3M HCGB has implemented hiring freeze and travel freeze for Q1-Q2. Not a good sign for the health of the organization…
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Does anyone have any insider info on why MR was the chosen one?
3M should always be led by a scientist who has proven their chops either in chemistry or engineering. Preferably, someone who spent some time in the labs learning about the innovation that made 3M great.
Mike is an exjock and engineer on paper, but can't recall anything he's ever done that would make him an ideal guy to lead thus company. Desi, though only so-so as a CEO, at least checked those boxes and 3M still had plenty of products coming onto the market at the end of the century.
Monish is really running the show, and it shows up in how bad this company is being run. Mike is just a smiling figurehead.
🙋🏼♀️Agreed!
Most importantly, a good growth company is NEVER lead by an accountant.
NEVER
Accountant lead organizations signal to Wall Street financial problems. Growth and cost cutting can’t happen simultaneously.
Romani’s right hand man and future CEO is an accountant. Doh!
These are all signs that could indicate that an organization may be in trouble and it is important to be aware of them and consider them when evaluating the health of the company. It is also important to note that some of these signs may be more severe than others and may have a greater impact on the overall health of the organization. It's wise to take a critical look at the company, talk to people who have left the company and read business press to get a better understanding of the situation. It's important to weigh the potential career advantages such as being part of the turnaround team or learning an important new skill against the potential downsides of working for an organization in trouble. Ultimately, it's important to make an informed decision that aligns with your personal and professional goals.
Poor AIP? from what I've seen of the publicly available Financials and what is percolating down from the business leadership, just be happy to get 30 percent and not be laid off.
Business leaders are already getting their 35 page PowerPoint slide decks ready to show you internally how bad things are to make you feel happy getting a small bonus, and 2 to 3 percent raise, and have a job.
Meanwhile, somehow Mike and Monish have a different scorecard that will pay them a much better percentage. Even my boss Frank Shirley has told me that the company may have to rescind the Christmas bonuses and give out jelly of the month certificates instead. Cousin Eddie was really counting on a management job at 3M, but he's now over qualified to work in this dump.
This implies staff are now frozen in Spinco or Parentco. Will there be exceptions to the hiring freeze? And, should we brace for a poor AIP?
Similar story about cost scrutiny in a few divisions of TEBG, including mine. They cancelled some booked spending in the month of February and the lab is back on a no spend lockdown. Brace yourself for the earnings call next week!
Similar with majority of SIBG
3M hits all six of these criteria plus bringing in "talent?" From left for dead GE, overrated Starbucks, and tireman too.
HBR is still quite reputable. From mcnerney and his cost cutting equals growth mindset, to inge borrowing billions to boost shares to over 250, to Mike's playbook, this is a frigging ghost ship sailing the river Styx right to hades.
From the Harvard Business Review:
Are you working for the right organization? Make sure you don’t passively ride downhill with an organization in trouble. Here are seven signs that should concern you:
- A merger, acquisition, or change of control has taken place, and you are not a part of the new changes.
- Management is criticized again and again in the business press.
- The organization does not invest in new products or services and chooses to focus on old ways of doing things.
- People you respect are leaving the company.
- Profits are down, or if it’s a nonprofit, contributions are down.
Outsiders are hired into management positions and begin to bring their own friends.
- Cost-cutting measures are implemented with little notice or rationale.
If four or five of these signs are true for your organization, take a critical look at it. Talk to the people you know who have left the company. Look it up in the business press. Is it an organization in trouble? There are times when you might want to choose to work for an organization in trouble, but only if there is a career advantage — like being part of the turnaround team or learning an important new skill.
Its just so they can look better for potential investors. Don't want to put the money out, they have to preserve as much as they can.