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Competitive Compensation


Competitive Compensation

Around the world, 3M is committed to providing competitive market pay that is aligned with individual performance. Our pay structures adhere to policies and requirements governing compensation in the countries in which we operate.

In addition to competitive pay in the U.S., 3M offers a comprehensive benefits program that includes medical, dental and life insurance and retirement savings and investment programs to help employees build a strong financial future.

Competitive Compensation Examples

Total Compensation

At 3M, Total Compensation is much more than pay. In addition to providing a professional work environment that promotes innovation and rewards performance, 3M's Total Compensation in the United States includes:

  • Pay, including short-term annual cash incentives and long-term equity incentives for eligible employees.
  • Vacation, holiday and other paid leaves.
  • Medical, prescription drug, dental and vision coverage paid with pre-tax dollars along with Flexible Spending Accounts.
  • A high-deductible health care plan with a Health Savings Account which offers 100 percent in-network eligible preventive benefits coverage along with a 3M company contribution and lower plan premiums.
  • The Healthy Living Resources program provides employees with tools and resources for a healthier and more productive workforce.
  • The Total Compensation Program offers life insurance for eligible employees and their dependents at group rates. 3M also provides Short- and Long-term Disability benefits to help employees who cannot work due to illness or injury.
  • Retirement benefits that include a 401(k) Plan, Retirement Income Account and Retiree Medical Savings Account.
  • The opportunity to purchase 3M stock at 85 percent of its fair market value through the General Employees Stock Purchase Plan.

A Process for Establishing Competitive Pay

3M offers competitive pay around the world. To do so, the company benchmarks pay elements of comparable companies and compares compensation for similar positions. For example, to offer competitive pay for salaried employees in the U.S., 3M uses third party annual salary surveys of U.S. companies similar to 3M. For U.S. nonproduction nonsalaried positions, 3M uses a third-party consultant with a nationwide database containing regional salary information to determine appropriate salaries for each location.

Having a range of pay for each job grade gives 3M the ability to compete for talent. For 3M employees, it provides opportunities for pay growth in every type of job.

Rewards and Recognition

Hard work and extra effort are rewarded and recognized at 3M through an array of award programs. 3M sponsors several global and many corporate award programs to honor individuals who make significant contributions to the company. In addition, many divisions and departmental areas of business and staff units also have their own specific ways of recognizing and rewarding people. Across 3M, management can choose from a variety of monetary and non-monetary awards to show appreciation for exceptional contributions. Examples of corporate awards include:

The Carlton Society (Global) honors employees for outstanding career scientific achievements, their contributions to new technologies or new products and high standards of originality, dedication and integrity.

Circle of Technical Excellence & Innovation Awards (Global) honor and recognize 3M employees who have made exceptional contributions to the innovation, productivity and growth of 3M.

Pyramid of Excellence Awards (U.S.) recognize outstanding individual, administrative-employee performance and contributions that align with 3M corporate and subsidiary goals, leadership attributes and customer service objectives.

Quality Achievement Awards (Global) program consists of the Individual Quality Achievement Award, the Lewis W. Lehr Career Quality Achievement Award and the Team Quality Achievement Award, which identify and recognize the best performers in the 3M Quality and Lean Six Sigma communities. The program is an in-depth search for examples of the best practices and achievements. The objectives are to identify the best practices within the company, honor the teams and individuals involved, and communicate those practices throughout our organization.

Communication Awards (Global) program recognize on an annual basis exemplary communications programs developed for both internal and external 3M audiences.

Sales and Marketing Professionalism Award (Global) honors and recognizes individuals around the world who have made exceptional contributions in sales and profit growth.

Product Responsibility Award (Global) recognizes individuals whose consistent and professional efforts result in outstanding contributions in dealing with product responsibility issues.

Supply Chain Achievement Award (Global) recognizes 3Mers who have made significant, sustainable contributions to the improvement, execution, efficiency and the results of our supply chains.