What will be on the list ?
- More layoffs which is a given.
......
17 replies (most recent on top)
@2Rmfg+1q8XYW8R
You're spouting off like a fool. Getting rid of things like a service banquet is seen as a symbolic or emblematic change, telling the employees a lot about the company's perspective
If the main concern was whether you attended service banquets, frankly we are better off without you! Ba-bye!!
Who gets laid off from the same company 2x? Ffs. U r are the problem as is the person who rehired u
Lots of VPs retiring... pension plan freeze result? Yet, higher level executives get lavish raises. And, CEO was pushed up to a higher level and the company hired a new CEO from outside the company.
Service award banquet was great for my 10th, 15th and 20th years of service. Got laid off for my 25th and fortunately found a job within the company, but had no morale to celebrate tenure so did not attend. Got laid off again for my 35th... perfect timing for me to retire and boycott the banquet. Didn't know they had discontinued them, but am not surprised. They have eliminated pretty much everything that was meaningful for the employees... banquet, 90% medical coverage with low deductible, Wonewok, company store, online company store, retiree life insurance cut, pension plan, stock options for JG13, etc. etc. etc.
IF it was not for government contracts the company would be a ZERO.
Went off the deep end during the pandemic and did the WOKE dance.
No concern for the bottom line. CEO bull crud making excuses every quarter. Out of excuses now!
Never went to those Service Award Banquets in my 28 years there, but enjoyed the freedom to innovate at the bench championing exotic new technologies resulting in a few commercializations and 100+ inventions, glad to have taken early retirement in 2019 just before the precipitous fall! I do feel there is an opportunity for the new 3M to learn from the mistakes made since George Buckley left 3M. I tried to make a case for Developing New Markets through Innovation rather than follow the herd in lusting after the Growth Markets, and falling into the deep pit of its destruction: Memory Technologies, InkJet, Telecommunications, LCD, Pharmaceuticals & Dr-g Delivery, BioAnalytics, Fuel Cells, Solar Energy, Semiconductors, etc. being among many markets where 3M could not grow by the double digit percentages as they did in the era prior!!!
Pension plan freeze predicted by many on this board came true.
Doesn't quite take a genius to predict it though!
@1gfx+1q8XYW8R
My very first service award banquet was the very last one they held. I remember thinking at the time what a cool event it was, even though I'd heard stories of previous banquets really having all the bells and whistles. The coolest part of the evening was when they had each service group stand up and congratulate them. Lots of us 10's, a bunch of 15's, 20's, 25's. Numbers started to tail off as the higher years of service were recognized.
And then, the MC asked the 45 year honorees to stand and a single person stood up to applause. I remember thinking what a special company 3M is, that people would still want to work at a single company for their entire career. That company of 5 years ago fell apart quickly. Sadly, nobody would be able to really hit that 40+ mark anymore even if they wanted to, will they?
Unfortunately your prediction is likely correct. The ice cap melted and the ripples are still working their way south.
To further add to "back in the day" comments above -- those of us who were lucky enough to be part of the Service Awards Banquet truly knew what it felt like to be part of a "work family" no matter what job/position you had; we all worked together and respected each other. These banquets were elegant, gave us an opportunity to bring our significant other so they could meet the wonderful people we worked with and what a great company we were a part of and why we would gladly spend our career lives here. It really once was a great company to work for.
- Continued multi million bonuses and salaries for top dogs while office peons are laid off left and right, front and center, all in the name of efficiency and market headwinds and other such corporate horse d.u.n.g verbage.
End of next year the stock is $65 and leadership will tell you why that's a good thing. There will be more meaningless geography reorgs in Europe. They will blame service issues on non existing inflation. A watered down leadership program will come out. In a move to make commercialization more effective, they will make NPI more complicated. You will start to see HC in St Paul inexplicably rise again. And they will tell you why to ignore the results of the employment survey. Week 3 Jan, there will be a courageous ban on travel and push for "virtual" sales calls.
Just when you think it can’t get any worse. Please stop with your reimagined 3M you COC knuckle Heads! Turn the F around and get back to our core principles! Fools!
Your manager and your manager's bosses will continue to care nothing about you as a person. You are a number and they will get rid of you without a second thought.
Back in the day, people wanted to work at 3M because it was a company that was known for taking great care of their employees. 3M paid for their employees to get college degrees and additional training. 3M offered perks like on-site services to keep people wanting to work at the company. Everyone from scientists to administrative support to food service to janitorial staff were 3M employees, not outsourced. The result was a company with very highly skilled, knowledgeable, loyal employees who would stay their whole careers, frequently moving around laterally within the company for new experiences, because the overall wages & benefits and well-being were so good. Not telling any of you something you don't already know, but those days are gone forever.
My guess is JG and wage adjustments for both ParentCo and SpinCo at the time of hard spin to tie it all into one headline and try to avoid more publicity for more rounds of cuts. I expect a little more trickery and deception in the way the execs reduce the workers livings and morale
We will feel another year a number and not a person
Monish and Mike R will find a way to bamboozle the 3M BOD into giving those two more money and shares in the Solventum spin off.