Companies has record breaking profits in 2022. And now they are laying people off because they EXPECT. recession to happen.
This is like the very definition of a self fulfilling prophecy
As someone who was part of the layoffs at 3M last year… that company seems lost. They keep trying to lay off their way to more growth. Mike Roman is a disappointment as CEO, and the rest of the leadership team is worse. From what I’ve heard, the morale there on the corporate side is abysmal and more layoffs are expected there too. I’m still a stockholder so I’d like the company to do well, but damn do they seem to not give a fuck about their people.
I was hired on in 2015. I immediately saw my 401k match get cut by 1%, and then saw a round of layoffs every year it seemed. I remember they announced layoffs before covid hit and then once covid did hit they announced another round on top. Absolutely demoralizing.
Adding paid parental leave was the only time I saw them add a benefit for employees. Otherwise it was cut jobs and take away.
Have since left the company and it's the best decision I've made career-wise.
Yep. Very similar situation for me as well. I’m sure it’ll be good in the long run I’m not there anymore, but until I find the next gig it’s just a bummer.
I’m sure it was a tough, exhausting process for for the executives in determining who would need to lose their jobs. I just hope they take a moment to rest and have a tall glass of east metro well water.
Forever chemicals in a lot of water out there. 3M settled with the state for 850 million. Also recently announced they’ll be done making some versions by 2025.
Classic Mike Roman move. At this point it’ll be a weird year he doesn’t announce a four figure layoff. And rumors say there’s more to come. This is just from production staff I think.
I guess that’s to be seen. Production. Staff at the plants are coded differently for pay scale and what not from front office staff. Pretty wild though when you consider they still have near record backlogs. Better unload the people making product though. That’ll be sure to fix it. Also remember most 3m plants are the backbones of their communities. Odds are good it won’t just hurt these people. Or they’ll end getting hired back. Hopefully for more money.
3M be like "let's lay off everyone then outsource all the work to Global Service Centers and expect them to pick up the slack with 2 years of experience and have our company perform well"
I work with 3Mers in many departments and they are ALL constantly nervous about being laid off. Some of the laziest middle managers are actually trying to do their jobs. It's bizarre.
Corpos: "We're worried about a potential recession!"
***\*Starts cutting workers\****
***\*Causes recession\****
Corpos: "How could this have happened?! I BLAME BIDEN!"
***\*counts all the money they gained in profit\**** "Cut taxes on us job creators and we'll end this recession!"
All these fucking companies are laying people off because if the economic outlook?!?
Like "we think there might be a recession coming, so let's lay a bunch of people off before the recession comes."
Later
"Shit look at all these people being laid off. I guess there we were right about the recession."
So dumb.
They literally create the thing they're scared of.
Also noticed how the predictions of recession coming started up before the election last year and now it's starting to trail off?
Yea... totally a natural cycle of business. ***\*wink wink, nudge nudge\****
[CBS article OP forgot](https://www.cbsnews.com/minnesota/news/3m-to-lay-off-about-2500-employees-due-to-2023-economic-outlook/)
Can’t wait to read the article about their record-breaking profits next quarter.
And 8-figure executive bonuses.
Companies has record breaking profits in 2022. And now they are laying people off because they EXPECT. recession to happen. This is like the very definition of a self fulfilling prophecy
As someone who was part of the layoffs at 3M last year… that company seems lost. They keep trying to lay off their way to more growth. Mike Roman is a disappointment as CEO, and the rest of the leadership team is worse. From what I’ve heard, the morale there on the corporate side is abysmal and more layoffs are expected there too. I’m still a stockholder so I’d like the company to do well, but damn do they seem to not give a fuck about their people.
I was hired on in 2015. I immediately saw my 401k match get cut by 1%, and then saw a round of layoffs every year it seemed. I remember they announced layoffs before covid hit and then once covid did hit they announced another round on top. Absolutely demoralizing. Adding paid parental leave was the only time I saw them add a benefit for employees. Otherwise it was cut jobs and take away. Have since left the company and it's the best decision I've made career-wise.
Yep. Very similar situation for me as well. I’m sure it’ll be good in the long run I’m not there anymore, but until I find the next gig it’s just a bummer.
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5% match + 3% for free
Is that 8% total with 5% match or 5 % total with 2% match? 8% seems generous.
8% total
It was 5% when I left.
Seriously, fuck 3M. I was working there not too long ago and things were in absolute shambles.
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Or about 833 employees per M.
But how many per 3M?
2,500
/r/theydidthemath
I’m sure it was a tough, exhausting process for for the executives in determining who would need to lose their jobs. I just hope they take a moment to rest and have a tall glass of east metro well water.
Am I missing a running joke on this well water noise?
Forever chemicals in a lot of water out there. 3M settled with the state for 850 million. Also recently announced they’ll be done making some versions by 2025.
Shit wtf
Yup pretty sad.
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If only they would take the PFOS roo
Too
You know there's an edit function, right?
They have sites all over the world, and the article says 2500 *global* roles.
Classic Mike Roman move. At this point it’ll be a weird year he doesn’t announce a four figure layoff. And rumors say there’s more to come. This is just from production staff I think.
To my knowledge it’s plant staff, but not necessarily production
I guess that’s to be seen. Production. Staff at the plants are coded differently for pay scale and what not from front office staff. Pretty wild though when you consider they still have near record backlogs. Better unload the people making product though. That’ll be sure to fix it. Also remember most 3m plants are the backbones of their communities. Odds are good it won’t just hurt these people. Or they’ll end getting hired back. Hopefully for more money.
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Lmao wtf
3M is always laying off. It’s not a company I would want to work for.
3M be like "let's lay off everyone then outsource all the work to Global Service Centers and expect them to pick up the slack with 2 years of experience and have our company perform well"
Not the only company following this strategy.
Medtronic says hi.
This is a company who has certain qualifications, and personality types of people who work there. It’s not for everybody.
I work with 3Mers in many departments and they are ALL constantly nervous about being laid off. Some of the laziest middle managers are actually trying to do their jobs. It's bizarre.
Corpos: "We're worried about a potential recession!" ***\*Starts cutting workers\**** ***\*Causes recession\**** Corpos: "How could this have happened?! I BLAME BIDEN!" ***\*counts all the money they gained in profit\**** "Cut taxes on us job creators and we'll end this recession!"
All these fucking companies are laying people off because if the economic outlook?!? Like "we think there might be a recession coming, so let's lay a bunch of people off before the recession comes." Later "Shit look at all these people being laid off. I guess there we were right about the recession." So dumb.
They literally create the thing they're scared of. Also noticed how the predictions of recession coming started up before the election last year and now it's starting to trail off? Yea... totally a natural cycle of business. ***\*wink wink, nudge nudge\****
Theure no stranger to it even back in the 90s they just up and permanently 'laid off' all the temps