Anyone know if this round of 8500 layoffs has completed yet? Seems like USAC is done but what about other countries and regions?
Would be nice to know the status and not have to live in constant fear that you are next on the chopping block... at least for the remainder of this year.....
Directors & up are having a good time in 3M.
Recent posts seem to indicate that layoffs for the original 8500 is still ongoing. Looks like parts of Europe is being impacted this past week and also there has been further eliminations in Asia.
It would be nice to have a "All clear" message but with the semi annual restructuring frequency it would not be in the best interest of the company even if it can significantly improve employee morale and mental health. In other words there is just no start and end date with layoffs with all the current business erosion and litigation 3M is facing.
My best guess is they will try and complete reductions as quickly as possible into October before all the director level and up go on their annual 1-2 month vacation towards the end of the year.
Good luck everyone
Not all the areas are done.
There is no job security at 3M unless you're part of the upper echelon. That ship sailed long ago! The new normal is layoffs. All through the year. They can spring up at any time. The sooner you accept this, the easier it will be to start your external job search. Good luck to you!
There is no leadership at 3M. They are not even addressing real issues in townhalls. EMD delayed their townhall for 4 months! I walk through the business area every day and there are maybe 3 people on a floor that held 50+. People spend half of their day looking for jobs as EMD pushes out more and more experienced business people. Rogiers destroyed the culture and we can no longer live off of backorders. No one trusts him here and his "OC".
The inevitable dividend cut will happen and that will send the stock price to spiral downwards
3M will probably just file bankruptcy to remove liability. My guess is they're just cutting all possible costs to prepare for that so they can manage paying agreed debt afterwards and not have to sell off everything. They're in salvage mode still.
I found that I lived in constant fear of losing my job at 3M. While there is no job guarantee anywhere, the constant threat was enough to make it a toxic work environment. I would look at it your job could always be next, and plan accordingly
The recent 6,000 layoff only yields about $900 million savings. To get to $18 billion legal payouts, its afraid that they will need to cut much more headcounts. Don't even dream to collect your deserved AIP for next 10 years.
I understand your point. The ongoing worry is exhausting. Sadly, more layoffs are probable. The damage perpetrated on 3M by Roman may be irreparable.
Many 100+ year-old companies have been destroyed by men who exemplify the Peter Principle. Roman is a sterling example.
Where do people think the $18.5B (PFAS & Ear Plugs) would come from? How do we pay this? I think this would help to answer the question. The layoffs would be a continue process year after year until we pay off the debts. MR and Monish always use the portfolio management when being asked.
I guess leadership have not found the bottom yet, that is why they are not able to give a "all clear" signal.
It seems that the "all clear" message is no longer a practice at 3M. Agree it would be nice to know.
Tireman already hinted there would be a couple of more layoffs till end 2023. It was asked during the ESC Q2 Townhall and Tireman refuse to answer the question when asked whether the layoffs have been completed