Thread regarding 3M layoffs

https://www.bizjournals.com/twincities/news/2022/03/24/3m-ceo-michael-romans-compensation-dips.html

the CEO and chairman, received $18.2 million in 2021, down about 12% from 2020. Roman was paid $20.7 million in the company's 2020 fiscal year, according to the filing with the Securities and Exchange Commission.

3M executives are leading from the front when it comes to making sacrifices in these rather challenging times.

For all of you whiners crying about paltry pay hikes look at our fearless leaders, leading from the very front and taking huge pay cuts.

Taking paycuts of 12 to 22 % in an economic environment where inflation is officially close to 8% !!

Have some empathy for them...not sure how they are able to put food on their table with such huge pay cuts.

2 % for the corporate group.

Expect more attrition, which is already through the roof, to continue.

I heard it is 3 % for the Corporate division

I am surprised especially after at the group town halls they were saying there was concern with talent retention and they were looking how they will adjust comp. Maybe for certain departments the position comp adjustments will be higher.

Of course they are concerned about retention ! That is why they are fast tracking management promotions, who are on fast track anyway. Also more managers are being hired in a group hit by layoff recently....after all that is all we need to grow this stagnant company.

Meanwhile almost every employee hired in the last 5 - 7 years or so is looking for a new job and attrition is already staggering in number.

Open up LinkedIn and you find numerous known names and faces posting " I am a 3M alumnus today....." followed by customary " Oh I was so grateful to be part of this great company " while actually thinking... " Oh I am so glad I am leaving this sinking ship".

Any news on market adjustments for any positions

one plant in the uk, they have not accepted 2021 payrise of less than 1% and are going to Job Action , first time in 25 years at that plant after ten years of minimal rises.

Social Security is giving a 5.9% COLA for 2021.
On January 25, Roman said, "In the face of an uncertain environment, we delivered strong organic growth of 9%."
If 3M's COLA is 2%, that means we are all getting a 4% PAY CUT (in inflation-adjusted money) as a reward for delivering 9% organic growth.
If 3M cares about employee retention, they have a strange way of showing it.

I am surprised especially after at the group town halls they were saying there was concern with talent retention and they were looking how they will adjust comp. Maybe for certain departments the position comp adjustments will be higher

I can confirm it is 2% for US non-production. Same as the last 6 (at least) years.

Serious question for the group, which is better in the riot to come: torch or pitchfork?

Just came in… 2%

What flavor is the Kool-Aid these days?

as much as the current problems with PFAS and the economic situations, Mother Mining has a few rabbits in her hat to stave off what is thrown at her currently, in assessing the forecast for the next five years the old girl actually looks in a healthy place. The main problems are not with US plants but with EMEA and Asian plants that will dwindle over the next 24 months as the world will see after this conflict that to strengthen, it is wiser to build everything from home,, God Bless America

Some people, esp. those in a certain age group, are still clinging on to the mother ship since they are on a pension plan.

In the extreme case where Mother Mining goes bankrupt, are they still obligated to cover their existing pension liability ?

" Bankruptcy " my dear Watson

What is 'BK' as referenced in an earlier post?

Omg what should people whove been here 20 years do? Are they being honest with us? Should i br leaving even though im later career? Tough to see all the money invested in the company spiral.

It doesn’t matter. BK is an increasingly real option.

Is AIP and raises /comp adjustment occur at the same time? I know AIP is being disclosed now but when is the comp and COL?

Raises? you should be thankful to work for a company that wanted to fire 30% of its employees over a vaccine...sheesh, why are you not grateful?

No word down to the director level yet. Lots of speculation, but no numbers yet.

If you need a wild guess from a stranger, put me down for 4%. That is more than prior years, but still cr-p compared to inflation.

Ether way, we should know for sure in the US by mid-March to get the raises in place for April.

• 1.3% ?