There is so much fat here that if we lost 30% of the workforce it would be the same productivity that exists now. High-level management and long-term employees just sit around take long lunch breaks, watch Netflix, play on computers, get haircuts, Sit in the workout center, and play golf on company time. Trim the fat and maybe this company can actually become profitable again.
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Boule, Galliana and others at the outset were poor choices. Ernie? Pls
Saw Vale mentioned. Appears that he pulled 1/3 of his stock a few weeks prior to these actions ……………. Hmmm. 5.x mil before mass layoffs. Was he worried for himself or planning to give charitably to those impacted?
One EVP sold 70% of their total shares (now
has only 893) that 4th day in August; appears they are the Exec VP and Chief of HR… would have had no hint about any of these layoffs starting 3 weeks later, right?
According to market beat, insiders bought $0 and sold 6.64M in Q3 of 2022. A huge increase in selling activity from Q2 where they bought $0 and sold $1.04m. Nearly double the sale than the previous August, if we were considering “routine cycles” as a base line.
No surprise with how 3M facing today's problem. Management model is all about protecting executive and high level management pockets.
The SAP has been burning company money for more than a decade, from initial plan 900MM to date more than 3 billion. 3M didn't improve a thing from it and created much more layers to perform the same things.
Should start with all of the former site leaders of the failed BT, SAP planning, development and rollout teams, that caused the pause in 2019. If they cared as much about developing working and functional software and platforms, as they did their own metrics, scorecards, and setting themselves for the next job, this process would be completed. How about Advance 3M, another "Pause" but still large teams and leadership that are "Remote" only and if they are available it is Tuesday, Wednesday, Thursday only. This and the layers of Corporate managers, planners, staff groups that provide very limited Value Added roles to tge manufacturing plants, and yet there are more them then manufacturing staff at the plants. Layers of Value stream managers that have few reports, yet have the department manager title, and lead nobody from the remote locations at home. Work remote only individuals, that selfishly demand, no accountability, or results, but have fantastic self evaluations. Corporate staff groups is rife with layers of non Value added Fluuf that bring nothing in measurable metrics or outcomes.. That and all the entitled 30 + years folks that think it is OK to collect a check and do no work in again the corporate staff. PENEM Center and Remote only is where all of the FAT and Chafe is at 3M.
Don’t even get me started on CBG…..Yes sir, coming sir
Completely agree. As an example in TTS the full “Digital” and TTL team should go. Absolute waste, with zero delivery. Shaun B is a all talk and no substance. What a huge waste of headcount and money!
If you really want to make meaningful cuts to fat, cut out the middle management.
There is literally an army of middle managers, project managers in 3M who don't provide any meaningful value to the company. Cut them out as was done recently in Unilever. Hundreds of middle managers at the HQ doing horsework for upper management , hoping one day they will occupy their master's seat.
Not sure mike or monish are anyone will really care about the next voc survey. They will likely get golden parachutes by year end. Vale has been the only senior leader who seems honest and open
We I hope employees express their thoughts in the upcoming voc by hr.
3M is profitable, they make billions in profit every year. It's the greedy shareholders that only want to take and take. Trim the fat? Cut the greed!