More coming…. Every quarter/year. Just get used to it!
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Today.
On March 12, 2024, Barron’s wrote an article “3M Stock is Rising on New CEO Pick. Expect Big Changes”. Well, that didn't take long - Day 2 - JG 14 & 15 get their LTI taken away. Hate to see what the future will bring. Expect ugly changes. Thousands of 3Mers will be losing their jobs in the next couple of years. The old 3M will be unrecognizable. The 3M Center will be retail shops and apartment buildings once the light rail line is up and running.
Now that they remove LTI grants from JG14-15. That's another form of pay cut In disguise to reduce this group of people. Well done 3M
I think the execs stated publicly that this is 3M operates now. Terms like lean, reducing redundancy, improving efficiencies and so forth are used as more favorable sounding public verbiage - but they mean cuts and layoffs and they mean that is their new normal. There is always more that can be outsourced in their minds because the strategy is to cut costs.
Layoffs lol. They just target you for termination now. They use made up performance as their tactic if attendance doesn't work. Company has lost all reputation. Looking at their legalities who would of thought differently? 3M management are shitters leading us to bankruptcy
I think always and ongoing for non-management jobs. Through attrition, yes, but smaller level (non-headline) cuts every quarter at this point. If looking for mass layoffs, probably EOY, given timing of spin and new CEO
The question was "when".
They have to fond more money to pay Kearny and other outsourcers. If they can send it to CR, Mexico, India or China 3M will find a way. In other words, does a bear sh-t in the woods or by your bird feeder after raiding it? All these corporate Raiders and Mcnerney types know how to do is cut jobs and financially engineer the numbers so they can cash out. GE accounting and management style at it's best. That and 3M's so called leaders very few trust them anymore not since the dawn of the Roman empire. Why give them any of your ideas to save money at 3M when, your manager will pass them off as their own. It's the new normal job cuts and moving jobs to Costa Rica with rigid rules.
Is water wet?
They will cut L2s. Probably the wrong ones. Most of the good ones are leaving anyway.
Yep.