Employees fired: In the recent past, many big companies of the world have decided to lay off. Now the name of another legendary American company has been added to this list.
Due to the global recession, the world’s leading companies are taking decisions for layoffs on a large scale. Now the name of another company has been included in this list. 3M Co. The company has made a plan to lay off 6000 employees. Giving information in this matter, the company said that in the recent past, there has been an increase in the expenses of the company and a decrease in the operation. In such a situation, in order to reduce the expenditure, the company has to make a plan of retrenchment under compulsion.
Company will reduce expenses
3M Co. According to the information given by the company, the company is trying to make a big reduction in its annual expenditure. The company aims to cut annual costs by at least $900 million. In such a situation, it has been decided to show the way out to a total of 6,000 employees in the second phase of retrenchment. Earlier, the company had laid off 2,500 employees. After the announcement of fresh layoffs, the total workforce of the company has decreased by a total of 10 percent i.e. 8,500 employees.
CEO said this on retrenchment
Talking on the matter, CEO Mike Roman has said that the company is taking all those steps which will help in increasing its profits. Along with this, we also want to make its operation easy. Ever since the company’s decision to retrench, its stock has registered a decline of 1 per cent in the stock market. Along with the announcement of retrenchment, the company has also made major changes in its management. Notably, 3M Co. Post In Notes is a company that manufactures respirators and smartphone displays.
Recent layoffs in big companies
Recently, the giant companies that have laid off or are doing it include the names of many giants like Facebook’s parent company Meta, Google, Amazon, Twitter, Disney. Are. He has announced layoffs in several phases in the last few months.
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