Get rid of the golden parachutes. They lay-off or change leadership, but they just get placed into different roles while the company bleeds actual talent (anyone worthwhile has pretty much left or jumped to healthcare). Ask our eCommerce team how many of them have actually sold something online, they will probably answer you in page views and clicks. Ask some one who has been there awhile, why they are still there - you will get an answer (if they are honest) of 'riding it out until I retire' or 'my pension.' I think 3M industrial will be another casualty of 'failure-to-adapt' as a company.
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Nobody is looking to fix anything, just jump ship if you can to HCSpin, plenty of vacancies on sources, talk to your Manager and start your process now
A charitable view of the fix: (a) retire the CEO and ask him for a refund of $75 million paid to him in compensation; (b) keep Money Moni to drive the cost reductions over next 2 years; (c) split the company into pieces and sell off to strategic buyers! …. All of the above might sound harsh but there ain’t no “new growth” or “new product commercialization” happening!
Some way to dial back the "gauntlet of management naysayers". Maybe every manager has to report upward every veto they've exercised for the year and defend it, or something like that.
Ki-l the dividend. It drives our stupid quarter-to-quarter thinking.
Obviously, can the top 3 levels of the company & board.
It can’t be fixed anymore - 3M is just going through the motions and downsizing to try to find buyers
Takeover by a well managed company
There needs to be a demonstration to the market that we are looking outside for not just a CEO but key components of leadership team. The entire Operating Committee needs to be gutted (night of the long knives). We have to admit the horrendous management and leadership mistakes of A3M and the overreliance on consultants and call out that their solutions made a bad situation worse. Show a plan to remove most if not all Presidents within 3 years. Recommit to development and commercialization - with outside leadership. Apologize to employees (existing and laid off) and investors for absolute incompetence. Shutter Austin - no one is there anyway.
Start fresh. Clean the house at the very top. Everyone there needs to be let go. Their policies have failed us miserably for the past 5 years
Sometimes you have to erase the board and start over.
New leadership to start with a fresh voice and new eye's. Better pricing and selling more products! Letting employees do their jobs instead of micro-managing. Launching products already in the pipeline.