Generalities
What is the Long-Term Incentive Plan (LTIP)?
•One way to recognize and reward employees who are eligible and encourages participation as a stockholder, allows sharing the risks and gains of the business (stocks).
When are employees receiving the LTIP grant?
February of the following year.
What happens if an employee becomes eligible to participate after the window closes but before December 31st?
The employee will receive the default choice:
Executive:
50% in Performance Shares
50% in Stock Options
Regular:
100% RSUs
Will employees receive any notification or confirmation once they enter their choice in the system?
Within 24 hours of making the Choice, employees will receive confirmation of the LTIP Choice in an email sent to their 3M Outlook account and as a Workday notification.
Employee: Hello! I have some issues editing my LTIP Elections in Workday. I need your assistance! Date of call: Dec 12 - 8 am.
LTIP Choice closed on December 10, 2021, 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).
•Your country is able to participate in the LTIP Choice program.
Who will be the contact if employees have questions about their stocks management (Workday)?
HR Help Americas
What are the three executive choices available?
Option 1
50% in Performance Shares
50% in Stock Options
Option 2
50% in Performance Shares
25% in Stock Options
25% in Restricted Stock Units (RSUs)
Option 3 *NEW
50% in Performance Shares
50% in Restricted Stock Units (RSUs)
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.
What is the LTIP Choice Election window? (dates)
November 29 – December 10, 2020 (11:59 PM U.S. Central Time)
What are the two main differences between executive and regular LTIP Choice?
The main difference is that the executive choice only applies to Job Grades (JG L2+) and there are three options.
Regular choice applies to Job Grades 14-L3 and there are five choices.
Who will be the point contact if employees have questions about the Long Term Incentive Plan?
HR Help Americas and BSQ.
How many changes can employees do to 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 27 - 8 am.
LTI Choice starts until Nov 29. In this case, you will be able to edit your elections until this date till Dec 10 at 11:59 PM (U.S. Central Time).
What are the five choices available for employees with Job Grade 14-L3?
If an employee is out On Leave, Vacation, STD, etc... How are they able to make their choice?
We will need to create a case to BSQ and ask the employee the choice that they would like to select in Workday.
Which countries do not participate in the choice program?
Saudi Arabia & the 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
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 10, 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 if something can be done. (Do not confirm it can be changed). After this, we can create a case and send it to BSQ for review.
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.