%.
MDT will be in the dumps for a long time as it sorts out who does what when those who are left don’t want to more than the bare minimum because of how we will eventually be cast off.
This is what putting profits over patients looks like! Thanks GE leaders!
The future doesn’t look bright. Getting out under your own terms is the way to go.
I was there a long time and left last year (my choice). For years when I saw good people chosing to leave I thought they were making such big mistakes leaving Medtronic. Now I realize that I had a couple points a long time ago where leaving and going to a more growth oriented company would have been a good move. Those folks who moved on were the smart ones - many are CEOs and other C-level leaders at great companies, or they are technical gurus. Meanwhile too many of us toiled in the Medtronic race to mediocacy with underfunded pipelines, manical expense control and a revolving door of souless leaders.
Post ID: @jbo+1svmwej8
Yep grab what you can before they retire you via a RIF. I do my assigned tasks BUT that's it, no more 60 hr weeks
Starting to get closer to retirement. I’m going to hang around as long as possible but I’m just here for the money now and my wonderful team. Starting to scope out post-Corporate America/retirementish jobs.
I just left after MIP vesting. The never ending cuts are like nothing I have ever seen, I didn't make it that long before throwing in the towel.