They keep lying to us in meetings. Didn't talk about any substance of layoffs. No details. Hardly said a word. Now they bring up correlation between upcoming automation and the recent bad news but have the audacity to say our jobs are safe for next year. Yeah fkn right.
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Why is everyone so down? The esteemed Corporate Scientist JS says on LinkedIn everything is fine in the 3M world, cavorting around the country and posing with her beatific smile on red carpets. Believe her!
He may be a bit of a di-k, but is correct about options. An option means that you have the option to purchase a share at a particular price. If the share price goes below that price, then it wouldn't make sense to exercise your option, since you could just buy the shares cheaper on the open market if you really wanted them. Usually when options are exercised, they are immediately sold and the difference between the option price and the current sale price is what you get for each share.
Shiva is obviously a tenured JG 15+, I can smell the condescending attitude in the remarks. This is exactly why 3M is where it is, pure arrogance.
Do you know understand how options work? If you receive options priced at $150 then the stock goes to $103 - then your options portfolio is worth ZERO. Now do ten years of options priced from $120 - $250 - your ten year portfolio is worth ZERO. My options are worth the same as Mike Roman's and Vale's - ZERO. Maybe you are thinking about RSUs otherwise you have no idea what you are talking about.
Mike Fale - "2023 pension calculator is down 33% from this time last year. 3M should have given us a warning."
To be fair, Zoe Di-kson did send out an email with subject "A Message about 3M's U.S. Pension Plan" on 10-05-2022. It contained links to a video and a Pension Frequently Asked Questions document.
"Q: Is it true that the IRS-determined interest rates can impact the value of a lump sum
pension payment?
A: Yes. The IRS-determined interest rates used to calculate lump sum pension payments, known as IRS segment rates, are a grouping of three rates set by the IRS. These rates are applied, along with other factors, including mortality rates, participant age, service credit and pay, to calculate the present value of a pension annuity for a lump sum payment. Higher interest rates result in a lower lump sum pension payment. Lower interest rates result in a higher lump sum pension payment."
The Federal Reserve raised rates 6 times in 2022 for a total rate increase of 4.25%. The IRS 417e segment rates similarly trended higher in 2022. So the information was available and employees who were considering the lump sum pension option should have been crunching the numbers or talking to a financial advisor and deciding if they wanted to retire / terminate at that time.
It would be helpful if the pension estimate tool had the option to enter a theoretical set of IRS 417e segment rates and see the effect on the lump sum value so the employee didn't have to do the calculations themselves.
At some point, interest rates will come down and the lump sum values will start going up again. They won't be going back to where they were in 2022 anytime soon, but they will get better.
@Shiva the God of Death, so if the options are down to $103, that's far more than ZERO. so the personal wealth isn't wiped out. If you've been around long enough to amass 1M in options, obviously some of those are vested and should have been sold! Shiva, the God of looking like a Crow.
The articles I’m reading seems to indicate that all work from home employees will be canned.
Are alcoholics protected as disabled?
To the person wondering why people are upset about personal wealth, many people had options worth more than $1M. The stock price went from $260 to $103. Maybe google how options work - that's how people were rewarded for decades.
I diversified my portfolio by selecting the 2055 retirement fund offered by 3M. It’s down 48%. I guess that’s better than nothing.
2023 pension calculator is down 33% from this time last year. 3M should have given us a warning ⚠️
I have been saying this to my coworkers since the early 2020: take the ownership of your destiny, do not rely on corporations or corporate products such as 401k "benefits", and the most important one: use your own judgement and your brain. But people have become slaves of a product called freedom which probably has an updated definition anyways. It is similar to trading in financial markets, you get an early confirmation and you make a decision about your position. When there is blood in the streets and you have not made a move, it is too late. Then you can only wait and hope for another opportunity.
I’m struggling to understand how/why everyone’s personal wealth is destroyed by this. Any 3M employee who put the majority of their wealth back into their employer via stock has the financial literacy of a crow. This is exactly why portfolio diversification is key to intelligent investing.
Literally the worst CEO in company history. Brought in one of the worst CFOs and CIO/CIDOs as well.
Our jobs are safe, like they were in Q4, and Q1 of last year. And the year before. And the year before that. They literally destroyed the company on their watch. Out of the Dow 30, we have the second worst performance of all since MR took over. He took everyone's personal wealth down with him.