Generalities
What is the Long-Term Incentive Plan (LTIP)?
•One way to recognize and reward your success
•Encourages your participation as a stockholder and allows you to share in the risks and gains of the business
•A valuable portion of your overall Total Compensation
When are employees receiving the LTIP grant?
February of the following year
What steps do managers have to make to communicate the LTIP grants?
- Schedule time to meet individually with each direct report who is receiving an LTIP grant in February.
- Download and print the LTIP Grant Report to see what the employees were awarded.
Does the HR Help team has the access to view employee's LTI Choice options in the system?
Yes, on the Additional Data tab on the employee's profile
Employee: Hello! I have some issues editing my LTI Elections in Workday. I need your assistance! Date of call: Dec 12 - 8 am.
LTI Choice closed yesterday Dec. 11, 2020 at 11:59 PM (U.S. Central Time). In this case, you will have the 100% RSUs option defaulted.
How can an employee be eligible for LTIP Choice?
•You are an active 3M employee in job grade 14 through director level (or equivalent) on Dec. 31 of the year prior to the year in which the grant is made.
•You are in an eligible job grade in the system on or before the day the LTIP Choice election period opens (typically in Q4). If you become eligible after the election window opens, you will receive the default choice of 100% RSUs.
•Your country is able to participate in the LTIP Choice program.
Who will be the contact if employees questions about their stocks management?
HR Help Resources
What are the steps to obtain the LTIP Grant Report?
Workday> Search LTIP Annual Grant Supervisor Report on the search bar> Add the organization and the employee information
How can employees view their LTIP Choice in the system?
Click on the picture, or the cloud in the top right corner of the Workday Home Screen> Click on the View Profile link> Click on the Compensation tab > Click on the Additional Data tab> Scroll down to the bottom of the page to view the Annual LTI Choice section
Employee: How do I know I submitted the information correctly in the system?
You can always review your elections in the Additional Data tab in Workday. However, after 24 hours of having submitted the elections, you will receive a confirmation message about your LTIP Choice. You will receive confirmation in two ways – one as an email sent to your 3M Outlook account and the other as a Workday notification.
What is the LTIP Choice Election window? (dates)
November 30 – December 11, 2020 (11:59 PM U.S. Central Time)
If employees express disappointment or concerns about their grant, what should they do?
Consult the Human Resources Manager
Who will be the contact if employees have questions about their LTIP?
HR Help > Escalate the case to the BSQ team > Shanna Dombrovski
How many changes can employees do on their LTIP Choice?
Employees can make changes to their choice as many times as they want during the choice window. Their final choice will be applied to their 2021 annual grant.
Employee: Hello! I received the communication about the LTIP Elections. I am trying to do the choice at this moment but I don't see how to do it. I need your assistance! Date of call: Nov 28 - 8 am.
LTI Choice starts until Nov 30. In this case, you will be able to edit your elections until this date til Dec 11 at 11:59 PM (U.S. Central Time).
What are the five choices available?
Will employees receive a notification after submitting the LTIP Choice?
Yes - Within 24 hours of making your LTIP Choice, employees will receive a confirmation message via their 3M Outlook email account as well as a Workday notification. Confirmation messages are sent at the end of a business day. If the employee made several changes to their LTIP Choice throughout the same business day, the confirmation message will only reflect the most recent Choice they made.
Which countries do not participate on the choice program?
Saudi Arabia & Philippines do not participate in the choice program. They receive 100% cash grants.
How can employees edit their LTIP Choice in the system?
Click the cloud or picture in the upper right corner, and select the "View Profile" link > Select the "Compensation" tab and then the "Additional Data" tab > Scroll down and click the "Edit" button beneath "Annual LTIP Choice."> Click the menu icon next to '"Make Your Annual LTIP Choice," select the option preferred, click “OK" to save, and then click "Done."
Supervisor: My direct report is inquiring about advice to make their elections. What should I say?
Encourage your eligible employees to make a choice during the election window – but do not offer investment advice. It’s up to each employee to make their own decision based on their personal financial needs. If eligible employees have questions, refer them to the “Making Your LTIP Choice” 3M Go page.
What are the GSC Expectations to support this process?
•Know where the online resource materials are located on 3M Go: Pay & Benefits > Compensation & Financial > Making Your LTIP Choice
•Understand how to navigate to the LTIP election process in Workday
•Do NOT provide any tax or financial advice to employees
What can we do if employees ask for investment advice to make their choice?
We encourage eligible employees to make a choice during the election window – but we do not offer investment advice. It’s up to each employee to make their own decision based on their personal financial needs. If eligible employees have questions, refer them to the “Making Your LTIP Choice” 3M Go page.
What if after the election window closed (December 11, 2020 - 11:59 PM U.S. Central Time), employees insist on needing to change their elections?
We will let them know that the system already closed the window but that we will work with the Global team to see is something can be done. (Do not confirm it can be changed). After this - do not escalate the case with BSQ/COEs, please direct these cases to Fabiola or Axl and they will manage the situation.
After the LTI Choice window closes, will employees have access to edit/view their elections?
When the Choice window is closed the Additional Data tab will be removed from the Compensation section, but the employee will still have access to view from Overview>Additional Data.
Employee: I need advice on estimating the potential gains on my LTIP Choice.
On the 3M Go Resources, you will be able to find the LTIP Choice Modeling Tool. The tool will model different scenarios to help determine your LTIP choice. Keep in mind 3M does not guarantee these outcomes, and they are based on several assumptions. The tool does not take into account taxes due on the awards.