Thread regarding 3M layoffs

Any updates?

Earnings date is Jan 21.

Earnings date is 1/28/2024

When is the earnings call ?

Won’t be released until after earnings

Any updates ?

I’d say PFAFs and compensation are a little different. One affects the health of many, while compensation impacts an individual and their family.

Let's not forget that 3M decided dumping PFAS in the groundwater was just fine. The opinions of their legal team are just that.

Nothing changes without someone kicking things off.

To the person that wants to reach out to state AG, I’m pretty sure 3M and their legal teams have reviewed all these practices. If it’s classified as a ‘bonus’ assume rules are different. More importantly if you feel you’re being treated unfairly maybe seek employment with another company. Seems much simpler than AG path, because I’m pretty sure it will not produce the results you’re expecting.

AIP is part of our total compensation package, which is benchmarked against similar companies to be competitive.

Except, if they're always paying out less than promised, it's not competitive, is it? And if it's routinely less than promised, that's dishonest, right? I was induced to take the job at 3M based on promised that 3M has no intention of fulfilling.

I'm thinking the state AG would like to discuss this bait-and-switch scheme with some employees and 3M leadership. Maybe I'm gonna make a phone call...

TEBG should be around 150%

It's kind of sad that 3M had to resort to cutting its employees compensation to satisfy wall street. That's the issue for no growth company.

Anybody who was around when AIP was rolled out, will know it is NOT a bonus, it IS part of your salary. Current and new to the company management talk about it as a bonus. IT is NOT.
When it was rolled out and x% had to be AIP, rather than decreasing your regular paycheck, all your merit increases were used to fill the x% required. Therefore, some people when years w/o a pay increase in their normal monthly paycheck. Example: 7% AIP bucket might have taken 2-4 yrs to fill.
It's a truly dysfunctional system. The big worry is the current execs, who see it as a 'bonus', will simply cancel it. That would be a nice pay cut.
Even Workday lists it as 'bonus'.

So far we heard from TEBG town hall as shown by finance VP. Q3 to date is 130%. Q4 we shall know after Jan/or Feb. Hope it doesn't plunge too much due to a poor Q4.

Q4 is not over so how can results be shared? Also, with AIP percentages that strong, I hope all the SIP payouts have been or we be as strong. Always blew my mind, many would reap strong AIP payouts and often due to backorders, many sales people weren’t able to hit SIP targets due to factors outside of their control.

Q3 wasn’t posted. We never see Q4, so you’ll just have to guess unless it’s been released in a town hall somewhere.

Doesn't look that bad for TEBG Q4? I would think it ends up 110% for FY 2024

TEBG: Q2-164% , Q3-130%
You can do the math for the full year. Expecting 95% for TEBG

I agree with previous poster. After the LTIP rules, it seems BB will further make AIP more stringent. Perhaps setting much higher targets which is ridiculously tough to meet. Let's see.

Most likely BB and his team will fool around with how AIP is calculated to ensure that the plebs working for him get even less moving into 2025.

In a recent conference, he remarked about looking into compensations for the Minnesota Nice people.

Need some info on the corp amount to see if I should wait or bounce.

Any actual numbers ?

New rules. Payments will be deducted directly from your monthly compensation.

from TEBG and saw 130% till Q3 results.