500 Job Source
710 Medtronic Parkway
Minneapolis, MN 55432
CEO: Omar Ishrak
Stock Symbol: MDT
Medtronic is a global leader in medical
technology -- alleviating pain, restoring health, and extending
life for millions of people around the world. With deep roots
in the treatment of heart disease, Medtronic now provides a wide
range of products and therapies -- every five seconds, somewhere
in the world, a person's life is saved or improved by a Medtronic
product or therapy.
The company's key businesses include:
- Medtronic Cardiac Rhythm Management
(CRM) develops products that restore
and regulate a patient's heart rhythm, as well as improve the
heart's pumping function. The business markets implantable pacemakers,
defibrillators, cardiac ablation catheters, monitoring and diagnostic
devices and cardiac resynchronization devices, including the
first implantable device for the treatment of heart failure.
In addition, the business markets automated external defibrillators
(AEDs) - which are increasingly being placed in public places,
such as businesses, airports, shopping centers and even homes
and the CareLink Patient Network, the industry's first
Internet-based network to enable physicians to remotely monitor
their patients who have cardiac devices.
- Medtronic Cardiac Surgery develops products that are
used in both arrested and beating heart bypass surgery. The business
also markets the industry's broadest line of heart valve products
for replacement and repair, plus autotransfusion equipment and
disposable devices for handling and monitoring blood during major
surgery, as well as cardiac ablation devices to treat a variety
of heart conditions.
- Medtronic Vascular offers products and therapies that
treat a wide range of vascular diseases and conditions. These
products include coronary, peripheral and neurovascular stents,
stent graft systems for diseases and conditions throughout the
aorta, and distal protection systems. The business is also moving
forward with the development of a drug-eluting stent to prevent
restenosis. Medtronic Vascular also markets a full line of balloon
angioplasty catheters, guide catheters, guidewires, diagnostic
catheters and accessories.
- Medtronic Neurological offers neurostimulation and drug
pump and infusion therapies for chronic pain, Parkinson's disease
and other common movement disorders. It also offers diagnostics
and therapeutics for gastrointestinal and urological conditions,
including incontinence, benign prostatic hyperplasia (BPH)/enlarged
prostrate and gastroesophageal reflux disease.
- Medtronic Diabetes products include internal and external
glucose monitors and insulin pumps.
- Medtronic Spinal and Navigation develops and manufactures
products that treat a variety of disorders of the cranium and
spine, including traumatically induced conditions, deformities
and tumors. Through the introduction of INFUSE Bone Graft and
Minimal Access Spinal Technologies, the business has distinguished
itself as a global leader in less-invasive surgical techniques.
It also develops a variety of image-guided surgical navigation
The company does business in more than
120 countries. World headquarters are in Minneapolis. Regional
headquarters are in Switzerland and Japan.
For fiscal 2012, Medtronic had record revenues of $16.18 billion, a 3% increase, and net income of $3.61 billion. Omar Ishrak became CEO of the company in June following the retirement of Bill Hawkins. Ishrak was the CEO of GE Healthcare.International revenue was $7.31 billion in 2012.
The company was founded on April 29, 1949
in Minneapolis, MN, by Earl E. Bakken and Palmer J. Hermundslie.
Performance Based Pay
Medtronic uses a market-based pay approach to establish competitive
base pay levels. This approach links Medtronic directly to the
external labor market, which allows us to respond to changing
labor market conditions. The market value of jobs in relevant
labor markets determines the overall pay parameters; an individual's
actual base pay is determined by their responsibilities, performance,
and ongoing development.
Medtronic Incentive Program
The Medtronic Incentive Program is designed to motivate employees
to achieve the Company's operating goals by providing the opportunity
for incentive compensation in addition to base pay. Participants
have the opportunity to earn above market compensation when actual
corporate, sector, geographic and/or business specific financial
performance exceeds objectives.
Medtronic uses a broad array of recognition programs to acknowledge
and reward exemplary individual or team performance. These programs
are designed to encourage continued creativity and superior performance
and to retain high performing employees. Rewards may include
cash, stock options, gift certificates, and other forms of recognition.
All employees are eligible.
Employees Stock Purchase Plan
Employees can contribute up to 10% of their eligible after tax
income through payroll deductions to purchase Medtronic stock
at 85% of the lower market value at either the beginning or end
of the plan year.
Medtronic provides retirement benefits for eligible employees,
in addition to stock ownership opportunities. These include
a retirement plan, a 401(k) plan with a company match, and financial
education and planning tools.
Additional Employee Resources
In addition to the competitive benefits package that includes
vacation, holidays, medical and dental insurance coverage, life
insurance, and short- and long-term disability coverage, we offer
a number of programs to meet the evolving needs of our employees:
Health and Wellness
Medtronic values the enhanced health and wellness of our
employees and their families. Resources are available to help
each individual maximize their overall well-being. There is an
emphasis on consumer-driven health care and prevention of illness
- Medical and dental coverage for family members, including domestic
- Disability protection
- On-site fitness centers
- Customized wellness programs
- Massage therapy programs
- On-site wellness screening and health risk assessments
- Action teams (fitness, sports and other interests)
Individual and Family Well-Being
Personal growth and community involvement are emphasized
at Medtronic. In addition, Medtronic provides resources for employees'
personal and family concerns to meet needs such as developing
healthy relationships at work, achieving work and home balance
or locating community resources.
- Medtronic Employee Assistance Program
- Childcare referral
- Elder care assistance
- Flexible work schedules
- Long Term Care Insurance
- Scholarships for children of Medtronic employees
- Tuition reimbursement
- Adoption assistance benefits
- Rooms designated for nursing mothers
- Sick childcare options
- On-site childcare center at World Headquarters
Updated June 4, 2012