Thread regarding 3M layoffs

This grant is the goodbye kiss.

JG14 here. Just saw and accepted the LTI award for final time. This final around they gave about 50-60% more shares as compared to the previous year. Thanks for the parting gift.

JG 14/15 can cry yourself a river with the loss of your LTI. I was a T4 (same as JG 12) back in 2006 when they eliminated the LTI for JG 12/13. Didn't hear much support from the JG 14/15 supervisors/managers back then. Now you're whining that it was eliminated for you! Can't say that I feel that it's right but I certainly don't feel sorry for you as the same was done for me without your support!

Thanks for the LTI change.

Is my leader going to explain this compensation plan change during the annual total compensation discussion? Can't wait, I'll bring my popcorn.

Anyone has info how much more % they are paying for JG14/15 final year of LTI? Has your superior feedback to you?

JG16+ directors and above are God

They are the un-touchables

Meanwhile 16 and above got notice of their bonus LTI

I can't say I'm surprised, but it definitely isn't a smart move. Nice of Roman to leave a steaming tu-d on the company doorstep on the way out.

Between:

• Non-compete provisions being voided by the FTC.
• Sunsetting pensions - most JG14+ will still have pensions.
• Now the LTIP cut - worth $10k-ish a year at these levels.

3M has effectively told their middle salaried ranks to go find work elsewhere. Doing this in an environment where unemployment is running under 4%, is just insane.

My guess is that most plant product managers, T5-T5A lab staff, and a whole slew of other JG14 and JG15 staff are rapidly updating their resumes. (Did senior sales reps get this hit too?) With non-competes gone and no pensions there is literally nothing left to keep these people in place.

In the Twin Cities, I know of at least one employer that is offering five-figure retention bonuses to key staff at this level. Another firm is looking to hire 100+ senior staff yet this year.

In my new role I expect to be hiring later this year, I have no doubt I'll be able to pull anyone I want out of 3M easily. Thanks Mike, made my job easier for once!

Fark it. I will just continue to quiet quit.

Don't forget Minnesota outlawed non-competes a while ago and the FTC just did it nationwide. You no longer have to worry about taking your experience right to the competition and negotiating a better deal. There are a lot of great companies who care more about results than pronouns.

May 2 URGENT

Subject: An Update on Your Nonexistent Long-Term Incentives

Dear Esteemed Level 14 and Level 15 Manager,

We hope this message finds you bewildered but strangely amused by the recent announcement regarding long-term incentives for your illustrious grade. As you may have already gathered, the powers-that-be have decided that rewarding your hard work and dedication with long-term incentives is so pre-spinoff.

We understand that you must be overflowing with joy at the prospect of not having to plan your retirement around stock options and performance shares. After all, who needs financial security in the long term when you have the privilege of basking in the warm glow of corporate gratitude?

Rest assured, your disappointment is noted and promptly filed away in the cabinet labeled "Things That Management Thinks You'll Get Over Eventually." In the meantime, feel free to console yourself with the thought that at least you won't have to stress about meeting those pesky performance targets anymore.

We sincerely hope this news brings a tear of laughter to your eye and a sigh of relief to your soul. Remember, when life gives you lemons, just add some sugar and make yourself a well-deserved lemonade.

Warmest Regards,
3M HR

Now that JG14-15 have no more stakes (LTI) with this company. You can be sure that the commitment level will also drop drastically.
It's ironic that this group of people are actually the working level executing for the directors & above. Once this group is no longer engaged fully, this company is doomed for further demotivated staff.

Explain to me exactly how this is supposed to improve morale or productivity?

Seems like that the rate of voluntary departures will incrementally increase yet again, and it will be the higher performers that are more likely to take that leap while dead wood stays behind.

As if we needed any further reasons to dust off our resumes.

Once again, 3M execs chooses the self-serving route that telegraphs to external parties that they are "doing something to right the ship" while simultaneously siphoning off company profits.

Ungrateful jg 14 and 15 employees, dont u recall they just gave u $15 a month for internet!!!

JG14-15 Unite. Reject more work from the higher bosses. Let them take the pressure from Billy Butch.

JG 15 here. I promise you I’m getting an hourly raise this year as I slack off to make up for it. Even the anchor days I go to the center I promise you I’ll be cruising the interwebs!! Eff me and i eff u back harder!!

Wow JG16+ directors & above are getting a good deal. They better be working their b.u.t.t.s out and start taking accountability.

