Thread regarding Charles Schwab Corp. layoffs

Morale amongst phone reps

I work in a position where I rely on the phone reps quite a bit.

5 years ago, you’d call some specialist department and get in depth knowledge beyond what they were paid

Now you call, most of the time the rep is audibly pi---d off and you feel they hate you from the get go. This is as an internal Schwab rep.

Often they give you completely wrong information. They dont state they don’t know, they just give you the wrong info. If you question it, they get even more annoyed and usually give you additional wrong info to justify their first answer.

If they do tell you they don’t know, there’s no impetus for them to reach out to someone who might know. The conversation ends with them saying they don’t know, you might even ask if they can reach out to someone who does know. I have a feeling they put you on hold while they go to the restroom and tell you no one knows.

They tell you they will follow up and never do.

They tell you to call X department, who tells you to call Y department, who tells you to call Z department, who tells you they don’t know and will not find out.

If you don’t know something, you need a sample of at least five people from the department you’re calling to maybe maybe a good guess based on the answers you get. Often the second person disagrees with the first, but they are often both wrong.

If this is what it’s like as an internal rep, I can only imagine what it’s like as a customer. How are they getting anything accomplished at all? How much terrible guidance are they given for things as simple as opening a trust account or doing a 60 day rollover?

Why has the service changed to be so demonstrably terrible? My assumption is the hiring freeze + volumes has sapped the will to live out of phone reps. Good reps moved on. The training is terrible, which is fine if you have tenured reps that taught themselves over years, but not anymore.

This is of course not to discredit the very kind and knowledgeable minority that likely holds the whole ship together.

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| 1975 views | | 17 replies (last September 5, 2024) | Reply
Post ID: @OP+1u0l4DVx

17 replies (most recent on top)

Years ago my cube mate got up and I thought he logged off to go to lunch....15 minutes he comes back puts his headset on and says. "Thank you for holding I double checked with my back office and at this time we're unable to locate the cost basis but ill submit a ticket"

I asked him if he went to check with someone on another team..."F no I was taking a sh*t, time to log off for lunch"

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Post ID: @mczd+1u0l4DVx

Who cares about phone reps? Eff off!

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Post ID: @cxvt+1u0l4DVx

SCS is also run this way. Imagine being the leader of a highly dysfunctional cyber security team while knowing you lead the most critical part of keeping this business afloat. A cyber security incident (that gets in the news) would destroy Schwab. Doesn’t look good when one of our mottos is “trust: earned over time, lost in an instant”.

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Post ID: @9vfl+1u0l4DVx

Why is this thread still going??? No one cares about phone reps. They are a dime a dozen. Bunch of whiners. Get a real job. Ge-z.

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Post ID: @9vwi+1u0l4DVx

@2bar+1u0l4DVx You literally took the words out of my mouth. I cannot understand for the life of me why Schwab compartmentalizes literally every single process to an entire team, to where they only know how to do the one thing, and don’t even know what the other teams in related roles do around them. And management and training is so terrible that even if there are two teams doing the exact same thing, and working out of the same queue, there’s a divide on how exactly they process cases vs the other. I miss TD soooo much. We knew how to do everything AND could easily identify the other departments and what they did. We come over to Schwab, get trained on only one process, work with another team that was OG Blue, yet somehow we’re not processing the same way as them, which makes no sense considering that team’s lead trained us :-/ and on top of all that, somehow it took nearly a year to get fully trained on what I can only imagine is the easiest process you could ever do at Schwab. At TD, training was a solid 4 weeks and I knew how to process all the cash management things with confidence. At Schwab, I couldn’t tell you one single thing outside of my one duty and that is depressing as sh-t.

