Tomorrow? Monday? Tuesday? Or 11/3 Friday after bonus payout?
Sick of waiting. But let’s wait some more because Rick or whoever said all we can do is control what we can control. This won’t impact ECs. They don’t live paycheck to paycheck. Even if they get laid off they’re guaranteed to find another high paying job. For the rest of us, forecast is gloomy.
@psl+1pinJ5nB Don't mean any disrespect but what signs point to you being on the list, sir or madam? I keep hearing people say that they know they are on the list with a certain degree of certainty, but they never explain it.
this has been a great discussion. thanks OP/Monday
I wouldn't get too obsessed with the 2 month WARN period as they don't have to respect it. They can eliminate your position on 12/29 and pay you the two months salary in one lump sum then. It will still appear on the books for 2023. My ex employer did just that. The HR and the Security will show up in your cubicle with a box, will escort you to HR office to sign some documents and then you will be shown the door. I survived a few layoffs at CS but I don't really know the process here. There are a few excellent posts here on the topic. But to reiterate, they do not have to give 2 month notice.
"How Does Pay in Lieu of Notice Work?
When an employer decides to terminate an employee without notice, the employee may be entitled to wages they would have earned during a required notification period."
ref: https://www.thebalancemoney.com/what-is-pay-in-lieu-of-notice-5201641
The timing on this is really bad. If "The Day" is Monday, +2 months I think puts the first day of collecting unemployment on XMAS day. Any day next week, and the press is going to have a field day.... "Merry XMAS, Schwab lays of 3,500 employees". They can try to spin the whole 2 months of notification, but you get your severance, and can collect unemployment the week of xmas.... the press won't care. Headlines will be brutal.
@bpo+1pinJ5nB Imagine the headlines come next Monday… If they wanted to avoid negative publicity then doing it right on top of Halloween is not the way to do it. Journos must be itching to get those punny headlines out, and it would be funny too if so many people with kids weren’t affected.
@fva+1pinJ5nB Dude probably found a new job. Would you rather end the mental anguish or wait for severance if given the choice?
OP/Monday yes the other post below is accurate - virtual training, told to log in (everyone would bring their laptops with them to the conference bc you have to manage your daily sh-t even while traveling) and given talking points, scenario training (like how to handle upset or threatening employees) how to cover the severance packages, etc.
@oyj+1pinJ5nB Not the Monday OP, but I’d guess they just joined remotely. They would have been warned to do so in a private setting. Also keep in mind that only leaders that aren’t impacted themselves got training. They won’t have people they’re laying off also giving people under them notice. Another PL will give notice to their people.
Hey OP/Monday how did the AS Directors and MDs get layoff training yesterday? weren’t most of them at the IMPACT conference? a bit confused. but like the other poster said, thank you for the leak
Tomorrow, I have two meetings in the morning, then I’ll take my dog on a walk and relax the rest of the day. Next Wednesday, I’ll meet some coworkers, whether current or past who knows, for happy hour to decompress.
@kyz+1pinJ5nB why did JR quit and give up the chance to win the schwab lotto aka severance (plus unemployment)? why why why?
@lfe+1pinJ5nB gotcha. and… thank you.
OP/Monday. Bc I value my colleagues and and try to be a decent human when I'm able. Once the info started flowing, felt right to share. Been a lot of shitposts on this site. This is our livelihood. Shouldn't have to be posted on an anonymous site. We deserve respect and none has been given, so why should I respect the sh-t loose lips are leaking? Fu-k em.
@kyz+1pinJ5nB wow can you give us more details for those who were ‘t at the conference ? we need this right now
to the OP/Monday - why are leaking all of this info to us? NDA?
what you say seems believable to me unlike a lot of the posts from trolls.
but why?
For any employees wanting for a "fu-k you, Schwab" moment - a long time AS relationship manager (Sales) straight up stood up after their territory dinner last night at impact, RIA clients present, and fu--ing quit on the spot. Not all heros wear capes. JR we salute you 👏
wow so some employees flew out to this big over-the-top extravagant conference… and now that the conference is done today, they fly back home… only to be fired on monday?
what in the world
@zbe+1pinJ5nB pretty cr-ppy for the PLs too who have to hold this information all weekend — especially if they need to lay off top performers, friends, etc.
sh---y all around. how did schwab get so bad so quickly? i seriously used to be proud to work at schwab… even a year ago.
