Thread regarding Charles Schwab Corp. layoffs

@5ka+1w4KMoo8

It’s great that you’ve had such a positive experience at CS. In my department, we enjoyed a similar environment until a change in leadership occurred several years ago. The new leader promptly hired his friends and their friends, leading to department-wide changes with a focus on cronyism. It became glaringly obvious that fandom/ ingratiating oneself with leadership was the key to “career development”- opening opportunities for promotions and ensuring the bonus pool made it your way. Although that leader was asked to leave the firm, the tone he set remains in place. Personally, I find this environment demotivating, and feel it contributes to a toxic workplace. It’s not an experience I would recommend to others, unless they thrive in or admire this type of transformational leadership.

Terrible company no employee advancement terrible raises you get in and you are trapped in your position. As a former manager I was always ashamed of the firm and I have worked at several in the industry, Being forced to give high performers 2% raises and no oppty to advance was soul destroying, Management does not care about clients grow grow with no additional resources. Firm treats employees like fools. Would not recommend this firm unless your time horizon was short. Bettinger was a blow hard but the new management are cold and fake. Avoid this firm

People usually come here to complain, not to praise. Every big company has its drama/politics/unhappy employees. But I’ve never worked at a place better than Schwab. I’d recommend working here to anybody. The benefits, pay, and personal relationships I’ve gotten here are something I’m very grateful for and I won’t leave until they make me leave. My leadership chain has helped me through many difficult personal times. Within my organization it’s clear that if you show up, do your work and do it well, it is acknowledged and appreciated.

TheLayoff.com

Thread regarding Charles Schwab Corp. layoffs

Considering an offer from Chuck. Good, bad, ugly?
Recognizing this probably isn't the best place to ask as my current company's board is full of cynical misanthropes (me being one of enlightened ones!) facing similar complaints regarding executive committees, RTO, layoffs, etc...

...but is the company truly a dumpster fire or are there pockets of hope? Does your ability to succeed and not put up with RTO policy BS manager/group dependent? How is the RTO enforced? Current company uses badge swipe counts and rolling-averages and puts the onus on the manager if an average falls below a threshold.

Deciding if the grass is truly greener or if it's just fertilized with HR bullsh-t and I'll be just a miserable here as I was there.

3d ago by Anonymous
12 replies (last 19m ago)
876 views | 9 reactions (+6/-3)
Post ID: @OP+1w4KMoo8
+3

12 replies (most recent on top)
I been at Schwab over 30 years now and I am past the age most people retire but I still get up every morning to drive to the Peak. That's because there is nowhere I'd rather be or nothing I'd want to do more. I do important work. Work that makes a difference in people's lives. I would tell anyone to jump at any offer from Schwab. No other company invests more in their employees and provides more opportunities. Only thing is though, you gotta be willing to work for it and you gotta take control of your own career. Kids today expect to just be promoted for showing up at 8 and leaving at 4. If that's you then clearly Schwab isn't the place for you.

I'm glad your experience has been so positive. For many of us, our experience at Schwab has not been nearly as positive whatsoever. Many of us have consistently put in 12 hour days meeting simultaneous deadlines and leftover work from others who have been laid off, and have been struggling to find work-life balance, all to not get our full bonuses at end of year. Once again, be glad that you can't relate.

I been at Schwab over 30 years now and I am past the age most people retire but I still get up every morning to drive to the Peak. That's because there is nowhere I'd rather be or nothing I'd want to do more. I do important work. Work that makes a difference in people's lives. I would tell anyone to jump at any offer from Schwab. No other company invests more in their employees and provides more opportunities. Only thing is though, you gotta be willing to work for it and you gotta take control of your own career. Kids today expect to just be promoted for showing up at 8 and leaving at 4. If that's you then clearly Schwab isn't the place for you.

If you have a tech role, don't work at Schwab. The tech teams are not effective, politics rule the day, and actual work is outsourced so you won't learn how to do anything or keep your skills sharp. Lots of mediocre people with big egos who think they are hot stuff.

"an environment of false urgency" perfectly sums up working at Schwab in I&O. Simon's org consists of some of the worst tech people I've ever worked with. Things would improve instantly with him and his reports gone. We'd then have to replace all the good people who were RIF'd or left because they could see how insane the leadership is. I can't imagine any IC would be upset to see these fools leave.

Need more info to provide useful advice. All situations are unique and dependent on many factors. To start with, what is job title or req. ID and organization? What is the location and salary offered? Who is the hiring manager?

Run! Run far, run fast!

Complete dumpster fire…zero work life balance. Awful pay. Gaslighting managment. Avoid at all costs!

new hires aren't generally eligible to WFH for a period (not sure of time if it's six months/year).

If you are in a corp location, you are permitted to WFH Tuesday and Friday, people leaders are permitted one (I think Tuesday, but I could be wrong).

It is not up to your mgmt on adhering to the RTO policy.... Folks who haven't adhered to the RTO policy will likely see bonus numbers hit.

The 'Schwab nice' culture can feel culty. You certainly have areas for growth, opportunities, new roles, but you really need to own your own tomorrow.

Having worked for a competitor, I have found Schwab to be a little more relaxed on the work life balance, and not as demanding/ stressful.

Like any job/role, it’s the manager. Do your due diligence and interview the manager during your interview, ask about the team etc… there’s plus and minus anywhere you go now.

Take it but don't ever expect a promotion or raise within the same team. They don't care about your career, manager won't even talk about it with you

I would say it might start out pretty decent as they get to know you, but don't be surprised if the work starts to crank up after a few months to a year. Not saying that it's bad for the workload to accelerate after some time, but in my experience, you'll find that the workload increase is not in your vocational direction and is not helping your personal growth. Often you'll be filling in gaps created by Schwab's frequent "reduction in force" layoffs. There's also an environment of false urgency, in which everything is due at basically the same time, but once it's delivered, it's left to sit before anyone gets to it again. Your manager will say, let me help you prioritize, but when you offer suggestions re: prioritization, they will stick to the original deadlines, even if they know they are running you ragged. I'm sure others here will also share their experiences. Oh and force reductions are frequent, and you may be penalized for standing out from the rest of your team, especially if you are brave enough to offer suggestions for new ways of doing things -- your manager might not be able to handle it and might consider you a threat. Just beware.

Completely depends on department and group.

The happy people generally have experienced much worse than a bad manager in life. They suppress well. The rest are resolved to either su-k it up or not let them win. Them being those pushing people out.

RTO is manager reporting currently. Expect major changes in January when CEO flips.

I like it here. I’m easy going and don’t get wrapped up in online drama / misinformation. Lots of good people to work with.