I've noticed that most of the folks I work with are no longer satisfied with their jobs. It feels like the only thing we talk about lately that is not work-related is how each of our job searches is going. This was never true before. It's depressing and it's ki-ling morale, to be honest. I'm not sure what can be done about it, though.
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The problems at Charles Schwab are the result of poor financial decisions focused on short-term, rather than long-term, goals. Consistent, gradual ROI is generally preferable to making large bets with their associated vulnerabilities (i.e. bond market fluctuations, deposit outflows, stock share options, foolish "investments" in mythological crypto technological creations (which are nothing but scams and tools for organized crime), etc. The definition of ether is useful to remember when thinking about crypto "currency," the term which itself is an oxymoron (for impressionable mo--ns). Ether (source: Oxford languages) is "a pleasant-smelling colorless volatile liquid that is highly flammable." Unfortunately, the people who pay the costs of senior management's lost bets are employees (who can least afford the hit) and shareholders.
oh be sure and FLY the EC out to locations for the supposedly Advisor Group Meeting - what a waste of company $$$$$. Nothing will change - the information they are receiving is coming from those above - totally worthless
I will say that I was a bit disappointed not being part of the layoff. The main reason I am OK at the moment is that it gives me more time to upskill (on my own dime due to "expense cuts") and be patient to land the job I really want in a location that I really love, even if I may still have to be onsite. The mood is heavy needless to say. EC is implementing this new "employee advisory group" which are appointees from all of the different orgs to be a "liaison" between EC and those below. They are going to fly them all out to one location — same day we were told not to expect the expense cuts to loosen until 2026 and bonus funding will be cut. They'll all be the kool-aid drinking lackeys Director and above — all people leaders I'm sure, who are probably the next to last people to ask about the pulse of the employees (the last group being the EC of course).
I absolutely hate it here. I came from TD and all I hear day after day is how much everyone hates it. We hate it, the advisors hate it, the clients hate it. I’m assuming after several months when everyone’s acclimated it will get better but today I dread getting out of bed and going to work. I’m actually happy when I get sick and miss a day of work now. I am looking for another job but the market is poor. For now, everything about this company reminds me of the countless corporate bureaucracies where the only seeming purpose of its existence it make everyone involved unhappy. I’m not being cheeky when I say I wish I were laid off, I would have the te---r of an uncertain weak job market but I would have a few months to escape this pure undending torment.
No.
@skh+1pu6x1uB thanks, no luck needed. I set my Linked In profile to green two days ago, didn't even bother updating my 4 y old resume. and I already have 4 interviews with hiring managers directly next week, I'm L58 ex STS senior SWE IC tech lead 15+ years experience. Looks like CS was short-changing me by about 30-40k.
Good luck to you however, I hope keeping all the dinosaur 100k year old systems running while you lick boots singing "through client eyes" will turn out OK. No offense of course, we all have to pay our bills, no shame in that.
So glad I am out of there!!
Well good luck with the job search. Yesterday NextDoor announced cutting 25% of theor staff. Today Square aanounced 1000 will be layed off. Job market is tough. I am happy to be emplyed for now. I get good compensation, and dont need to worry ver the holidays.
I completely agree. The culture is so toxic. They post jobs for the minimum amount of time that are pre-filled with preferred candidates. They don’t post other jobs that they should, like roles that are new and expanded. Both of these inequities are EEOC and DEI violations. And to top it all off, several employees on my team had role changes that they found out about in large group settings. They never got a 1x1 conversation with their manager to explain the change. Instead, they were just blindsided in a team meeting. The management here completely lacks respect for their employees. This is one of the worst employers around. So many people I know are looking for new jobs outside Charles Schwab.
I am still at Schwab, and am quite happy. Thankful I have a great paying job, going into the holidays. It is a tough job market right now, but hopefully it will get better in 2024, formthe folks that got layed off this round. I generally enjoy my work. There is the occasional bump here and there, but overall jpb satisfication is high for me. I am in STS. i loke my colleages, and the folks I work woth across the enterprise. Thogh happy, I am not disillusioned this will last forever. Come 2024, maybe as early as end of Q1, I am sure their will be additional cuts. Though not as high as the 5% we got hit with this round, but there will be tweaks. In summay, still happy to be here.
Ask a serious question.
Get a Schwab family member to return . One who actually gives a cr-p about this company’s “brand”. WB, RW and EC running on the backdraft of a stellar reputation . For how long ? If the goal is to drive stock price down so another co buys schwab, they are doing an incredible job! If the goal is to restore our faith in quality leadership for employees and shareholders, come up with innovative ideas that pummel the competition for forward thinking ideas, well we are at a severe loss. Schw stk down yet again! Their salaries should be based on how well across the board we are meeting and exceeding metrics, and internally ,employees engagement. Not an arbitrary good ol boy here ya go millions…for destroying everything that made us a respected and trusted firm.
I would have fired the CFO first for financial missteps and then CIO for over recruitment and then the CEO for poor leadership and accountability. Then folks who had the test strategy for last 4 years and have not delivered anything along with 50% in IAD, 2nd line.
Anyone disagree?
As long as the company keeps treating us how they do, there’s nothing that can be done about it. All I can think about is getting out as well.