I'm praying this is true and we'll know tomorrow.
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I heard it may not start until Dec 1st.
It will definitely spill to November 2nd week.
At this point, we all know that layoffs will happen in the next few days. The question is whether they will happen on Friday versus Monday/Tuesday.
Crickets so far in Denver. Will let you know when something happens.
@gdl+1pgQ8Vz0 Who is your source?
It's happening Friday. 2200 people. Hopefully everyone gets through this and finds a great opportunity afterwards
If it doesn’t happen this or next week it’ll definitely be post TG.
We don't have to speculate on the bonus eligibility topic anymore. Walt confirmed last week in a corporate Q&A that all individuals that are laid off will be eligible for their bonuses. That's a factual piece of information now.
@zlc+1pgQ8Vz0 11/1 does not make sense, as 11/4-11/15 is a TDA transition group weekend. They will compromise the client experience if they choose 11/1. The one sort-of-private conversation I heard about this seemed to imply that they know they will need to pay bonuses out due to the timing, and they are planning for that (which is nice).
Here's what I've pulled together from threads on the Layoff, official communications from Schwab, the Fall Corporate Update and stuff I'm hearing in conversations with leadership.
- Layoffs happening in Q4 this year and again in 2024. Layoffs won't be a one and done. Schwab realizes that can't do all the layoffs this year or in one big action.
- Layoffs happening in Q4 this year are not happening over 1 day, probably over several days. People at the IMPACT conference could come home to manage layoffs or be laid off.
- Some leaders have had layoff training already, in the past layoffs have started within days of this training.
- The company is still holding tight on the layoff start date, but is unconcerned about the 60 day period we all seem to be obsessed with because they have acknowledged publicly these actions will now go into 2024.
- The company is reorganizing. This will happen soon after Layoffs begin. Schwab is changing the way it approaches people leadership. There will be a significant number of people leaders laid off in. Schwab will try to even out the number of people managed under people leaders and lower the number of levels between top and bottom.
- Bonus / pro-rated bonuses will be given to most of the laid-off in addition to severance to soften the blow.
- RTO is happening as planned at the start of the new year. Employees should expect the possibility of at least 1 restacking effort in their location during 2024.
- Bettinger will be stepping down soon, perhaps announced by years end, with Rick Wurster moving up.
Nov 10 thru 17th
11/1 is the only day that makes sense. It makes sense financially for the company (since anything after 11/2 means they will have to pay out bonuses at the close of the 60 day notice), and it makes sense for all the logistics currently in place.
Would be awkward for those at IMPACT right now to get laid off at the conference with press & clients here. Seems like if it was this week, it would be Fri. More likely early next week
@tik+1pgQ8Vz0 Happens within 48 hours of PL training usually. Watch out for those random MD invites…
Are layoffs truly tomorrow?
Exactly!! Give me the golden axe = a chance for paid mental recovery
@sxg+1pgQ8Vz0 That the axe will finally swing and we’d be put out of our miseries.
Layoffs tomorrow.
Praying what is true?