Medtronic: Are the 'efficiency drives' adding up to layoffs?

Lately, it feels like every other week there's a new 'efficiency drive' or 'optimization initiative' being rolled out. It's always framed positively, of course, about streamlining processes and improving agility. But the constant focus on 'reducing redundancy' and 'synergizing resources' has me wondering if this is just corporate speak for impending cuts. I've seen a few key people in my department suddenly 'pursue other opportunities' in the last couple of months, and it wasn't really voluntary. Budgets are definitely tighter, and there's a general sense of unease. Anyone else getting this vibe or seeing similar patterns?