Hope this helps

When I was laid off, leader scheduled a call at 8am (was 7:30am when I received the meeting request - was working from home).

Joined the call (it was just the two of us).

It was scripted and leader read from a script and told me it wasn’t an easy call (meaning he didn’t want to just chat).

He read a script and let me know position had been eliminated. That day would be my last day, I’d start a 60 day notification period in which I was still on the books and could apply for other open positions. At 4pm, my system access would be terminated. I was sent an email with specifics of the package and it was also overnighted to me. Within a couple days, I’d receive a prepaid box to return laptop, cell phone, company credit card, anything else etc.

I also received separate instructions to log into Workday for purposes of applying for positions, access to view pay records etc (many documents).

Essentially, for 60 days it pretty much was pay as usual without working and the documentation told me what my severance payment would be, cobra payment would be and when I should expect my final payment which included the severance, cobra payment, accrued vacation time and unused floating holiday (providing I electronically signed the severance agreement).

Hope this helps.

This was posted by @jit+1mc7edSc in one of the older threads. I thought it would be appropriate to repost it considering what's coming.

Comment! It's anonymous!

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Mid October it is.

Im hoping it is this coming Monday and I’m one of them who is laid off. Regardless I am really considering resigning on same day as layoffs. I’m done with this company.

They justified the layoffs by letting three people in a protected class go? That sounds like grounds for an age discrimination lawsuit if I've ever heard one?

At Schwab, layoffs usually happen early in the week. Mondays, Tuesdays, and sometimes Wednesdays if it’s a mass layoff. Schwab has been “quietly cutting” for the past year. Three people in my department were all over 50. I think that’s how they justified the layoffs.

@1yik+1oniB5Fu

Did yours happen on Monday morning as well?

This is exactly what happened during my layoff as well. The only difference is that I was eligible for a sabbatical and had gotten approval, so instead of 60 days, I got 90 days notice. If you are eligible for a sabbatical, get approval now before you are laid off.

@vge+1oniB5Fu

Monday morning.

Given the number of layoffs that may occur based on their savings projections, I’d guess they are going to have to either do them in bulk (ie dial into conference call and message delivered), or it’ll take some time to deliver individually for thousands of employees.

What day of the week did it happen? Do we know when most happen?

Dear OP, thanks for the post! This is very helpful information for many of us who are anxious, and waiting. Appreciate your taking the time to do this. Hope you are well.

@jrs+1oniB5Fu

I got laid off in October 2022

When did this happened? Is this post for 2023 layoff?

No I did not. I received the max of the plan based on years of service.

Did you attempt to negotiate for more?

I posted this originally. Wishing everyone the best considering what’s coming.

Few more points after reviewing the documentation I received:

Within the package, the following is included:

. Severance Agreement and timeframe to sign for eligibility (45 days). Instructions how to sign electronically or by mail.
. Separation Info Package with info on benefits, programs/policies, including COBRA, pay & accrued time off, financial programs including 401k, equity awards, ESPP, Schwab Employee Services, system access, unemployment claims, and contacts for employee benefits & programs.
. WARN notification
. Confidentiality, Non Solicitation and Intellectual Property Agreement
. Outplacement Assistance
. System Access for external Workday
. MyHr Contact Center phone number as point of contact for questions about the plan & severance during notification period.
. Property return process
. Separation resource site including documents within the package for 150 days from your notification
. Severance Pay Calculations.

It’s allot of information to sort through so give yourself time, hit the key dates for signing the agreement, participating in COBRA or shopping for your own insurance, returning Schwab property, etc.

Now we're reposting old threads like they're Snapchat memories.

Thread regarding Charles Schwab Corp. layoffs

Hope this helps

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