I recently got a new job and quickly realized how much I had been underpaid at Medtronic. The position I accepted offers $18k more annually for doing similar work. It was a bit shocking to discover the pay difference, but I’m glad I made the move. Has anyone else had a similar experience?
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Yes, in my case it was 25% increase in pay elsewhere.
This was my experience as well. I recently left for a competitor and not only got offered a salary 10% higher, but also received an equity grant upon hire, and a set amount of annual RSUs in addition to a cash bonus dependent on performance. My new employer has more PTO, 2 annual shutdowns (you don’t need to use PTO to cover) and a better workload. Health insurance options are pretty similar coverage wise but cheaper premiums. I left MDT because when I asked how promotions occur I was told it was dependent on “years in the role.” I was looking to grow and advance. I’m already being considered for a promotion at my new employer after 1 year. It sounded like promotions at Medtronic were not possible.
I got several interviews coming up, all the positions pay 20% plus.
The amount of work I have to do, I should be paid 3x the salary of one person. This "do more, with less" is BS.
Medtronic has taken advantage of employees for years with "the mission" as a reason to stay and be underpaid for the privledge of working there. The truth is the allure of MDT as the talent destination faded 15 years ago and now its just a job. Many great companies offer the same rewarding experience, and more fair compensation at the same time.
When I left (due to an impending outsourcing of my IT team), I was hired on at a pay grade below where I was at MDT and making $3k more than at MDT. Benefits cost less and had the same amount of PTO starting out as I had after 14 years at MDT. Shortly after the first year, received a promotion to a senior level with a $14k raise (in addition to the 4% raise at review). In talking with coworkers since, I've learned that the pay was consistently lower than other places, sometimes by a small margin, but more frequently by several thousand per year. While working at MDT, I'd known that I was being underpaid (didn't think it was by that much), but the benefits felt like they made up for it...little did I know. What gets me more, though, was the expectation that you'd put in the 48-54 hour week regularly without question. I've felt that a lot less since leaving.