Anyone else think it’s a bit much that our leaders think it’s a good idea to continue cutting, cutting, cutting (shoving more work on the fewer people left), while outsourcing a ton of work (in many functions, not only GBS), and making people come back to outdated and smelling offices around the world only to often sit by themselves on Teams calls with bosses in different locations?
Maybe I’m the weird one, but this seems like complete insanity.
They're aggressively reducing FTEs by as many means as possible in order to a) prepare the company - either in parts or as a whole - for sale to private equity; or b) forstall attempts by activist investors to pressure the company to sell to private equity. Either way, in the short term it makes the company look to investors like it's responsive to the market.
For awhile the Silicon Valley startup model was what all the cool management consultants were pushing. Now private equity is the cool kid everyone is trying to emulate. So, slash and burn.
As long as 3M remains removed from ‘public announcements’, shareholders are safe!
I know of a few JG14/15 who is waiting out to collect their final payout next Feb. After that its time to drop this ship.
They are banking on people leaving due to RTO. This is their easy way to get rid of people as then they don't have to pay severance. Just as they are banking that people will leave after February 2027 last LTIP payout to 14s and 15s and end of 2028 Pension death. This is exactly why they have done these things, it is all part of their overall labor plan for restructuring and "natural attrition". The natural attrition category includes RTO, LTIP, and Pension fall out.
I quit my warehouse job at 3M because hostile management is crushing morale and the operation with it. Viciously attacking long-tenured workers and using “expectations” as a we-pon of intimidation doesn’t lead—it destroys trust.
The higher you go, the worse it gets. Many still there plan to leave. This style is gutting teams and reliability from the floor up. I left rather than watch morale collapse any further.
@a5 completely correct! They want as many people to leave as possible as fast as possible. The company is dying and has been since the days of Jim McNerney. As an employee do not expect a turn around or anything to improve, not for you at least. Senior leadership has repeatedly said that the only value being generated is from the director level and above so if you are not a director you are expendable or should I say cannon fodder to be outsourced. They have also shown it by the continual retreat of benefits, recognition, and promotion opportunities. If you are close to retirement then ride it out. Otherwise move on with your life without 3M. They don’t care about you as much as you care about the company.
@OP If this insane policy means more profits for shareholders, then it will continue or get worse.
This is by design. Bill wants to cut the cost by forcing people out. He doesn't care what will happen after he leaves.