Best Buy made headlines last month by using an earthquake term to describe the economy’s effect on its business. CEO Brad Anderson said “seismic changes in consumer behavior” had created the most difficult climate the company has ever seen.
3M CEO George Buckley sticks with the natural disaster theme, telling employees last week that he wants “to make sure we are not swamped by this economic tsunami and, ideally, to make sure we come out of the challenge stronger.”
That’s from the Pioneer Press, which reports on Buckley’s recent e-mail messages to employees about layoffs, hiring freezes and “mandatory vacations.”
Deferred merit pay increases will help save “more than 1,000 jobs,” Buckley said. Hiring freezes will be in effect “especially in developed countries.” And he said the vacations are “the largest single source of cost reduction we have at our disposal.”