The ultimate goal is to reduce headcount to 60,000.
Lots of folk’s hanging on, complaining, but gripped by fear, they stay on.
Like Bed, Bath, and Beyond, 3M will ultimately be forced to file bankruptcy.
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I told you, but you remain in denial.
60,000 target headcount for Remainco is not a big stretch once you take into account the countries which are going to an export model or exit.
Final employee headcount for 2022 annual report was 92,000. Subtract out 2,500 for the Q1 layoffs and we’re down to 89,500. For ease say RemainCo gets 75% and SpinCo gets 25%. This comes out to 67,125 and 22,375 a piece, so cutting RemainCo down to 60K people would require 7,125, which while significant, I think is also very possible.
I’ve heard a couple VPs talk about SpinCo not wanting overhead corporate function groups and there being a lot of tension between the SpinCo and RemainCo headcount allocation discussions as SpinCo taking less likely means more cuts for RemainCo. They did not specify functions, but I think of things like Engineering, Sourcing, HR, Supply Chain.
@minnesota's finest, i take it this is what will be said tomorrow
“Enhanced management approach”
Canning all signs of GE style hopefully, as that has failed miserably.
We urge you to refrain from spreading hate and fear, as we understand that there will be further redundancies, albeit more than what we would have preferred. Moving forward, we must make the necessary cuts and focus on developing our two new companies, which we aim to establish as world leaders through an enhanced management approach.
Where's this number coming from?
How many people work for HCBG now. Any idea ?
@OP+1miKzq1S - how credible is your number?
We have 95,000 employees worldwide, that's quite the drastic reduction, with drastic consequences if played out too soon.... then again, I wonder how many of that number are HealthCare BG employees....