Rumor is there will be 10k jobs eliminated within the next month. Anyone else hearing this and can confirm?
18 replies (most recent on top)
~15% reduction in non-production workforce will be announced by earnings
Where did the 50,000 number come from?
Hmmm...
I bet is the notification to those affected by the change to export model, with due date throughout the year.
As Varys points out, 3M is using the smaller, quiet cuts strategy... which allows getting away from the press spotlight.
@1uws+1lLzibSs, is correct. ParentCo is moving to export model at those countries where sales represent <2%... only demand-generating positions might have opportunity through a Organization of Professional Employment. No opportunities for back-office. I've been told that there are around 25 countries as I only know the countries that belong to my region... and yes, I'm in an affected country.
SpinCo set a higher cut-over: 3%. This means that there will be no SpinCo subsidiary in countries were ParentCo will still have a subsidiary.
Dyneon - 5k?
Heard this with announcements coming before the end of the month
There are 7 level of managers between me and MR. Either me or MR gotta go
The cuts are likely from countries which have been designated as export or exit countries across all of the businesses. I thought it was only healthcare, but heard that other businesses had looked at using the same approach.
chill out guys, update the resume, sit back, strap in and enjoy the ride
This just in we are cutting 50k, 50,000 jobs!! You guys are so full of it
Aren’t a lot of these associated with the biz shutdown. That was originally announced in Nov?
There are an additional 2500-3000 RIFs coming in Q2. They likely will not be announced to Wall Street like they were in Q1. So as @Varys put it, the 10k number is cumulative with an assumption that it will put us anywhere between 10-15k total redundancies as we go into the latter half of the year. Could you imagine the stock price implications if we advertised how many we’re cutting on a rolling basis?!?!?!?!
I heard 15,000 cuts coming soon.
I work in IT and spend about 15 hours a week working. The rest is taking naps, day trading, and watching every Netflix series possible. I am never quitting.
Nobody wants to work long hours anymore.
Yes, I have heard to expect 8,000 cut near the end of March.
I do my work for the day in 30 minutes.
Between the hours of 4:30 to 5:00 PM.
I'm not hearing this one, at least not as a single cut. The smaller, quiet cuts are expected to continue for the foreseeable future.
However - 3M has already cut at least 10k over the last year in both announced and quiet cuts. That may be where the 10k number is coming from.
I can’t believe I’m still working here.
I don’t do anything.