It is clear that the company would like us to leave without giving us packages. On the other hand, considering that looking for a new job while you have a job is always a better option than putting yourself in danger of looking for a job when you become jobless, maybe it is still too risky for most of us to wait for severance pay?
4 replies (most recent on top)
To Magic Mike
Just want to add clarity to your comment (not a criticism) - Retirees taking the bulk lump sum at the end of 2022 were susceptible to what you described and therefore needing to address a significant financial impact. For retirees considering the annuity during this time frame, the impact was moot. Not saying one was better or worse than the other as everyone’s financial picture is unique. Just clarifying the difference.
Does anybody know what the package is? Did 3M stick with 1 week for every year of service with a max of 26 weeks?
Any pension eligible people considering “early retirement” should have left in November before IRS 417e rates changed to be reflective of the 2022 interest rate environment. I’m skeptical there was much more to get with offering of a package. 3M has been burned by separation discrimination in years past, especially during the exodus in 2008-2009.
On a similar note, I don't understand why 3M isn't using voluntary early retirement incentives. I know this was discussed a month or two on this site, but it seems so bizarre that 3M wouldn't pursue this mechanism which would limit liability, negative perception, and not have as profound of effect on morale. I don't buy the argument at all that early retirement opens the company up for lawsuits - people would be choosing of their own free will.