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Post ID: @9qic+1u0l4DVx

Welcome to Schwab lol

I come from the TDA side where it was MUCH less siloed. Phone reps/processors in specific departments knew a variety of concepts and many were experts in their fields (or knew someone within reach who was). Needed something highly specific done? Have a one-off question? Dealing with a complex issue that needs solving asap? Somebody would point you in the right direction and, most of the time, find someone who was able to help. This could be accomplished in hours or days, not weeks. For the company’s faults, it was indeed a well oiled machine. At least where I was

Enter Schwab… there are mountains of red tape, highly siloed micro departments/teams, and finding whatever you’re looking for is like a needle in a schwaystack (had to). I have phone reps hmu all the time with questions about what I clearly notated. Reps who have no idea what they’re talking about on the phones because it’s not their team’s specific “forte”. Reps who create unnecessary work because they’re completely oblivious to what people down the way are doing. I feel bad for them and all the calls they have to field on a daily basis. It’s not necessarily their fault, but the company’s for having an overly convoluted system for anything and everything. Knowledge hoarding is also a real thing and finding the 5 people who know what they’re talking about out of 32k is tall task lmao

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Post ID: @2bar+1u0l4DVx

The issue here is retention. Customer service would be a lot better if you can keep the good people working. High turn over equals low customer satisfaction. Another thing that could help with solving this issue is having an organized knowledge base that is easy to navigate. Hopefully adding gen ai into the mix could help alleviate the issue. Sadly what I see coming is they are probably going to allow for more turn over and hope that one day ai will fix the issue. The ideal solution would be reducing turnover, improving the knowledge base and increasing the use of gen ai to help solve problems. The truth is people like talking to people. Even if you replace people with ai they are still going to want to talk to a person. The person they are talking to just needs to be better at using their resources i.e. knowledge base, gen ai, and other people.

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Post ID: @2wpb+1u0l4DVx

OP definitely an overpaid condescending FC.

Some FC’s at this company are truly disgusting people.

They only care about themselves.

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Post ID: @1qkx+1u0l4DVx

I am not an FC and did not mean to start war between departments. If anything, I was pointing out how miserable a place Schwab is to work at this point. I came from the phones myself.

I’m aware I don’t know what I don’t know. I make sure to always be kind and pleasant to other reps when I call, I’ve heard how FCs speak and I would never want to be that way. Despite this, there’s a 90% chance I get extreme attitude and a 75% chance I get the wrong information. I know it’s wrong because if I question the rep more they will act flustered then just sp-t something out, then I’ll call someone else for a similar question on the same problem and run by what the last rep told me and they’ll tell me it’s wrong. Not knowing who to trust, I’ll call again and get yet a third answer. This is not a one off thing, it happens if day at least once a day.

Or the attitude is so offputting that I immediately know they aren’t going to do the effort of researching something they don’t know.

These aren’t questions about tax laws or retirement rules either. They are about Schwab processes.

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Post ID: @1bwm+1u0l4DVx

The OP must be an FC. Typical, asks the answer to a question when in reality they don’t know what they are talking about. That’s why they called you, then proceed to question your answer. Unsure if FCs are lazy or incompetent. Must be a mix of both.

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Post ID: @1rno+1u0l4DVx

@2pyk+1tWYqnHU whaaaa?

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Post ID: @1iky+1u0l4DVx

Not to mention with the merger phone reps have been slammed. Getting screamed at by irrational tda fanboys all day. Screamed at for schwabs constant tech issues. No breaks between calls. Old systems. Cant go 30 seconds over a break. Cant further career because freezes. Gets 25$ door dash credits instead of bonuses when things go wrong. Raises slashed. Its no wonder why

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Post ID: @1qww+1u0l4DVx

As a phone rep - I experience this . It’s frustrating. I get how morale is low. You dont get a break. If theres a minute between calls they offer VTO and everyone leaves. The systems are sh---y compared to what TDA had but if u dare voice ur opinion u get in trouble. Micromanaged and burnt out.

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Post ID: @1nfs+1u0l4DVx

@1gjw+1u0l4DVx wtf is wrong with you?

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Post ID: @1aby+1u0l4DVx

Ah yes, the constant micromanagement of employees every day activities are showing. This is what happens when the amount of keystrokes are more important than quality output. If you are not valued, it will show in your work. It’s ashame.

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Post ID: @1jna+1u0l4DVx

Who cares about phone reps. One of the least important jobs, that can replaced and outspurced. Please. Dont even post here.

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Post ID: @1gjw+1u0l4DVx

"I have a feeling they put you on hold while they go to the restroom and tell you no one knows."

🤣🤣🤣

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Post ID: @1dup+1u0l4DVx

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