Chosen as one of Canada's Top 100 Employers and Greater Toronto's Top Employers for 2012:
By Richard Yerema and Kristina Leung, Mediacorp Canada Inc. staff editors
(
Oct 6, 2011)
Some of the reasons why Medtronic was selected as one of Canada's Top 100 Employers for 2012:
supports employees who are new mothers, fathers, or adoptive parents with maternity and parental leave top-up payments (to 90% of salary for 17 weeks) as well as extended health benefit coverage during their leave
encourages ongoing employee development with generous tuition subsidies (to $6,000) for courses taken at outside institutions and manages an academic scholarship program for employees' children
also provides a variety of great in-house training options, including mentoring and job-shadowing programs
offers a variety of great financial rewards including profit-sharing and share purchase plans, year-end performance bonuses, discounts on home and auto insurance and interest free loans for home computer equipment
helps employees prepare for life after work with retirement planning assistance services, a defined contribution pension plan with employer contributions and matching RSP contributions
Employer Background
Medtronic of Canada Ltd., a division of Minneapolis based Medtronic, Inc., develops medical devices and provides services for individuals suffering from chronic illness.
Established in 1949, the company has grown from its humble beginnings as a medical equipment repair shop into a multinational corporation that operates in 120 countries. From its very first battery-powered pacemaker (developed in the mid 1950s and modelled after a transistorized metronome) the company has continued to innovate, using technology to transform the way debilitating, chronic diseases are treated. Today, Medtronic's six major businesses focus on a specific condition or type of therapy: Cardiac Rhythm Disease Management, Spinal and Biologics, CardioVascular, Neuromodulation, Diabetes, and Surgical Technologies.
Industry: Electromedical and Electrotherapeutic Apparatus Manufacturing.
Publicly traded.
Stock symbol: MDT-N.
Established: 1949.
Parent company: Medtronic, Inc..
Major Canadian hiring locations: Vancouver BC, Mississauga ON, Montréal QC.
Revenues: $15,800 million.
Full-time employees in Canada: 474.
Full-time at this location: 134.
Full-time worldwide: 38,000.
Part-time employees in Canada: 28.
New jobs created in Canada last year: 51.
Voluntary employee turnover last year: 4%.
Longest serving employee: 35 years.
Workforce engaged on a contract basis: 5%.
Number of applications received at this location last year: 1,500.
Percentage of employees who are women: 59%.
Of managers: 47%.
Of directors: 32%.
Average age of all employees: 42.
Rating: A+Physical Workplace
Medtronic's physical workplace is rated as exceptional. Medtronic recently relocated its suburban head office from Mississauga to Brampton. The new location offers convenient highway access and is within minutes of Meadowvale Sports Park, Leslie Trail Park, and Meadowvale Community Centre. Inside, the office houses an art collection and features a museum showcasing the company's history. In addition, the building features an onsite fitness facility (with free membership, treadmills, stationary bikes, stairmasters, rowing machines, weights, shower facilities and instructor-led classes such as pilates and spinning); employee lounge (with comfortable seating, fireplace, music, television, pool table, foosball and table hockey); nap room; religious observance room; onsite cafeteria (with healthy and special diet menus and subsidized meals); secure bicycle parking; free parking; outdoor patio/deck and barbecue; and a multipurpose "flex room". The company also offers employees a variety of free snacks including chocolate croissants, canolis, samosas, and free coffee and tea.
Rating: AWork Atmosphere & Communications
Medtronic's work atmosphere is rated as above-average. On the job, employees enjoy business casual dress; casual dress Fridays; can listen to music while working; employee sports teams; organized social events. The company-subsidized Medtronic Social Committee, in operation since 1974, is responsible for organizing social events throughout the year, including a summer boat cruise along the Toronto Harbourfront, a night out to watch The Jersey Boys musical at the Toronto Centre for the Arts, bowling night, a trip to Casino Rama, and a day at Woodbine and Mohawk Racetrack. The company captures feedback and keeps employees up-to-date through a company newsletter; corporate intranet site; email suggestion box.
Rating: AFinancial Benefits & Compensation
Medtronic's financial benefits are rated as above-average. To keep salaries competitive the company participates in outside salary surveys every 12 months. Individual salaries are reviewed every 12 months. In addition to ensuring competitive compensation rates, Medtronic provides new employee referral bonuses (to $3,500 for some positions); year-end bonuses for all employees; year-end bonuses (to $21,630); share-purchase plan for all employees; profit-sharing plan for all employees; defined contribution pension plan with employer contributions (up to 4% of salary); matching RSP contributions (up to 50% of salary); life & disability insurance; retirement planning assistance; subsidized home Internet access; discounts on home and auto insurance; interest-free loans for the purchase of computer equipment; and discounted company products.
