I see a pattern where younger workers are getting hunted down due to lay offs and older folks are ready to retire 2-5 years from now. Only thing keeping a lot of people from quitting now is bad job market once that is improved, 3M is screwed big time!
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Oh i’m abandoning ship the moment i get a good offer. I had enough drama for a lifetime.
No its not. Once we have culled, its good for the rest.
I have had three offers and I have more interviews. Similar salary and titles on the offers, so I’m going to see if I can springboard into something better or another industry. 3M let go of a lot of well connected and respected people, and there are customers and partners of 3M that are making offers. If this job market is tough for candidates, then I want to see what it looks like when it improves. There are still a lot of great people left behind, but they are pi---d about the work load they are being saddled with.
I don't see 3M even going on any kind of hiring spree period. HC spin is likely to be run by Monish. And he knows nothing about growth, which requires some fresh blood. In fact, I see him laying off a few thousand if they have a quarterly earnings miss.
As for remain-co, assuming it's Vale (even if it still Roman), the company is due to break up Tyco did under Ed Breen, who GE has done, and how Breen is breaking up Dupont.
Wall Street hates conglomerates because they complain they cannot see the "value" of each business, even though well-managed conglomerates have been successful over time.
When the company is broken up, a lot of businesses will balk at taking on people from centralized groups, whether CRL or other groups like EHS. These stranded costs will result in several thousand more job losses, in many case very good longtime employees. Maplewood will be half shuttered and half broken into 4 or 5 businesses.
All of this sucks for the employees and pensioners. I don't see any of the spins wanting to offer any retiree medical support (in most cases, they can drop this anytime). Who ends up with the pensions will be interesting too. Imagine if the fund gets spun off to an insurance company. What kind of service can you expect from an entity that doesn't know about you and could probably care less.
Just a sickening disgrace how badly this company faltered in the 21st century.
Throw a bachelor's degree of any type into the statistics and the unemployment rate falls again, last month was 1.9%. Make the degree a doctorate and the number is 0.5%
(Source: St. Louis Fed - FRED data base, April 2023 data points)
Your point I get, it will take longer for highly educated/skilled people to find their next roles, because the roles you (and me) and others are looking for are that much rarer. Your salary should also be more than enough to offset a few months of job searching.
I agree if 3M gets hiring again (highly unlikely soon), they are well and truly fu---d. Their brand as an employer has really taken a hit.
Varys,
Yes unemployment is low, but finding a good paying white collar job is not an easy task now days. I am not going to work Starbucks after working as engineer (not offense to Starbucks baristas)
Layoffs is not an issue, it is that other companies are freezing their job postings and not filling their open positions. Once they get approval to get back on hiring, we all gonna start getting 10s of LinkedIn requests as we did back in 2021-22.
3M is gonna be screwed big time since its reputation is already tarnished, and the best workers will work else where.
OP's post could have ended after 4 words in the title, but carrying on...
US unemployment is hovering near 55 year lows. It is not all that far from the frictional unemployment limits. If a recession starts this year it will not be caused by consumers not spending it will be caused by a capital strike by companies not investing.
Yes, some companies are very publicly laying off, but on a whole the job market is very, very strong for most people. But all the 200,000 (or whatever number) of famous name tech layoffs are not even rounding error in the size of the workforce. (~160 million). Most people will find another job reasonably soon as the game of musical chairs plays out.
I suspect in the highly unlikely event 3M start hiring again in this economy, they will have to pay some heavy premiums to get quality staff (say 20% base pay increases) or they will need to really lower 3M's traditionally very high standards.
Job market will only worsen. Look at past history with record low unemployment, everytime leads to a bigger size recession. Sure it may take another 1-3 years but its coming.
The job market is definitely worse than it was in 2021/2022. A lot of companies that haven't laid off have had hiring freezes this year, or are reducing new headcount. Definitely possible for strong candidates to move around though.
I was a contractor there from 2007 - 2012 and 2018 - 2020. I tried to get hired permanently, but no dice. I really like working there. Happy now working remotely with another company.
This is literally what they want so they dont have to pay severance. Wtf is op talkin bout
To the OP - What makes you believe the job meeker is bad. I left voluntarily and had another job within 4 weeks. If you have skills and a strong network, securing another job right now is relatively easy.