A firm that made the list of the Top 100 Medical Device Companies, and arguably one of the biggest players in the industry, is announcing layoffs.
Medtronic executives notified personnel Tuesday that the company would be enacting layoff plans first announced in February, according to a report from the Star Tribune.
The announcement follows Medtronic offering early retirement incentives to employees in March in a bid to cut costs before its fiscal year ended this month.
At the close of its fiscal year in April of 2022, the company had 95,000 employees across the world. However, a spokesperson for Medtronic did not share the firm’s current number of employees or go into detail on how many jobs would be eliminated.
“Medtronic continually evaluates its operations and aligns our resources with our highest strategic priorities,” a Medtronic spokesperson told MD+DI. “To better position the company for future growth, we announced today that we intend to reduce our full-time global workforce in the coming months, with certain employee notifications beginning today. These decisions are never easy, and we’re taking great care to treat all impacted employees with dignity and respect. Medtronic will follow fair, consistent processes and provide comprehensive transitional resources to impacted employees during this time.
The layoffs are part of an industry-wide trend as companies seek to navigate the fallout from the pandemic and a turbulent economy.
Philips kicked off 2023 announcing it would eliminate about 6,000 jobs to simplify its operating model in the wake of its multi-year-long recall. Other notable layoffs include Verily cutting about 15% of its staff and Baxter cutting about 5% of its workforce.
And last month, Johnson & Johnson announced cost-saving measures that could eliminate at least 1,000 jobs.