If we take a look at the structure of people that are leaving the company on their own we see that there are a lot of young people (in terms of age) and people that are no longer that a couple of years at the company. Why is that the case?
One would think that people who have been here a longer period of time would be more fed up. Why is that? Is it a generational issue that younger and newer folks just don’t have the same tolerance for all the sh-t that we are faced with or the older ones just are not aware that there are greener pastures out there?
11 replies (most recent on top)
Mass exodus of technical folks that started in 2021 at a frantic pace, continues unabated in 2022.
Meanwhile Boomers with good pension plans keep retiring as they should while pension and benefits are still secure.
At this rate not many people will be left to work at the bench. What does the future look like for this company ?
Work in a sweatshop with no future for sub optimal pay? Leave 3M to double or triple your pay, and work on interesting problems at companies that value their employees. Hum I wonder why folks are leaving?
What’s keeping us? Better salaries draw us away. What draws us to stay? To buy blue tape for a quarter? 2% raises when inflation is 8%? We don’t have pensions and if salaries are “competitive” that just means they’re the same at external companies. All the money in my 401(k) belongs to me, I’m not shackled to the company like the pensioners are.
Unless you are ready to join management ranks immediately after your first promotion, don't bother to stay here. Almost any other career track, esp. technical track, offers little opportunities for any meaningful career advancement.
It is such an irony that a company that prides itself on it's connection to science and technology has so little to offer to the people actually doing science, technology and engineering in 3M these days.
I think the older people know there are greener pastures out there, but the portfolio I pensions will keep the very oldest employees around to finish out. For everyone on portfolio II (small pension) or portfolio III (no pension), they are heading to the exits.
The bottom line is that all demographic groups are leaving in greater numbers than in past. Far greater, and for all populations.
I am youngish and looking outside 3M for my next role. As mentioned below, the extreme lack of technical opportunities to transition into is main reason. I would like to stay in Twin Cities area and would be happy to continue with 3M, but the lack of growth is really felt in technical opportunities and seems self-perpetuating.
Few reasons :
- New or newer grads know that if they switch to a Tech company they can easily double ( base salary plus stock options plus sign up options) their 3M T3, T4 salary.
- They realize that the company is in a terminal decline. They are not drinking the kool - aid that is currently being propagated at 3M ...most innovative company, most ethical company ...blah blah blah..
- Career opportunities in the technical side is very low ..unless someone joins management ranks.
- Millennials by nature will not stick with a company for too long.
Reality is that current attrition rates are way higher that other comparable companies with no signs of slowing down.
i have been with company for over 20 years and am only there to collect my pension when i retire in a couple of years. The company is employing sub standard 24- 30 year old employees who don't give a hoot about rolling up sleeves when the going gets tough, the older generation are also losing the will to hand out years of experience to ill gotten children who think they know how to run the show because they have learned the proper procedures,, a lot of snowflakes now run the show
Two words. Golden Pensions.
I've been in my field since 2002, and have seen it all. Lifers who will go down with the ship if you don't kick them out, people who talk a good game but can't really hack it, so they only last 6 months to a year before everyone starts to notice that they aren't settling in, so they move on... and yes, perfectly normal, happy people who love what they do and are very good at it -- they just like to move around, and 2yrs is about the limit for them.