Rating: AHealth & Family-Friendly Benefits
Medtronic's health and family benefits are rated as above-average. Medtronic's health benefits plan is managed by Sun Life. As part of the health plan, the employer pays 100% of the premiums. The health plan is a flexible plan with adjustable premiums and coverage levels. Employees who work 19 hours per week receive coverage. There is no waiting period before coverage begins. Employees receive full family coverage on the health benefits plan. The basic plan includes routine dental; restorative dental; orthodontics; eyecare ($250 every 2 years); traditional medicine coverage; alternative medicine coverage; massage therapy; medical equipment and supplies; homecare; employee assistance (EAP) plan; travel insurance; healthclub subsidy (to $325 each year). Medtronic's family-friendly benefits include; maternity top-up payments (to 90% of salary for 17 weeks); parental leave top-up for new fathers (to 90% of salary for 17 weeks); parental leave top-up for adoptive parents (to 90% of salary for 17 weeks); health benefits during maternity and parental leave; extended unpaid parental leave option (beyond the first year). (Note: the maternity leave benefit also includes a top-up payment to 100% of salary for first 2 weeks of their leave.) Additional family-friendly benefits include; post-secondary academic scholarships for children of employees; compassionate top-up payment (to 100% of salary for 8 weeks) while caring for a family member; flexible working hours; telecommuting; shortened work week (fewer hours with less pay); compressed work week; phased-in retirement work options.
Rating: B+Vacation & Personal Time-Off
Medtronic's vacation and personal time-off are rated as very good. New employees receive 3 weeks of vacation allowance after their first year. Vacation increases after 10 years on the job. Long-serving employees receive a maximum of 7 weeks of vacation each year. Employees can schedule 13 personal days off each year, as needed. During the Christmas to New Year's holiday break, employees receive an additional 3 days off. Employees can also apply for an unpaid leave of absence. Employees receive 100% of salary for 105 sick days 66.6% of salary for the remaining days.
Rating: A+Employee Engagement
Medtronic's employee engagement program is rated as exceptional. Employees receive individual performance reviews every 6 months. Managers receive training in how to conduct effective performance reviews. Performance feedback is also solicited from co-workers and other managers familiar with each employee's work. As part of the review process employees can provide confidential feedback on their manager's performance. Exit interview provided for departing employees. Medtronic recognizes exceptional performance through a variety of reward programs. In the past year, six high performing employees received the Olympic Spirit Award, allowing them and a guest to attend the 2010 Vancouver Olympics, all expenses paid. Three additional employees carried the Olympic torch as it traveled through the country. The company also operates the "Medtronic Moments" program, which enables employees to nominate fellow colleagues for monetary awards. Medtronic sponsors its own in-house employee satisfaction survey. Medtronic hires an outside consultant to conduct confidential employee satisfaction and engagement surveys. (These surveys are held every 12 months).
Rating: A+Training & Skills Development
Medtronic's training and skills development program is rated as exceptional. Employees receive tuition subsidies for courses related to their position. (Employers cover up to 100% of tuition). (Employers pay up to $6,000 in subsidies). Employees may also receive tuition subsidies for courses unrelated to their current position. (Employers cover up to 100% of non-related tuition). (Employers pay up to $6,000 in tuition subsidies for non-related courses). In addition to tuition subsidies, Medtronic offers subsidies for professional accreditations; in-house apprenticeship and skilled trades programs; in-house training programs; online training programs; online employee skills inventory; formal mentoring program; career planning services; new employee orientation program; formal mangement training program; job shadowing; and inter-departmental sessions where employees can learn more about products and roles within the company.
Rating: A+Community Involvement
Medtronic's community involvement program is rated as exceptional. Medtronic and its employees support a variety of local, national, and international charities. Employees take part in the selection of charitable groups assisted each year. Employees receive paid time off to volunteer with their favourite charitable organizations. Employees also receive 7 paid days off to volunteer. Last year, employees donated over 560 hours volunteering with charitable projects. Approximately 25 charitable and community organizations were supported last year. During the holiday season, Medtronic employees raise funds through a Holiday Pancake Breakfast to help families who are in need. The company also helped raise funds for an employee to travel to Uganda to work at a mobile health clinic that was visiting schools in poor and remote communities. In addition, the company is responsible for pioneering the "Soap for Hope" project, which encourages employees to donate soaps, toothpaste, and other toiletries which are sent to homeless shelters and nursing homes in the city.
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