Your 3M compensation is a part of your 3M Total Rewards, designed to recognize the meaningful contributions you make to business results. To ensure competitive pay, 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 an Annual Incentive Plan (AIP), sales incentives or other incentives.
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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.
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Sales Incentives
Each sales representative’s pay includes base pay and sales incentives, paid monthly or quarterly, depending on the business you represent.
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Long-Term Incentive Plan (LTIP)
Management-level (and equivalent) employees are eligible to receive equity grants based on their level of responsibility, individual contribution and leadership performance. The more you contribute to 3M’s success, the more success you create for yourself.
Beyond pay, medical and dental plan options, savings and retirement plans, a 3M employee stock purchase plan and many other resources will help you enhance your mental, physical and financial well-being.
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Paid Time Off
Paid time off is another part of your 3M Total Rewards that helps you relax and balance your work and personal life. Your paid time off includes vacation and holiday pay, short- and long-term disability benefits, and time off for parental leave, emergencies or other miscellaneous absences. Part-time employees (defined as employees who work a minimum of 20 hours per week) receive a prorated amount of paid time off based on their anticipated work week.
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Parental Leave
Paid Parental Leave (in addition to any legislative entitlement) 3M will provide of up to 12 weeks (60 days) of paid parental for the ‘primary care giver’ of a new born or an adopted child, who has at least six months of continuance service with 3M ANZ.
Partner’s Leave of up to 10 days of paid leave.
Extended Parental Leave is unpaid and available for employees with 12 months’ eligible service with 3M ANZ for up to 52 continuous weeks, less any other leave taken under this Policy or Annual Leave. -
Disability Benefits
3M pays the basic insurance premiums for the following types of cover:
Death and Total & Permanent Disablement
This insurance cover is provided by the 3M superannuation fund which is Russell SuperSolution Master Trust (default fund). Providing financial protection to 3M employees in the event of death and total permanent disablement.
This is applicable whether you have joined the 3M default Super fund or whether you have elected your choice of super fund. -
Health Care Benefits
3M has a Corporate Medical Plan with Medibank Private. There is a discount for 3M employees. More information can be obtained from your HR business partner.
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Life Insurance
3M pays the basic insurance premiums for the following types of cover:
Death and Total & Permanent Disablement
This insurance cover is provided by the 3M superannuation fund which is Russell SuperSolution Master Trust (default fund). Providing financial protection to 3M employees in the event of death and total permanent disablement.
This is applicable whether you have joined the 3M default Super fund or whether you have elected your choice of super fund. -
Personal Savings
Through our General Employees Stock Purchase Plan, you can contribute three percent to 10 percent of your eligible compensation to purchase 3M stock on a monthly basis with a 15 percent discount from its current market value.
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 plan options, savings 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 recognised 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)
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. 3M offers the same benefits to same sex spouses of employees as it does to opposite sex spouses.
Other 3M Programs and Resources
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3M offers many programs to help you live your best — both physically and financially. The 3M Lifestyle Benefits Australia offers a variety of resources, rewards and incentives to help you live a more active and healthy life. There’s a full range of opportunities — something for everyone.
Here are some of the extensive range of benefits you can enjoy through 3M lifestyle:
> Instant Vouchers to some of your favourite everyday retailers Woolworths, Big W and Dan Murphy’s, Coles, Boating Camping Fishing (BCF), Dymocks, Freedom, Supercheap Auto, Rebel Sport and more...
> 10% of pre-purchased David Jones Instant Vouchers and 6% at Myer
> Instant Online movie e-vouchers including $10 eTickets*
> VIP pre-release concert, theatre, sporting and event tickets
> Save 7.5% on JB Hi-Fi Instant Vouchers
>Big savings on electrical goods, white goods and household items
>Dining discounted values
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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.
