Thread regarding 3M layoffs

For those staying on the sinking ship

Everyone should most definitely have a base, updated version of your resume. Bonus would be to have a few different versions that shift a bit based on type of role you apply for.

Everyone should have a 3 month emergency fund that is super liquid. Bonus would be to have another 3 months that could be less liquid but accessible on short notice.

Everyone should have handy several websites of some recommended mental health professionals. Bonus would be if you actually start therapy now, we are all going to need it to survive this time period.

Additional things I have done to restructure my life in preparation:

  • Told my graduating senior they could only go to an instate public college, bonus was they got a full ride tuition based on GPA so we are saving tons of money and not setting ourselves up for a lot of college debt (our preference for our kids to not start their adult lives with debt)
  • Sold a rental property we owned as it was operating at a bit of a loss and didn't make sense to keep it anymore
  • We are running our current cars into the ground, doing repairs as they come up and not entertaining any ideas of new cars

What other ideas do you have that can help those departing and those staying get in the best possible position for resilience? We are all watching the end of a 120 year old company and while it is tragically sad, we need to have a life after it falls.

by Anonymous
| 2381 views | | 6 replies (last May 1, 2023) | Reply
Post ID: @OP+1mpQ16Tr
Comment! It's anonymous!

6 replies (most recent on top)

Make sure you know your username(s) and password(s) for Empower (401k) and Willis Towers Watson (pension) so you can access these from a home computer or smart phone. Many of us use 3M Go links or have bookmarks on our 3M computers that log us in with single sign-on based on 3M credentials. The 3M credentials will be disabled when you leave (maybe even before your last day of work). Know their phone numbers just in case you run into issues.

It doesn't hurt to download your most recent quarterly 401k statement and vested pension benefit amount (monthly and lump sum) to a home computer or flash drive so you have documentation, just in case.

by Anonymous
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Post ID: @flb+1mpQ16Tr
  1. If you have any personal business like bank accounts, credit cards, monthly bills, etc. tied to your company email, change it to a personal email address and receive the correspondence there. This will help to avoid being locked out of your accounts if your suddenly loose access to company email.
  1. Sales Reps: have a plan for a personal vehicle if you do not already have one and build that cost into your emergency fund. If you have not looked at vehicle prices (new and used) in awhile, they have gone up significantly!
by Anonymous
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Post ID: @wwq+1mpQ16Tr

Found this article helpful and wanted to share: https://archive.theskimm.com/newsletters/skimm_money/2023-05-01?utm_source=newsletter_ds&utm_medium=email

by Anonymous
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Post ID: @qin+1mpQ16Tr

Get any medical or dental work done asap. The COBRA was about $700/month for me and my family. Investigate options like health shares vs COBRA so you know what you want if and when the time comes.

Have your home appliances serviced - furnance, A/C, etc. so you don't have any surprises.

Enjoy your vacation time and unplug.

Have a personal PC that is current and up to date.

If you do get the boot - enjoy the time off. Do something once a week that you might not of done otherwise. Go to the zoo, etc. There are ways to do it cheap - $5 Tuesdays at the movies, etc.

Find local place to get things cheaper - Mike's Discount Foods, GoodWill, ReStore, etc.

Plan ahead for taxes. If you get a severance and it's significant, they don't take taxes out, so be prepared you may get what feels like a double whammy.

Use recruiters - they are your best friends!! The placement service was a joke.

My insight and advice after being laid off after 31+ years and a multi-generational 3Mer. I was crushed to my core. The company I loved and grew up with is a sinking ship for sure.

by Anonymous
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Post ID: @crd+1mpQ16Tr

All great advice. I would also add that you should stop contributing to the GESPP if you haven't already.

by Anonymous
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Post ID: @mth+1mpQ16Tr

Stay around positive people. I joined Toastmasters years ago at work and have stayed involved in a group even after I "retired" (3M speak). Keeps my skills developing while also having fun and helping others.

Don't make any big financial commitments. If necessary, have a home equity line of credit (yes, I know the rate is way up) and use it only as a last resort but it can also keep you afloat for a few months.

Definitely, if you're feeling overwhelmed, use EAP until you can't (not sure if it expires when you leave or if there is a carryover period) and then get someone to talk with outside of 3M. Plenty of ex 3Mers in the east metro are feeling this way right now. Lift each other up!

Remember, the illness is not you but your former management.

by Anonymous
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Post ID: @uvw+1mpQ16Tr

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