Benefits
A look inside 3M’s Total Rewards
Here, you can grow through challenging work at a leading global company and be rewarded for your efforts. When you excel at work you’re passionate about, it contributes to 3M’s success and creates even more success for yourself. Look around and you’ll see that inspired opportunities are everywhere.
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We call our compensation and benefits package “3M Total Rewards"
3M Total Rewards includes a range of plans and programs that are intended to attract, retain and motivate the high-performing employees we depend on for growth and success. 3M Total Rewards break down into three areas:
Your pay.Be rewarded for your efforts with a competitive base salary and variable incentive pay linked to company and individual performance.
Your benefits.Live your best with unique resources and high-quality benefits. Medical and dental plans, a 3M employee stock purchase plan and many other resources can enhance your life, both physically and financially.
Your life at 3M.Grow through challenging work by leading important projects, working with diverse, talented people and finding endless opportunities to develop your skills – while enjoying access to many perks, programs and resources.
Your Pay
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When you are paid at 3M, you are being recognized for the meaningful contributions you make to 3M’s business results. To ensure that our pay remains aligned with our desire to remain competitive, 3M regularly benchmarks pay and benefits with other companies that are comparable in size and scope.
Your pay may include two components: base salary and variable pay. While base pay applies to all employees, variable pay is offered to eligible employees and may include annual incentives, sales incentives or other incentives.
Annual Incentive Plan (AIP)
The Annual Incentive Plan (AIP) aligns a portion of eligible employees’ pay with company, business unit and individual performance. In most cases, you are eligible for the AIP if you are an active, non-production, salaried 3M employee. Employees eligible to receive sales incentive compensation do not participate in the AIP.Sales Incentives
Each sales representative’s pay includes base pay and sales incentives, paid monthly or quarterly, depending on the business you represent.Long-Term Incentive Plan (LTIP)
Senior management-level (and equivalent) employees are eligible to receive equity grants based on their level of responsibility, individual contribution and leadership performance.
Your Benefits
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Health care benefits are another important part of 3M Total Rewards. We provide comprehensive, quality benefits to you and your eligible dependents. If eligible, you may participate in most of 3M’s benefit offerings beginning on your first day of employment.
Medical & Dental
The 3M Health Plan offers medical, prescription drug and dental. All of 3M’s medical plans include 100 percent coverage for preventive medical care when received from in-network providers.3M medical and dental plan premiums are deducted before taxes through automatic payroll deductions.
Disability Benefits
We provide company-paid short-term and long-term disability coverage in the event you become ill or are injured and unable to work.Life Insurance
To help protect your financial security, 3M also offers a variety of life and accident insurance for you and your eligible dependents. 3M provides basic life and AD&D insurance coverage at no cost to you. Other optional life insurance coverages are offered at group rates.Paid Leave
Paid leave is an important benefit that helps you balance your work and personal life. This includes vacation, sick, hospitalization, marriage, compassionate, examination, maternity, paternity, child care leave and adoption leave.General Employee Stock Purchase Plan (GESPP)
The General Employees Stock Purchase Plan (GESPP) offers eligible employees an opportunity to make monthly purchases of shares of 3M stock at discounted prices through convenient payroll deductions. The price for shares purchased under the GESPP is fixed at the beginning of each month and represents a 15 percent discount from the closing trading price of a share of 3M stock on the first trading day of the month. Eligible employees generally may choose to contribute 3 percent to 10 percent of their eligible compensation.
More 3M Programs and Resources
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3M offers many programs to help you live your best — both physically and financially. The 3M Healthy Living Program offers a variety of resources, rewards and incentives to help you live a more active and healthy life. Take advantage of our full range of opportunities — there’s something for everyone.
Here are some examples
- Flexible work arrangements.
- Diverse career and development opportunities.
- Bursary program for eligible dependents of employees.
- Employee store to purchase 3M products online or at 3M site office.
- Support for community involvement: 3M Step up Challenge (community giving program), 3M Science Outreach and Elder home visit (Thong Teck Home).
- In-house health and wellness programs.
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This document is not the official plan document for the plan, and in the event of any conflict, inconsistency or ambiguity between this information and the official plan documents, the terms of the official plan document will control. 3M reserves the right to modify, amend or terminate the benefit plan, in whole or in part, at any time. Neither receipt of this document nor its use of the term “you” indicate eligibility for the plan. Only those individuals who satisfy the eligibility requirements and other criteria contained in the official plan document are eligible to participate in the plan.