I can’t speak for Solventum but know someone who went there at level 14 and there were no stock options, just a cash raise of about 10 percent. Better than a sharp stick in the eye I guess, given the situation.

You all will love this. I was just told JG16+ are getting their full LTI AND a special grant this year…can’t make this up.

You bet! Great suggestion to take the Friday (or Monday) off to compensate for this loss!!

But wait that's provided they don't scrap the WYW program and get everyone back to office

Now take Friday off from work and focus on stock market investment ‘s . Work 4 days in a week.

It's time for JG14-15 to take a step back and self adjust the efforts to compensate for this "loss". Work your way to do less 1 day a week. Gain back 20% of your time to run personal errands

It's time to let the JG16+ take on more accountability. Be brave to reject more work from them!

Why did they claim that the LTI removal for JG14-15 is due to 3M no longer align with Health care companies benchmarking? Does it mean JG14-15 Solventum people continue to get their LTI?

Again, anybody who doesn't have a pension should seriously consider leaving if they haven't already. Pretty much anywhere else is better than 3M at this point.

"Even Tartan Park is gone. At lease the Swells lost their five Corporate jets and Wonewok."

Never made it to Wonewok, but heard it was a nice place to relax. Another one of Mikey's "accomplishments" at 3M. Not even sure if it has sold yet.

Tartan was quite a place back in the days (1980s even into 90s). Many corporate-funded events for employees, including those under JG15 who felt important. Who knows just how many people met their significant other there and then shared a long dual career at what was the best company to work for in the Twin Cities. Inge dumped it when he was worried that an activist investor would come after 3M, like Nelson Peltz did after DuPont complaining about owning a golf course, etc.

Even McNerney, who is the primary reason this company has destroyed itself under horrible management (except for Buckley who was a good guy), kept Tartan and Wonewok. That was the only thing he didn't sc--w up before going off and wrecking Boeing.

Just glad I got out with full retirement and retiree medical before the roof caved in for good.

It's been a while, but weren't LTIs actual future stock that was gifted to you if you stayed with the company - and not stock options that offered you stock at a certain price. If that was the case, then the LTI would be like free money if you only gave more pints of blood (years of your life) to 3M. Can someone please clarify?

Having been part of the levels 12 and 13 stripping away of LTI around 2005, your pain is felt. We continued to deliver, as circumstances at 3M were much better back then. Going after 14 and 15 is likely going to be felt by management in a big way, as many of them are at the same levels.

And yet, most will stay and continue to post 3M articles on LinkedIn..." proud to work for most ethical company"and clap in townhalls. That's why leadership knows they can get away with it.

I'm not a particular fan of Mondays so I figure I will parlay the 15% pay cut and not work on Mondays for 3M. I will get to the growth projects on Tuesday.

As my spouse enters the sunset of his 35+ year career with 3M, I look back at his career and how proud he and I once were to tell people he worked for 3M. Sadly, over time that pride has been greatly diminished and we now look forward to the time when he can say he no longer works for 3M. To the young people looking to begin their careers, I say look elsewhere to other companies because sadly Mother Mining has died. To my spouse’s soon to be former long-time co-workers, I say try to remember the good days long ago at 3M when employees were treated with respect and dignity and try to endure the current times as best you can. RIP Mother Mining😢

Keep flooging the office peons till morale and productivity is up so that organic growth goals are achieved.....Recent memo from Board and Top Honchos

Corporate greed at it's finest.

Management makes one wrong decision after another, worker bees always pays the price..... layoffs, pension cuts, reduced benefits, GESPP in the red big time....

Typically employees in the job grades 7 to 13 bear the brunt of layoffs (at least 7 layoffs in last 5 years where vast majority of layoffs were in that pay grade)

Now employees in job grades 14 and 15 are getting a 12-15 % pay cut since Long Term Incentives are no longer in play from next year.

What sacrifices do employees in job grades 16 and up , esp. in management ranks (VP and higher up) making?

Why no change to their compensation ?

Almost funny how they wait until Billy Butcher's second day to announce this.

Because moni snagged his multimillion dollars in bonus on solventum he’s squared away. That’s taken from employees… shameful, but in line with American corporate greed.

3M - Never missing an opportunity to demotivate the employees it most need for growth.

What happened to the focus on growth? Their income cut will get these employees motivated to work harder and help find growth. Once again wrong message to employees that are left

A 10-15% paycut for several thousand employees. Its a big bet for them.

For those asking about the details - this is last year for JGs 14-15 to get LTI. Allegedly 2024 will get some extra amount to compensate for it being the last year.