If you are thinking about joining MDT, please read first

I have been thinking about writing this post for a while but hoped that by now some things would have changed for the better, but they have not. I have been in the industry for years, my entire career actually which spans over 2 decades. I have worked for small start ups and been with MDT for half of my career now. When I came to MDT we were still at the top in regards to quality and product innovation. Unfortunately around that same time Omar Ishrak came on the scene and it has been nothing but downhill ever since. Omar brought with him the ideas generated by GE and his mentor, Jack Welch. Omar also put all his chips on Hillary winning and Corp taxes stating high in the US, he was dead wrong on both. If you want to look at the future of MDT just look at the last 2 decades of GE.

Omar took all of the profits and plowed them into earnings not into R and D, Medtronic is now faced with the hangover of this gluttonous endeavor. MDT and Geoff Martha have decided that it’s time to be a growth company again. Again, our leaders are wrong…we are far from a growth company and in some divisions we are actually looking at a decade of decline both in surgical reimbursements and in surgical volumes.

MDT has reduced clinical support, outsourced customer service to such places as India and Costa Rica, manufacturing to 3rd world countries, and payroll to a 3rd party. We have more FDA federal corrective actions than the next largest 3 med device companies combined, take a look at the 2 articles that the Minneapolis Star Tribune did towards the end of 2022. The Dominican experiment has officially failed Geoff, you know it, the board knows it, and according to our stock price the street knows it.

If you are thinking that MDT is anything like it was even 6-7 years ago, it is not. If you are a young person who is thinking about getting into Med Device, I would not. This industry in general is falling apart due to horrific leadership among the big 4 and a broken health care system that will ultimately end in Medicare for all.

Geoff Martha is a truly horrible leader. I guess it’s not his fault, it’s seems like he has been told his whole life how good he is at hockey and how handsome he looks in his Christmas sport jackets. Unfortunately we need real men and women of industry to correct the decisions made by a few that have affected the many.

The benefits for those coming in today are no better than what a manager at a local Kroger gets and in some cases worse. Our car reimbursement is laughable, $450/mo plus a pittance per mile is so bad that even Motus will tell you we are in the bottom quartile for what they pay out to other companies field personnel. If you don’t believe me please call Motus yourself, I did and I was shocked when the person laughed when he looked at what we get reimbursed.

Pensions, yeah those ended a while back for any new employees. Last year our 401k match was .66 on the dollar, like I said Kroger managers get more. Healthcare, well, not great either. We have been driven to mediocrity.

Obviously I am looking to leave MDT as soon as possible and hope that all of the talented folks I work with can do the same. We are in very dark times here, and the light that we are seeing is not the light at the end of the tunnel but the light from a train getting ready to run us over.

Oh and Intersect is truly horrible. Thanks Brett Wall you egotistical fu-k for flushing over a billion down for this trash.

#Minneapolis #CostaRica #Waste #Rant

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11 replies (most recent on top)

Too many yes men. Tax inversion ki-led them

Mr mission here I guess. My math checks out with what i have in my fidelity account activity. If yours doesn't, I implore you to inquire with someone besides me.

I'm no fanboy of the company for what it's worth.

I would agree with the nature of this post (and won't comment on the 401k). What I saw over my tenure was, on average, inept management, back stabbing, passive aggressive attitudes, me first, unethical behavior, let's do the minimum to fix the issue attitude and let's skirt the laws and regulations and then pound our chests to say we did everything we could and we did it right.

There is pay disparity. There is unethical behavior. There are quality issues. There is greed over doing the right thing.

There are some very good people there too and I feel bad for them. They want to do what's right. They want to make it the company it used to be. But management (especially Geoff and EC) make that challenging.

More 401k confusion! The match described here a few times are incorrect. Mdt matches 50% of your contributions up to 6% max. So yes that’s 3% if you hit or exceed 6% total contribution but not guaranteed! If you contribute 2% the guarantee would be 1%. Above that the match depends on performance. If a match higher than 50% is determined that catch up deposits in June.

So let’s set you made 100k put 5k into 401k, mdt would have contributed $2500 during the year and let’s say the total company match is determined to be 75%, the extra 25% ($1250) will be added in June. If you made $50k and did the same 5k in your 401k, the company would 50% match the $3k and then later do a catch-up for 75% match of that $3k

Mr. Mission trying to make MDT sound way better than reality lol. There's always the fanboys no matter what the company does

Dude go look at your own pay first before coming here with your incorrect calculations.

@1pcp+1mM3HTGw

Your calculations cannot be right. I make more than 100k and contribute more than 6% of my own. Medtronic last year only contributed a little over $4,000 to my 401k last year. My previous employers would contribute 8-10% which was 100% vested on day 1. MDT doesn’t vest their contributions until the 3 year mark. MDTs benefits just aren’t as great as some other places and I sadly didn’t know this until after I joined. My fault for that. But hopefully new candidates can receive a transparent picture before accepting a job offer here.

@1pcp+1mM3HTGw

For somebody whose mission is to make sure coworkers understand it, you also have it wrong.

The core contribution of 3% is right, but the .66 multiplier is against the "discretionary" 3%.

it's (.66*3%)+3% = a weighted average of 5% against the hypothetical $100K salary. You've shown a net almost 7% company contribution, which hasn't been the case for YEARS.

I didn't read this whole thing tbh but I just wanted to clear up some misconception about the 401k match.

Medtronic gives you 3% whether you contribute or not, PLUS matching.
Last year, matching was $.66 ($.50 guaranteed + $.16 "extra") on the dollar up to 6% of salary.
As an easy math example, if you made $100,000 and contributed $6,000 to your 401k:
Medtronic contributed 3% no matter what: $3,000
Medtronic matched $.66 per dollar: $3,960
Total Medtronic contribution: $6,960
Total employee contribution: $6,000
Total contributed to 401k: $12,960

This is a huge source of confusion about the 401k, and it's been my mission lately to make sure my coworkers understand it.

Greed has destroyed this once proud company. Time to dust off your resumes.

I am sad to say I can't disagree with what I have read.

The beginning of the end of MDT happened 20 yrs ago, with Art Collins. Bill Hawkins did nothing, then Omar and the purchase of Covidien, bringing in leader after leader from GE, grooming Geoff Martha and Brett as the next leaders, outsourcing everything possible. Removing MDTs slogan, alleviating pain, restoring health, improving lives to..nothing. Paying to remove the rising man and changing the font..for no reason.
Laying off anyone above midpoint who knew how to get things done. Outsourcing customer service.
MDT is a case example of management failure.

Thread regarding Medtronic Inc. layoffs

If you are thinking about joining MDT, please read first

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