3m Control Systems

1622 Words7 Pages
3M Corporation
Company Background:
The Minnesota Mining & Manufacturing Corporation (3M) was founded in 1902. It reported sales revenues of $16.7 billion during the year 2000. These revenues came from 3M 's six business divisions: industrial; transportation, graphics, and safety; healthcare; consumer and office; electro and communications; and specialty materials. All business divisions were profitable in 2000. The same year, the company made more than 60,000 products and about $5.6 billion sales came from products that had been introduced during the prior four years and another $1.5 billion came from products introduced during 2000. Annually, more than 75,000 employees worked to create more than 500 new products. The company was
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If none of the business units support the proposal, the inventor can take funds up to $50,000 from the corporate office. 3M Corporation awards about 90 such grants each year. This provides the much needed financial support to employees who have innovative concepts and enables them to give shape to their concepts, as a result supporting the strategy of 3M by innovating new products. The company should continue to encourage and financially support these ventures.
5. No punishment for a product failing in the market – As mentioned in the above control, the employees are encouraged to embark on new ventures and the funds are provided by the corporation. In case such a venture fails and the product is not accepted in the market, the employees are guaranteed their previous jobs. Based on past experiences, company culture emphasizes that a failure can turn into a success. This practice encourages employees to fearlessly proceed with their plans. It is a good control and supports the strategy of 3M but this could sometimes result in careless employees who go ahead with their plans without carefully analyzing it. This could translate into loss for the corporation. I would recommend that there should be a mild penalty for failed products, just like there are big rewards for successful products.
6. Rewards for successful product inventions – The team members of successful ventures receive raises,
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