What is the factual info behind the rumor of an August round of layoffs? Is this as a folllow on from investor day / Elliot Management changes?
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@fb what are the target orgs for August?
@ny
Yes. I am ready for whatever and don’t take my job for granted. Good luck to you too. I hope you will be safe!
@db So you're included in the next wave then?
@nj pending alignment between VPs
@nf what's left to reorg? Why are they waiting until Aug?
@k0 indirect but reliable internal source (exec level). The August round is expected to be coincided with some reorg announcement. (I know, with high level of confidence, a particular GOSC function will be impacted)
@eh Elliot needs to move on pushing Martha out. He’s obviously not up to the job and it’s seriously hurting Medtronic.
@fb share your source!
With this horrible job market, companies like Medtronic will make us work longer hours knowing that we will won’t leave.
@eh really is this true or speculative? Is this published anywhere? I would like to know more about the impact of Elliott‘s investment.
@OP you can count on it. New culture is RIF every quarter. Like it’s the new method of managing the budget and company performance. The pain of the constant churn is starting to create cracks in the GE version of Medtronic. The poorly performing stock will give leadership a lot of unwanted attention. It’s no longer the Medtronic that Earl built. It will be interesting to see the changes that Elliot makes Hopefully the y will rebuild employee confidence and sense of stability so we can focus on doing their job instead if searching foot a new one
I can confirm the rumored August round of layoffs is true!
@db sadly it doesn’t usually work that way. A few underperformers may be cut, but once the targets are pushed down managers are forced to cut a certain number of positions or dollar amount often impacting good employees. It’s tricky because when the position (job title) is eliminated, anybody in that position is at risk.
I hope I get the same golden ticket like this round of RIF's, just saying I was passed over.
Expected layoffs after every quarter going forward. Elliot’s cash investment is underwater at Titanic depths. 100% confident they will bail and call it a loss-tax write off.
More project prioritization coming for surgical. There is not enough money to innovate everything on the list. Once priorities are set at the end of the month there will be more reorganization and RIF
So I still have a chance at a severance package?
A guess would be multiple new m&a targets that need to be funded but stay net neutral on impact.
$ have to come from projects, cogs or sga
Hopefully there is another round of RIF to get rid of none productive and no value added workers.