Medtronic, Inc. (NYSE:MDT) announced today that it ranks 72nd on FORTUNE'S 10th annual "100 Best Companies to Work For list. Medtronic also ranked 24th on the Best Large-Sized Company list. This marks the eighth time in the list's 10-year history that Medtronic, the global leader in medical technology, has been included.
In addition to offering outstanding compensation, benefits, wellness, and training and development programs, the company was specifically recognized for fostering a unique culture where employees are actively engaged in the Medtronic Mission " to alleviate pain, restore health and extend life. The Mission has remained unchanged since 1960.
"Because our employees are our most valuable assets, we constantly work to provide an environment that recognizes the total well-being of each employee, says Art Collins, Medtronic chairman and chief executive officer. "By truly connecting ourselves to the Medtronic Mission, we are better able to serve people with chronic diseases around the world. It is an honor that FORTUNE recognizes this culture and its contribution to making Medtronic a great place to work.
The magazine recognizes Medtronic's annual employee holiday program, where employees gather to hear patients tell their stories about how their lives were improved or saved by Medtronic medical devices, as a prime example of how the company keeps the Mission alive.
The company also supports employee involvement in local communities by providing grants and matching contributions to organizations where employees volunteer. Last year, the company instituted a program allowing employees to request a week of paid leave to volunteer in the wake of large-scale disasters.
Medtronic was a pioneer in offering consumer-driven health plans as an alternative to traditional health care plans. In addition, Medtronic also provides a number of health and wellness resources, including free workplace wellness screenings for employees and their spouses. In August 2006, the company launched a comprehensive wellness program that provides employees access to personal health coaches.
"The 100 Best Companies to Work For" list is compiled for FORTUNE by Robert Levering and Milton Moskowitz of the Great Place to Work Institute in San Francisco, based on two criteria: an evaluation of the policies and culture of each company, and the opinions of the company's employees. The latter is given more weight; two-thirds of the total score comes from employee responses to a 57-question survey which goes to a minimum of 400 randomly selected employees from each company. More than 100,000 employees from 446 companies participated in the survey this year. It asks about things such as attitudes towards management, job satisfaction, and camaraderie within the organization. The remaining one-third of the score is based on an evaluation of each company's demographic makeup, pay and benefits programs, and culture. Companies are scored in four areas: credibility (communication to employees), respect (opportunities and benefits), fairness (compensation, diversity), and pride/camaraderie (philanthropy, celebrations). Companies that are at least seven years old and have 1,000 or more employees are eligible for the list. Information about applying for the next list can be found at www.greatplacetowork.com.
Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the global leader in medical technology " alleviating pain, restoring health, and extending life for millions of people around the world.
Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's Annual Report on Form 10-K for the year ended April 28, 2006. Actual results may differ materially from anticipated results.