Unfortunately, it wouldn't be a huge surprise if the number was much higher. What do you think?
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$100.42
$100.80
@usg+1mkQPWnz
The "plan" is to add around 1000 people to Costa Rica in the coming year. This week, 50 were hired for GCS, to support the countries that got axed in LatAm under project "Ribbon".
They are planning on adding at least 1,000 jobs to the GSC's to start. We are numbers, not people. Not sure how they breakdown between Supply chain and Finance, and divisions. The consultants to Executive team advised Executives to sell 3M owned buildings including at 3M Center, to replace a lot of Corporate staff workers at 3M Center and Factory's/ Non Production staff with contract workers. They have plan to backfill eliminated roles at GSC's and the necessary roles with CW. Good luck sourcing all of those contract employees even new scripted staff in low cost country's. Things is, as many sites including 3M Center, we paid millions for these reviews and consultants advice knowing full well some buildings are not marketable, and have stuff burried that will be hard to mitigate, or lack good physical locations(commericial real estate is bloated). Knowing full well with more cuts, a lot of brain drain, and effort, that sales and growth will be lower. Even with many corporate labs not to current building codes code there going to have a hard time selling, or leasing out with how run down and not kept up some sites are, and because of the samples they have with the types of pollution that will have to be mitigated even buried at 3M Center it will be hard to sell or sub lease. Some sites have not been able to role out SAP because of how old and bad network infrastructure is at 3M, still a problem. It is ridiculous the amount of wasted space of old production equipment that packs 424, warehouse and pure junk that sits on trailers at this company. 3M waste so much money on freight and junk equipment storage and trailers movement it is complete cr-p, and asinine. They have no handle on the storage charges, expedited freight spend, and just pure freight waste because of poor communication, and lack of consistent tools, lack of customer service by employees in Supply chain and silos across all divisions. 3M has to take cost out, things are to expensive to make and sell, company is still too bloated with layers of non-value added high level managers. Don't let them fool you, the Executive and VP ranks are very bloated compared to our competitors. Don't let phony anger or pretend empathy fool you, they will be ruthless in preserving high salary jobs for the top 10%.
60 percent of announced cuts are for EO Enterprise operations and Enterprise Supply Chain.
Much more can be cut in STP and especially at the center. Glad some overpromoted execs were axed - need more of that
Who is counting?
Whether it is 6000 or more, nobody will be held accountable.
While the common 3Mers are shocked beyond belief, this is probably a chance to squeeze out more by the unethical top dogs.
Why production, why us on the lower end who works to make and sell the products? Why not management. 3M is SO top heavy. That’s what is making 3M fall over!!!
In todays call itvwas asked ‘ will there be more ‘cuts’. Response was “if we ( 3M) doesn’t perform yes that will be considered”
Anyone know show what is the share out of 6,000 would be allocate to EO?
Heard from Tireman during his town hall that it will be “significant”. But he didn’t elaborate furthe
Would personally like to see another large cut at year end
GSC Costa Rica just on Monday had a welcome all these new hires to the team, was about 30. And with the GSCs under the CFO, lots of jobs to move to people who can only do scripted work with zero opportunity to deviate.
6k non prod
2,500 prod
??? jobs going to GSC for sure which they did not disclose nor include in the above numbers, do the math...
Plant operations have been asked to provide more names for the non production folks
This time looks to be deep cuts for the factories
I expect the full 6000, but 3M can always announce another biggie in July when 2nd quarter earnings are announced.
Clearly the company wants to shed a lot more than the 8500 so far this year but would rather have people leave on their own to avoid packages.