What's your prediction as it relates to the possiblity of 3M layoffs? Any chatter, news or rumors?
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Just heard this morning someone I know's sister got laid off a few days ago. Looks like things are off to a great start in '24. No idea what area they were in.
Given the way things are going, at least 5-10k. Of course the pension change will likely trigger some folks to leave on their own, so this is best case for 3M as they won’t have to pay these folks to leave.
Pension plan freeze predicted by many on this board came true.
Doesn't quite take a genius to predict it though!
Wow wow that’s not good news for pensioners.
just announced... pension getting cut starting 2028
👨🏻🦳I don't look like my coworkers and I have never felt included at 3M for over 35 years.
I doomed to be a lay off victim.
Is it true there are some APAC BT layoffs?
Post the medical spin off, it is likely to see some layoffs to remove the final stranded costs at the corporate. Hard to tell how much this entails but seems like it will be far less than 5000 being quoted by others.
Hard to get a read on 2024. The company often talks about HOO and retention and succession planning, but also ki-ls HOO with what seem to be largely chaotic, uncoordinated cuts. I would predict more of the same given that the poor leadership is still poor and in leadership positions. I am sure they will double down on failure again and again
Any particular plant(s) in W EMEA to layoff/reductions?
Lets hope we can lay off in Western Europe. Dead weight.
Everyone talks about how senior management has failed us (which I don't disagree). However, the 3M Board of Directors share a major part of the blame for this failing company.
Agree with the posted comments.
The current consortium of senior management remains unscathed; accordingly, they have no incentive to change course.
Senior management will layoff whatever number of people it takes to ensure they remain installed in their current positions.
For those who are in a position to retire, suggest they do to ensure you receive your pension and other benefits you've worked very hard for. Don't assume the funds will be there in the future.
There will be lots of failure modes to action. The astute JG 13s and above will "dig to true root cause" and use a recognized problem solving method like 5Y. By doing this the layoffs will end.....
It's 5,000 per year like it always is. That is the only margin improvement program the company has.
EMEA reduction looks certain. Those high cost factories will be first relocated to APAC or LATAM
My bet is, more exit from countries in EMEA, another spin for CBG, more layoffs.
For Solventum layoffs after is stabilised in 2025
Rumours on the ground says target RemainCo 5,000 in Y2024 after spin off. Not sure how true is that