Monish, "Restructuring... This is how we work."
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Anyone else feel like all of us 3M Employees are living in the movie " Office Space" except this is not funny or satire? Sad empty leadership has brought us to this point. Worst part is the Executive leadership doesn't care, as long as they sell got or get their's who cares about rank and file and the workers.
As a recovering ex-3Mer there is a lesson in here for all 3M employees. Your task is to extract as much value from the company for the least amount of effort. “Margin expansion.” The employee-management relationship is strictly a transactional business relationship and has been that way for a decade. It’s time for you to restructure as well.
What now? We just continue on this downward spiral until what, M&M hit their $$ numbers and move on? This is really hard to watch let alone experience. So many employees and their families are going to be hurt by this.
Down more than 10% now.
What a spectacular performance
These 2 M&M get off on restructurings and job cuts to pad their own and friends pockets. Surprised institutional investors are not looking at all of the Fat at the top and the bloated leadership levels in the C suite. You need management but you sure as heck do not need the bloated levels of Executive leadership and huge salary waste 3M carries. It's like giant balloon waiting to pop.
They have a plan for continual restructuring. It's the only way to guarantee all legacy company expertise has been removed. This is done in parallel with paying lots of consultants for poor advice and bringing in execs from other companies, while using untrained contract workers and low-cost new hires to do the actual work, and accelerating the long-ongoing downsizing and outsourcing.
This will solidify 3M's new reputation as a company whose product are interchangeable with those from any low-cost supplier. But, 3M will continue to charge more for them, to ensure the company will end up in bankruptcy or be parted out for quick liquidation sales.
It's ok, though, because M&M will still get paid.
What a clown. Our first priority is organic growth, but we failed on all OG metrics. Just look at our margins, don’t look at anything else. I see a lot of trust in M&M with over $10 in declines.
Stock is down 10% while M&M are talking
Nice off-the-cuff admission Moni. Yeah, we all know that’s the way YOU work. The results of this work is really paying off as shown by the stock price.