To save talents?
3 replies (most recent on top)
Talented PhDs below a certain age have already left and the rest are looking to jump ship, as soon as the economy stabilizes somewhat.
Those without portfolio 1 pension plans have no reason to stick with this company other than family ties to the Twin Cities.
Monish better not go to Spinco, he can sink with the sinking ship that he made. While we know the board is full of Roman's own people, I am hoping that they can see that their best chance of making money with Spinco is to keep Monish away from it.
Some things are simply going to happen in research as HC spin happens and remain-co is sliced into 4 or 5 pieces by Vale.
Here is the best guess on timing:
- HC PhD is locked in by summer. No adds or deletes. Once spin happens in early 2024, Monish will want to prove his has the right stuff with wall street and another 10 percent across the board cut happens so more PhD out the door.
- Vale will probably move at least half from central to divisions in 2024 and 2025. The remaining people will be working on projects that support multiple businesses but expect these to sunset by 2025.
- The rest of the people will be pushed on the businesses because as remain-co is broken into pieces, Vale will not want stranded costs for a central lab that is terminally ill in corporate speak.
- Businesses will be forced to cut probably 20 percent of the PhD crowd once all the moves are done. Again a bunch of 3M bosses will be CEOs in the spins. I doubt vale will want to hire from outside for these plum jobs.
- By end of 2025, probably 30 percent of the PhD group will be out the door.
For those who made it into their 50s, hope you can reach 92 numbers for full retirement and medical. If you are late 50s, beg to get fired and packaged out. The real losers are those in their 40s who hired into a great innovation machine but are now considered expendable in a company that won't spend the dough to be the 3M of the 20th century.
I am so glad I decided to work right away and not spend 5 years in school getting masters and PhD only to get canned before I hit the magical 92 number.