Many signs point to me being on that list so I hope the firings go really well for the Bobs.
OP/Monday post. Friday for lists bc IMPACT ended today. They have to get this wave done for 60 day notice before month end. Those doing the layoffs need the lists at least 1 day before to plan out scheduling the comms, but didn't want to tell people before the conference bc there were impacted employees attending. Just another failure of leadership. Couldn't even get the fu--ing firings right.
I’m surprised they would pass the names out on Friday and let that linger over the weekend but… whatever.
I’m so over this place. I have definitely walked away from jobs better than this and is as soon as I figure out what’s going on with me I’m out the door one way or the other.
I’d rather live in a cardboard box than lose any more sleep or dignity at Schwab.
OP Monday post again. Hard to say, lots of tech roles at risk bc of duplicate coverage across the firm both IS and AS. Sorry, misunderstood your Q. Far as I know, no names will be given until tomorrow though obviously been decided for months. Advisor complaints about Schwab systems mean next to nothing - keep in mind that regardless of what former TDA only firms are upset about, Schwab firms have been dealing with for years, complaining about for years and it falls on deaf ears. Then front line reps are blamed for not explaining it better. It's trash. This company is, as others have said, not what it used to be. David has become Goliath and Goliath gives 0 fu--s about what people like.
@wty+1pinJ5nB the head of digital advisor services is a “she.” and she oversees the advisor platform for RIA that’s mentioned in the article.
AS has both client (client being the RIAs) facing roles and none client facing ops. I wouldn't put much stock in what they said about non client facing roles only. Impact wil be fairly broad it seems.
OP of the post about Monday being the day.. AS obviously means advisor services for anyone who works at Schwab. And who is "she"? The head of AS is a he, and yeah probably bc he's on the EC. Stupid fu--ing questions clogging this site up.
@hlz+1pinJ5nB I thought advisory service was client facing? Is this true or did I get it mixed up?
@bpo+1pinJ5nB By “AS” do you mean advisor services from this article about schwab RIA platform?
https://riabiz.com/a/2023/10/7/fresh-wave-of-td-ameritrade-rias-are-speaking-out-30-days-after-schwab-advisor-services-merger-complaining-about-more-red-tape-and-problems-befalling-clients-stress-levels-high
The article describes the advisor platform as dial-up internet. Will the MD still get to keep her job? She’s the head of one of the most toxic and dysfunctional orgs at Schwab, and the advisor platform reflects that. Or will she just be in charge of firing people?
People leader here. AS layoffs start Monday. Directors and MDs who have impacted employees received training yesterday. Lists of severed employees will be delivered to the leaders tomorrow (Friday) and Monday will be a bloodbath. Leaders are crying, they had next to no input but they have to own the decisions. Been here well over a decade and have never hated this company more.
Maybe they’ll do it Wednesday before thanksgiving. Or on Christmas Eve. Really would put that icing on a dog shiet of a cake.
It will likely not be a single L day sincere there is at least another round of reductions in 2024.
I wish the glint survey asked something like, "do you believe Schwab leadership wants you to hate your job?"
Because I do. I wish someone would ask EC or HR in a town hall Q&A. I'm amazed they can feel proud going into the important TG with such a cavalier attitude about their associates.
If it happens to me, I plan on getting raging drunk for a week then sober up, play new COD for a week, then get my act together and become a full time job seeker until my severance runs out.
Good plan? What’s yours?
I really hate it here. I am taking steps to get out but it is taking longer than I'd like. I don't want to work for a company that seems perfectly content inflicting misery.
Rick, NDA bro 😎
I take comfort that others are going through the same shiet on this forum. It’s been stress relieving and fun for me during this time, even the countless troll posts. Because no one knows who and when and how, and that we’re all in the dark together.
Once the last glimmer of any sort of hope has left your eyes and they can drain your joy no longer, that’s when they’ll cut you loose. That’s what vampires do.