What are the ways in which 3M can save money that doesn't include laying off employees? I guess we can sell more stuff, but that does nothing for those who work in the sold segment. What else is there to do? I'm genuinely curious about this. Are layoffs ever truly necessary?
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Marry a relative/family member of ceo? The current son in law just landed a plum job at one of our consultants, bain and co (qui pro quo anyone?).
Thats a minimum starting salary of 150 K, not including bonuses which are in the 100s of thousands per consultant not namby pamby aip a la misogynist mo.
Intermittent FMLA is mandated by the law but only to allow the time off without penalty repercussions such as "attendance points". FMLA is not paid, 3M chooses to pay the time off as sick pay under their short term disability program.
@3uyn+1mWRPx4p - That would be illegal. Intermittent FMLA is mandated by the law.
I think 3M should stop paying people intermittent FMLA, to save money. Not sure if thats is do able or not but the intermittent Fmla is riduculous at our plant. We have tons of abusers that have multiple cards...headaches, stomach issues, anxiety and whateber else they can think of. Im here working everyday and these people are sitting at home milking the company. Leave short and long term alone but this intermittent cr-p needs to go away.
The company is indeed bloated. Growth has not been sufficient to cover the overhead.
The current tactics are shortsighted. I suspect Gibbons is spending even less time than usual trying to figure out what 3M does because he has a conflict of interest and is getting roasted for it.
Accountability at the executive level is critical. As of today, that would most certainly include replacing much of the board, Roman, Monish, Gibbons, the entire legal dept, Crockett… the list goes on.
Plus they’re sc-mbags. Werner got caught in an affair and was sent to Singapore as punishment. Why is he still here? Delgado did the same. Inge philandered notoriously at conferences. I’m sure there’s more. Interesting versus Vale who was fired.
I would think borrowing money and paying interest so they could buy back more stock at almost $200 per share would be unrealistic, too. But our executives did it a few years ago. Anything is possible if the CFO thinks it's a good idea.
jeez, someone posts an unrealistic idea about stocks and ya'll tear them a new @ss. Like you were born with investment knowledge. Gotta be some corporate dbag tearing on the working class, again....
Realistically there is spend waste in all companies. Close some plants/consolidate, cut some executives, stop making low profit products, stop spending so much on IT software & SAP, stop paying for expensive consultants, etc. If they wanted to cut outside of employee layoffs there are plenty of options.
Dominic - In a sense they do by issuing the stock to employees via stock options and ESPP. Ultimately, those shared end up back on the open market. This is part of the reason long term investors question the validity of using buybacks as a way to return money to shareholders (similar to dividends) because they know companies tend to do it at the wrong time and that the shares will end up back in the marketplace eventually, diluting the outstanding shares.
That’s not how share buy back works. 3M doesn’t buy to store these shares and release at later dates
I hope3M doesn’t employ du.mb people like you to make such remarks
@1oci+1mWRPx4p That’s not even close to how that works.
@1oci+1mWRPx4p - you must be really stupid not to know basic of stocks, trading & prices. 3M repurchased shares worth over “$32.4 billion” to prop-up stock price and protect executive bonuses.
Dummy do you know what would happen to 3M stock prices if these stocks are released to market?
Over the last 10 years, 3M has repurchased $32.4 billion in stock. Even with the stock trading near a 10 year low, those shares could be resold for close to $20 billion. Plenty of money to fund new product development, travel budget for customer visits to increase sales, manufacturing process upgrades, maintenance budgets, and so forth.
AIP goes away, July 1 10 percent pay cut
Post ID: @ecw+1mWRPx4p, you sound like mini Mile Douglas from film Wall Street, scene starting at 1:25
https://m.youtube.com/watch?v=PF_iorX_MAw
Time to send of all SVP VP President home and request them to relinquish all their unvested RSU or Options or Stocks, whatever’s granted to these Fat-Cat bu·reau·crat and save their faces.
Please don't buy into the executives false narrative about 3M's dire financial condition. The language they use is intentionally deceptive, bordering fraudulent.
Remember this and keep repeating it: 3M is PROFITABLE, very profitable.
Last quarter 3M made almost $1.2 billion in profit before income tax, almost 15% of sales. That is with all the so-called 'fat' executives are worried about. After paying the tax bill the profit was just short of $1 billion.
If you want to watch an executive squirm, ask them why we are laying off when running near-record profits. Ask why they haven't come up with better investments than to spend $300MM laying people off for, at best, a 3-year payback.
If 3M goes bankrupt it will be by 3M's choice. 3M's profits can easily cover any realistic liability from both earplugs and PFAS, it would just take a few years of profits to pay for them and Wall Street would rather see a bankruptcy.
There are cases where mass layoffs are truly necessary for a company to survive. 3M is not in that condition and honestly not likely to get there.
Some options
Pay freeze or cut from senior leaders, SVP, VP, directors
Or hire less of the above leaders
Forced no pay leave of everyone to help each other