Last day 12/31… anyone feel like this is pointing to something larger?
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Hanson is slashing not just roles in the Twin Cities, but all around the world. Many of these roles are critical to business continuity in those countries but are less so in MN, because there are many more people/headcount at HQ.
When my group was eliminated, the subsidiary business loss a critical function which kept the customers purchasing SOLV's products. And what is happening today? As we expected, less sales because our products have been replaced with cheap and cheerful alternatives from China!
@dy they paid huge $$ for consultants to do the pay plans and Solventum got a version of what already existed. Nothing new but a few tweaks.
@eq I agree, it's wise to get Solventum out of the expensive 3M buildings. However, it's crazy they chose such a small building in Eagan. The new site doesn't even have cubes for employees. Instead, people sign up to share desks, without even enough room to hang up their winter coats. Like you mentioned, there may be plans for more layoffs in the near future.
@ea SOLV is wise to get out of the 3M buildings, perhaps they could have exited sooner than they did. When Imation spun from 3M in 1996, Desi was able to coax them to rent 3M buildings at The Center at outrageous rates. Then it took Imation two years to build a gaudy glass palace in Oakwood, just in time for a shrinking company selling off assets to Kodak and others. Hopefully, Bryan being the ultimate cheapskate that he is will go El Cheapo in Eagan, while also finding a few hundred "redundant" positions to slash in Twin Cities, just in time for a Frank Shirley style "Christmas bonus" in the way of severance checks without even jelly-of-the-month certificates, instead of a well-done Xmas bonus check and a secure future.
I don't know about other locations, but in Minnesota, the company is moving out of the 3M buildings at the end of the year into a new building in Eagan. The new Eagan building is said to hold 400 people max, even though Solventum has/had over 1000 employees in the metro area. Even though most people work remote / hybrid, that's still a tight fit... unless they were already planning on reducing the workforce when they bought the building last year.
Yep. Take a look at the SIP for reps - little to no incentive to go out and sell. Not to mention quota continuously rolled out mid year. What company that is trying to grow structures a comp plan the way Solventum and 3M does? Trying to save their way to balance the sheet because they don’t want to invest in the company and don’t believe it can grow. At least that’s what their actions tell the story of.
I'm certainly worried. Did you get severance at least?