3M, an American MNC operating in the fields of industry, worker safety, US health care, and consumer goods, is planning to initiate restructuring actions that will lay off approximately 2,900 positions globally. The impact will be felt by all business groups, functions and geographies.
According to a statement, as a result of these cost cutting measures, 3M anticipates annual pre-tax savings of $200 to $250 million with $75 to $100 million of pre-tax savings in 2021.
Mike Roman, 3M chairman and chief executive officer said, "The COVID-19 pandemic has advanced the pace of change and disrupted end markets around the world, increasing the need for companies to adapt faster. At the same time, we are seeing significant opportunities from our new operating model which we launched at the start of the year. As a result, we are taking further actions to streamline our operations, positioning us to deliver greater growth and productivity as global markets emerge from the pandemic."
Follow and connect with us on LinkedIn, Facebook, Instagram, Twitter for latest HR news and insights
Is it advisable to ask for a salary raise during the pandemic?
Trending
-
Google Extends Work From Home; Mulls Over 'Flexible Work Week'
-
Ola to Set up First Factory in Tamil Nadu; Create 10,000 jobs
-
Aon to Invest $30 Million and Create 10,000 Apprenticeships by 2030
-
Urban Company Announces Unlimited Mental Health Leave Policy
-
G Suite Rebranded As Google Workspace
-
Tech Mahindra Launches ‘Gift a Career’ Initiative for Upskilling of Youth
-
NASSCOM, Deakin Varsity Offer Courses for IT-BPM Industry Workforce
-
40% Women Prefer Flexible Working Options in Post-COVID World: Survey
-
Ecom Express to Hire 30000 Employees This Festive Season
-
DB Schenker Names Katharina Rath as New CHRO
-
No Layoffs, Salary Cuts to Be Reviewed in January: Vistara CEO
-
Hiring in India climbs up 35% from April-June
-
OYO announces employee wellbeing and work-life-balance initiatives
-
TCS launches return-to-work solution
-
3 out of 4 companies believe they can effectively hire employees virtually: Report
-
Wipro collaborates with Intel to launch digital workspace solution
-
Capgemini to reskill 50,000 employees in India
-
Cognizant ropes in Jan Siegmund as CFO
-
Niyo announces salary hikes, bonuses, ESOPs
-
Vodafone , CGI and NASSCOM Foundation launch digital skills platform
-
Odisha: Bank, postal employees to deliver cash for elderly, differently-abled persons
-
Skill India launches AI-based digital platform for "Skilled Workforce"
-
Hiring activity declines 6.73% in first quarter: Survey
-
NetCom Learning appoints Subir Sinha as Director-HR
-
70% startups impacted by COVID-19 pandemic
-
Omega Healthcare ropes in "Kannan Sugantharaman" as CFO
-
Bajaj Allianz Life ropes in Santanu Banerjee as CHRO
-
Over 70 Percent MSMEs look at cutting jobs to sustain businesses
-
Snapdeal onboards counselling experts to help employees
-
93 Per Cent employees stressed about returning to office post-lockdown
-
Johnson & Johnson India announces family benefits for same gender partners
-
Indian firms turning friendly towards working mothers
-
Welspun India names Rajendra Mehta as new CHRO
-
COVID-19 impact: 61 Per cent Indians suffering from mental health issues during lockdown
-
93 Percent employees stressed about returning to office post-lockdown
-
Wipro partners with NASSCOM to launch Future Skills platform
Human Capital is niche media organisation for HR and Corporate. Our aim is to create an outstanding user experience for all our clients, readers, employers and employees through inspiring, industry-leading content pieces in the form of case studies, analysis, expert reports, authored articles and blogs. We cover topics such as talent acquisition, learning and development, diversity and inclusion, leadership, compensation, recruitment and many more.
Subscribe Now
Comment