Can anyone who has recently been through the job elimination process offer their advice for what to do within their 15 & 45 day windows (US)? From personal file & phone # transfers, to health care coverage transitions & financial planning, etc? There seems to be so much to do and not a lot of time or guidance for where to start.
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Don't forget to give all of your Everyday Win points to your colleagues, and buy something with the points you received before day 15.
3M discourages supervisors from providing references for employees.
I agree that they do. highly discourage it.
Anyway, I've provided MANY references to former employees. Why???
Because 3M broke a social compact with its employees. You come here to the frozen arctic tundra of Minnesota, we'll take care of you for life. It worked for 100 years. Great pension, great retirement benefits. Work nights and weekends as needed. We'll take care of you.
Then, a terribly egregious attempt to "modernize" 3M into the 21st century in 2000 as a "focused" company. Jim Mcnerney comes in from GE and decides right is left, up is down, etc. That's where the company started the slide to where it WILL NOT be for employees, but rather whatever whim wall street decides is right.
The decline is spectacularly bad. Sad, so sad.
This company as it stands will be gone in 2030 if not sooner.
Thumb drive - Talk to your local IT person. I had way too much "personal" stuff (quantity of files and some large files) to send by email. I copied it all to a thumb drive and watched as my local IT guy unencrypted the thumb drive with a tool that some IT people have access to. I took the drive home that night and spot checked a few of the most important files to make sure I could open them at home.
Some things to consider keeping copies of:
- Most recent quarterly 401k statement (unless you already log in from home and save copies there)
- Most recent pension estimate (monthly amount and lump sum estimates)
- Screenshot showing RMSA (retiree medical savings account) balance (if retiring @ age 55 or over - if not retirement eligible you lose it)
- Copies of Summary Plan Description documents for benefit plans (pension, 401k, etc.)
- Monthly payroll "paystubs" from Workday for the current year or longer if you like (for tax planning and financial planning purposes)
- Screenshot showing remaining earned vacation hours on last day that will be bought out. (Workday paystubs will show your hourly rate for vacation, holiday, etc. Use this to make sure your vacation buyout amount is calculated correctly.)
- If retiring - a copy of the PowerPoint presentation used during the monthly Retirement Information Meetings
- Copies of last few years of ECDP/EPR/performance reviews if you think they might help you prepare for a future job search (3M discourages managers from providing references for employees)
- Copies of write ups for any significant awards / career achievements if you think it might be helpful for a job search (or just want to remember the Good 'Ol Days when 3M actually rewarded hard work).
Admittedly, I was a packrat and saved every notice HR ever sent me regarding changes to benefits for active employees and retirees on my H: drive / OneDrive. The thumb drive only cost me $3.00 at NewEgg and all that info is there if I ever need it.
Make sure you know your passwords to log into Empower (401k) and Willis Tower Watson (pension and other) from a home computer. You should already know your Fidelity password to access HSA and/or GESPP, but if not ... (and keep phone numbers for these benefits administrators, just in case).
Good Luck
If you need any personal files, email them to your personal email. Anything put on thumb drive will be auto encrypted and you'll never get access again from external pc/laptop.
Been gone (and retired) for over 18 months now. Cobra dental and vision were pretty good and got new plans that cost the same after they expired. HSA definitely a good deal and using the retiree medical that was offered to salaried employees.
And yes, being away feels better and better every day. No more stress. No more clapping at BS townhalls. No more having to fire people who did nothing wrong but the company had to beat WS estimates so cost cutting had to be imposed.
Got 5 more years to Medicare but worried now that 3M will nix what's in place before I get there. The medical stuff for retirees isn't guaranteed and protected by law as is the pension.
Anyone remember the days going in person when they had some pretty cool free stuff and finger foods to eat. Jacobsen started to put the axe to that stuff and changed the food to open bowls of potato chips and popcorn.
Within 15 days, pack up your belongings and attend as many of the retirement/benefits seminars as you can. Do the things you need to do where you need the 3M access. This includes finding another position in 3M if you so choose.
Within 45 days, talk to your financial advisor. Turn in severance forms. Register for MNSure. Sign up for Cobra dental (I did not sign up for Cobra health insurance as that would take away my HRA account. Cobra dental is probably the best you can get for the money, but only eligible for 1 or 2 years).
If you are like most of us who were laid off from 3M, life sucks right now because you did not get to leave on your terms. It was an uncertain period for me, but soooooo glad I got the package and retired last year. I am 100% sure you will look back at this time and feel you came out better for it.
after your last day with mmm, take 6-8 weeks out if you can afford it, priortize a course you can take to carry you upward in the next venture you want to take, also spend a bit more time with your parents or kids, whatever your age is. Life is not all work and yes while it pays for our luxuries, make sure family extra time is taken as this is a sabbatical worth taking