Have heard the mood at the current Leadership Conference is extremely bad. Everyone is demoralized by the stock price and the constant flow of bad news about the liabilities. Main topic is cost cutting, which is always energizing, especially when most know bankruptcy is inevitable.
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Wonewok is a conference and retreat center that is owned and operated by 3M. It is located in the rural area of Wisconsin in USA, and it's available for use by 3M employees and other organizations. The center can be used for corporate events, team-building activities, and other activities that are designed to improve productivity and employee morale.
It is true that companies are under pressure from activist investors to be more transparent and accountable, and this can include a focus on the use of corporate assets such as retreat centers or other properties. However, whether or not a company chooses to retain a particular property or facility like Wonewok, depends on the company's priorities, objectives and overall strategy.
It's possible that usage of Wonewok and similar facilities has decreased due to COVID-19 related travel restrictions and remote working measures. But still, it's important to note that companies like 3M make decisions based on various criteria and a multi-faceted evaluation. The decision of whether or not to keep a particular property like Wonewok would depend on a variety of factors, including its potential uses, the costs associated with maintaining it, and the potential benefits to the company and its employees.
The execs at the recent conference believe that THEY are the reason for any success and the rest of the masses are lazy slugs. I can assure you the wine flows freely at these conferences once the workday officially ends, usually 3 pm not the 5 or 6 pm the rest of us in the plants put in each day.
And given the measly 2 percent raises, I'm lucky if I can afford a box wine from walgreens on the way home from the plant while they were drinking wine at 100 bucks plus per bottle.
Time for another employee survey!
Awesome to see the linkedin posts bunch of evp and sr vp drinking wine while salespeople cant even go visit their customers. Bunch of clowns if u ask me.
Heard the EO is going to change to the new organizaiton structure , starting with Americas region first. Any insider knows how would they reduce or cut the existing A3M positions? I am from another region and worried about my future
Takes a couple drinks to believe all the lies coming out of segment marketing
They will cut your 80K job to save their 10MM job.
Consuming alcohol after adjournment at corporate meetings, usually about 430 or 5, is very common for these events. I never got to a level high enough to enjoy these senior leadership conferences but have been to enough business meetings, even green belt six sigma trainings, where the tap began flowing a minute after the workday ended. We were staying at a decent hotel resort so no one had to drive home.
These leaders probably never stop thinking about work (they send emails at 10 pm) so some "breakthroughs" in the past, like the ill-fated decision to offer BB and MBB status to ONLY the chosen few Golden children in the early 2000s (which led to an age discrimination lawsuit that 3M had to settle out of court) most likely came during a night of heavy drinking during Macs time.
I cringe to thing what "breakthroughs" will be tattooed on people's behinds in 2023 after this latest conference.
Jack, I'm going to disagree with you, as I do on a great many things.
Wonewok is a resort in an area of the state literally covered in resorts, including on the same lake! It would be nearly turn-key to turn it into a paying resort charging $250+/night per room much of the year.
I feel sympathy for those that would be affected by selling Wonewok and the 3M jets, but those relatively few jobs in a time when Minnesota unemployment is only 2.3% could save thousands other jobs.
There are serious people, not just on this anonymous board, talking about the chance of a full 3M bankruptcy. That means luxuries need to go. By all means slow down or stop quad renovations too, but get the biggest things out of the way first.
For those saying sell Wonewok, while I agree that it’s excessive spending that very few normal employees get to enjoy these days, please remember that selling Wonewok means job losses in an area without many options. I haven’t drummed up enough fake Six Sigma dollars to go myself, so I don’t have any skin in the game, but the worker bees at Wonewok like being employed just like the rest of us.
Maybe let’s slow down on quad renovations instead. Think of the dollars wasted when they tore down the metal bamboo and redid a courtyard that no one uses.
Re: Endless bottles of imported wine from south Africa, Australia, and Argentina were consumed well into the night as leaders discussed how to "win" even more by reducing costs another 10 percent.
WOW this explains a LOT! There's a rule for everyone else: if you consume any alcohol, you cannot return to work that day or perform any work related activities.
Extremely bad news? I heard the opposite, at least for the attendees.
- Lobster Thermador and Chesapeake bay crab cakes were the favorite dish. Monishs personal chef, paid for by shareholders no doubt, also prepared outstanding Indian veggie dishes.
- Endless bottles of imported wine from south Africa, Australia, and Argentina were consumed well into the night as leaders discussed how to "win" even more by reducing costs another 10 percent.
- The masses will be excited to hear that they can "contribute" to the "success" of 3M by graciously accepting 2 percent raises, further extension on memoriam on all service awards and dinners, and taking on 10 percent more work while 10 percent of the peons are fired in the 1st quarter. Job enrichment they call it.
- Mike and the legal team got numerous standing ovations. Attorneys presented their case that PFAS concerns, like s-x, are overrated. And veteran cases will be gummed in court for years to come to force a "reasonable" settlement.
Smells like victory. We are winning.
Was there any good news? Mike successfully his kidney stone and monish found another 2 billion in "waste" that could be cut from manufacturing.
Suggestion of removal of ISO certification is a terrible idea. It is a very basic global quality standard minimally required for doing business in end use markets like automotive and aerospace.
Yes, ISO registration is so 90s when customers paid more for quality products. Now it's low price since people and companies can't afford more for the "perceived" value of ISO. 3M hasn't figured out that no one pays 20 to 50 percent more for the 3M brand vs. Copycats. Which is why I constantly see 3M products in places like staples buy 1 get half off the next.
My boss Frank Shirley approves of this message. As does drunk cousin Eddie, still waiting for a JG15 or higher position in 3M management. Lol
Get rid of ISO registration. I've advocated for years it is a waste of time and money. Internal audits are a joke and internal management review always conclude the quality systems are effective. ISO ,had its place in the 90s , but I don't think customers give a rats @$$ anymore. Let the market decide product value.
Was there any good news?
What job levels and how many people attend leadership conference?
While the "leaders" were meeting, some of us were using WYW at home, watching the price is right, catching the midday nap, and still being more productive than the elites.
If they are demoralized, look in the mirror for the reason.
I'm surprised Wonewok is still around as a 3M property. 3M was forced to sell Tartan because of pressure from activist investors about corporate owned properties that actually were used to award the masses with nice perks. Apparently, the billionaire activists could have a dozen yachts but NO WAY can you have subsidized golf leagues or even rural retreats for the people who actually add value.
I don't think I've even heard of anyone going to wonewok since covid so it is probably full of cobwebs and needs a good cleaning.
Did anyone have the guts to bring up how incompetent MR and his team are and how the vast majority of 3Mers worldwide are demoralized by his team's action for the last few years.
Any plans by this team to move on and give someone else a chance ? Roman empire has been a complete and utter disaster for 3M both internally and externally.
Those comp values for mike and monish include a lot of equity which will be worthless in the bankruptcy. They each get a couple million a year in real comp.
Well if they are asking for cost cutting suggestions:
$13M/year - Roman
$9.4M/year - Monish
Last I checked a Gulfstream V was worth $15M used, 3M owns two of those. Mike's Gulfstream G650 is worth $35M+ So the 3M Air Force and the hangars at Holman Field should be worth at least $100M in cash and save at least $20M a year in operating expenses.
Selling Wonewok should be worth at least $5M and cut at least $2M in operating expenses.
Just some humble ideas to brighten the mood for the VPs.