3M offers buyouts to 3,600 employees

MAPLEWOOD, MINNESOTA — 3M is offering early retirement buyout packages to 3,600 of its non-union U.S. employees, according to the Pioneer Press.

Packages are being offered to 11 percent of 3M's total workforce and are based on an employee's age and their years of service, the story stated.

Lenny Sanicola, a benefits expert at human resources consulting firm WorldatWork, said: "It just goes to show how tough it is out there. Larger companies often turn to early retirement offers because they can save more money in pension expenses with such programs. One thing you have to be careful of: You don't want to diminish your work force so that when things turn around you're at a competitive disadvantage. There may be key talent they need to retain."

More than half of 3M's workforce now operates outside of the U.S. and the company is unsure how many U.S. employees will accept the early retirement offer, the story noted.

Eligible employees have until May 31 to make the decision whether or not to accept the buyout offer, the story added.