3M announces mass layoffs as manufacturing slows
3M announced significant layoffs Tuesday as part of yet another major restructuring plan as the manufacturing sector prepares for a possible recession and slumping demand for goods.
https://edition.cnn.com/2023/04/25/business/3m-layoffs/index.html
I was not like this during the last recession. The majority of employees were still boomers, and Dull King George was a steady hand who had not created the chaos that all of the GE acolytes have now created. There was a still a level of faith in 3M and 3Mers that we would make it thru and come out on the other side together as a team. Tireman has told the entire mfg and SC organization that we are not leaders and are not a WC organization, so expect that organization full of GenXers and Millennials to have no faith in what these people are saying or doing.
It will take more than return to work to fix this mess. The company is reaping its rewards of the past 7 years of short term NPI's and canning longer term projects. It works fine at the start, but when the world moves on with regards to technologies and focus areas, the company gets left behind. We are an innovative company from the 2000's claiming to still be innovative in the 2020's, where in reality we are behind by 20 years in the areas that are relevant to our customers.
All this talk about destocking by customers just means that they have found a cheaper alternative that also works.
For those saying working from home is hindering growth and innovation, what held us back the 7 previous years prior to Covid? It’s not like we were a booming company and then as soon as folks went remote everything went down hill. I think we all have different opinions on what needs to change, but I have a hard time linking the facts that WFH is what is hindering progress in terms of lack of sales/innovation.
Return to Work is necessary to get innovation going again. We haven't seen anything new come out because everyone is in their own silo. And for lab people to be able to continue to work from home is a joke. If people want to work from home, then go find another company that supports it. It obviously isn't working for 3M. Thousands of people have to go to plants every day and work on site. Others should as well. Need to get teams back together face to face.
I'm curious what evidence there is that insisting on RTO will improve productivity. Seems to me that there are bigger issues at play here that need to be addressed. You know, like firing thousands of people per year, and employee morale being in the gutter?
Thought that M&M brother got roasted bad on the call and Both MR and MP gave very vague answers and kept repeating themselves…pathetic
I’m watching the earnings call right now.
I’m confident current executive team will turn this thing around, or I wouldn’t be working here.
I hope they insist on RTO (return to office) to make up for the productivity we’re loosing to layoffs.
Losing my dear Watson ...not loosing.
Your logic is as flawed as your English.
Just because you go to office everyday, probably attending meetings all day long and collating reports to your bosses, doesn't mean you are productive than others. Do something useful for the company.
Stock price is soaring!
Morale and motivation is already on the floor for most employees. I cannot even imagine how it will ever recover. I don't see any hope of turnaround.... sadly
If it was possible to terminate the executive team, who would lead the turnaround to achieve victory?
This seems like the Imation debacle of ‘96.
We are doomed, doomed I tell you!
Return to office will not fix this. It will only accelerate the brain drain. Other companies that have implemented RTO mandates have seen employees leave in varying magnitudes.
I’m watching the earnings call right now.
I’m confident current executive team will turn this thing around, or I wouldn’t be working here.
I hope they insist on RTO (return to office) to make up for the productivity we’re loosing to layoffs.
Hammes is a proud graduate of the Carlson School of Management.
Now, get off my lawn!
In my limited experience, 3M often ends up paying the full employment agreement terms. That means two full years of base pay. Usually they get to keep their stock too as severance.
In rough numbers he is looking at very roughly a million in cash and whatever stock/RSUs he is holding. His unvested stock options are probably worthless like everyone else's.
Been a way for a while, but the "winning" news of 6K layoffs brought me back for a moment.
Is tireman still around or was he part of the 1st 2.5K cuts?
What kind of severance does someone like Hammes get?
Probably a big one . He already made millions off 3M.
What kind of severance does someone like Hammes get?
The Hammes statue on 220 would make a great lightning rod. Capture the "green" energy and use it to like the annual Xmas tree of lit offices in 220.
While I agree that not getting rid of Roman and Monish as part of the 6K will not help 3M, let’s look at the positive in this. Eric “d-mb-a-s” Hammes is finally gone! I hope 3M builds a statue of him and puts it on top of 220 to remind everyone, everyday just how worthless he was
Was anyone here @ 3M during the last economic recession? Was it like this last time?
If MR and MM was not included in the 6k, then it doesn't help the company anyway