Aip to be effectively adjusted, plus 10 percent paycuts. Welcome to what's left.
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that 10% is what seperates 3M from a new job for me. If they cut it, I will have ZERO reason to stay.
I'd have to say to the poster about Pay for Performance raises just happening- what does that have to do with pay cuts? Budgets, including $$ for raises/promotions, are set at the end of 2022 for the calendar year 2023. So, your P4P dollars were already budgeted for....and if they decide to do across the board pay cuts, they'd be saving money vs. what was budgeted for salaries when budgets were locked.
I have no clue if the rumored pay cuts are true or not, but I do suggest you not be so naïve as to think that just because your P4P raise came through, you're safe for the rest of 2023.
Instead of a pay cut, why not give me a bigger discount on GESPP? Or start paying the men the amount you pay women! (Lol)
I can’t imagine leadership extending a pay-cut they’re not part of. They’ll probably do a fixed rate cap on variable comps, and say it’s due to changes.
For the record, I’d take a pay cut if it meant holding off layoffs.
This is not true. Don’t spread fear. Pay for performance just happened in April with averages of 2-3% increase. More if you had the higher rating.
Good, if true. Scrap that entire system. I'd do a salary management job for less base salary, no bonus, and still do it better. Clean house 3m.
Sadly M&M&M boys have their salary based on "competitive" to other C-suite jobs. They usually exempt the top 200 to 300 hundred from these cuts because they are worried people like Vale, Gibbons, Di-kson, etc. Would jump ship if 3M cut their wages 10 percent.
If M&M&M's pay get cut too, I am ok with that. I'm worried if they only cut working bee's $$$
While I'm skeptical without more info about the source, just because 3M has never had a mass cut in wages doesn't mean it won't happen. This company has never been worse off than it is now financially. Forget the pumped up numbers they try to spin. Organic growth is negative and that's before even taking away the HCBG.
I know people from Ford that got a 5 or 10 percent "temporary" cut in the salaried jobs. Also, a lot of big name contractors like Kelly Services have done this more than once.
If this saves us from having more job cuts, then it makes sense. Maybe not 10 but perhaps 5 percent cut and a freeze on 2024. If you live in Minnesota, the government is giving you a one-time tax rebate. That softens the blow to the 10000 here in the state.
There's no putting any more lipstick on the pig formerly known as Minnesota Mining and Mfg.
It may be true or it might not be. I honestly think that this is coming. I was talking to a co-worker the other day about this and we both agreed that 3m wanted everyone back around $20 hour.
it is illegal to cut pay as that is a breach of contract, please , no rumors
Have had pay for performance freezes on multiple instances, 401K contribution cuts but never an actual pay reduction in my 3M career, or AIP reduction.
It would be nice if a source of info was stated or even implied. Pretty bold statement without having a source
Where did you hear this information?