Just wait. Announcement soon.
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Perhaps it’s not requests that weren’t exceeded, rather permissions granted…
The claim that BUs didn’t exceed requests for continued remote is absurd. Many did, particularly in STS.
"Not one segment hit the threshold allowed for exceptions. They all came well under which is why EC was surprised on the huge push back."
That's because all but very few were denied (less than 1% I was told). I was also told that for my business unit, the requests far exceeded the allowable percentage they could approve. Some managers didn't approve any. Those that received approvals were those that did not live anywhere near a service center. Also, there was the rumor that those who requested remote would be targeted for layoff - that wasn't true. I personally did not submit because I knew the requests far exceeded what they could approve and I didn't have a reason that met the 2 little checkboxes.
For those that are remote because of closed centers/branches or received medical accommodations, they were not supposed to be included in that 25% number per Walt in the town hall.
I wouldn't be surprised if they went to full RTO because none of the decisions of late have made any sense, but bringing even more people to the office without the 4th building being completed in Worstlake (or the garages fixed) would be foolish. Not only would tank productivity (and their Glint scores) even further, but there just isn't any room. Doing a full RTO to get people to quit will also not work if folks can't find other employment.
"Exceptions are done per business segment and each segment has the ability to approve or deny. Not one segment hit the threshold allowed for exceptions. They all came well under which is why EC was surprised on the huge push back."
Not one segment hit the threshold because it was skewed before that even happened, some "business segments" made it clear that you will be denied an exception unless extreme circumstance. There were folks that never made it on any exception list for fear of having a target on their back. "Don't even bother submitting," I heard, so the requests for exceptions was completely skewed from the very beginning of the process, making it appear that there were not as many exception requests.
False. There will not be 5 days in.
Exceptions are done per business segment and each segment has the ability to approve or deny. Not one segment hit the threshold allowed for exceptions. They all came well under which is why EC was surprised on the huge push back.
What is happening are badge scan reporting. First reports showed 90% of those made to come in are. The other 10% are going to be addressed.
Likelihood of RTO being rescinded 2024? Almost 0%.
Change to less days? Not likely, 10% chance (estimation based on conversations).
Revisit to how the exceptions are granted? Happening now. Standardization for distance from office, if employee was remote upon hire, etc.
@1lwy+1r5n1Uis This is typical d-mb Schwab reasoning. I’m coming in now but if they go to five days im not coming in any. And the people not coming in three ain’t coming in five. That’s stupid. So they will just end up with even less people in.
"That's not just for STS it is firmwide for all employees and it is not a FINRA regulation it is a Schwab rule"
It is a finra reg for those who are licensed -- it's not that you CAN'T, but you have to disclose and get approval because then Schwab has to monitor external accounts in which you can trade. So rather than having to monitor external brokerage accounts, Schwab's rule is that no one can have them without approval (checking, savings, 401K a/cs are fine -- or if you live with someone who works at another firm with the same rule). Most firms have this rule but enforce to varying degrees for non-licensed folks.
I'm convinced this is true. The plan was to start with 3 days a week, go up to 4 at some point, then eventually back to 5.
The work from home exceptions will also tighten up dramatically.
@xwv+1r5n1Uis Walt hasnt done 5 days since Rona
That's not just for STS it is firmwide for all employees and it is not a FINRA regulation it is a Schwab rule, so Schwab doesn't have to spend time or resources wondering where your money is invested, and an immediate know exactly how much we each have and what that means as $s for the firm. And, no matter what happens in the market, we can't move it out, should be illegal! Captive agents we all are, I hate it! I still can't believe they can get away with that as a rule of employment, and then I heard when you move your money out of Schwab there are fees, total BS.
If people were actually honoring the 3 days in the office right now, we likely wouldn’t be having this conversation. So, if it does happen, blame the people who continue to refuse to show up.
in STS we had to move all our accounts to Schwab as per FINRA regs. I can imagine it will be the same with the new rules. A sudden knock on your door at 3AM.... inspection time :)
At this point I am even more grateful for the gift of being laid off.
And that article is talking about advisors = sales people. This board seems to be 95% STS.
Worth noting the verbiage from that FINRA change does specify supervisors, individual reps wouldn't be forced to register their home addresses/be subject to audits/inspections.
Time to Quit Without Notice. Ghost your manager and director....
https://www.thinkadvisor.com/2024/01/24/new-finra-home-office-rules-take-effect-in-june/
This might have something to do with it, if this turns out to be true. Just FYI, Fidelity is moving to two weeks a month in the not too distant future, so this may be a trial balloon for a more extensive RTO program, even if short of full RTO.
Not happening. But I do believe they will do layoffs to get remote numbers down lower and write up those not going in by next quarter.
What’s the source on this
If that happens I’m gone! See ya Walt
5 days a week is only going to work if there are significant layoffs. Multiple campuses do not have the space for everyone to return at once. Though they may be banking that by the time everyone quits, there will be enough room.
Even if people go back 5 days a week, the productivity drag is going to last for years, not to mention recruiting will slow to a crawl. If you hate dealing with the contractors now, just wait until this happens and the only option is to hire temporary workers.
Those that have skills that can translate beyond financial services (college degrees, certifications, etc) will have an edge on getting roles with remote options. Although the market is tightening up, remote roles are still out there.
My bet is on TG May or after.
I don’t know, but I’ll put table stakes as March 11th or 18th. With the bonus or just after. There will probably be some BS HR language about family and responsibility and culture.
Does anyone know by when?