I've been talking to some of the newer hires, and frankly, it's almost disgraceful what they're being paid. My pay is the one thing I have always been satisfied with here, so I feel so bad for them.
As an additional note, talk about pay with your coworkers. Legally they can't stop you, and it can be very eye opening.
I was miserable in my ~$95k grade 56 role so it's shocking to me that anyone would tolerate this company for nearly half that.
@b0 I'm grade 56 making 85k. People on my team are grade 56 making 100k+ though with 20+yoe (not in tech org)
@my oh yeah they definitely need to chop those off the block too much bureaucracy and they can’t make decisions much less know how to make one - far too removed from trenches.
I think Schwab is actually OVERPAYING people. I recently moved to a competitor, and the skill level is FAR above that at Schwab.
The average Schwabbie is an overpaid loser with no transferrable skills. Schwab is outrun by the competition.
Remember the survey about benefits?
Guess what? You will soon find out how Schwab will gut health benefits!!
when did schwab overpay to start with?
They don’t give a sh-t about dilution. If they did they wouldn’t give those egregious stock awards. They buy back stock at all time highs and are basically lighting shares on fire that will be going for 40% less in 6 months. But by then their options will be exercised and they will be on vacation in Tuscany
@my You should point out that Colorado requires salary information in the job ad. This has reduced postings where the same job is in different states.
It is only getting worse when the health benefits will be reduced in 2027.
Keep your resume sharp, and get out while you can!
@m7 You'll notice fewer Colorado postings. Hmmm. FYI, most STS60s are over 200.
@kx I think if everyone knew what everybody was making, a lot of people would flip out. There was period where a lot of new hires were given much higher salaries than those that had been working for the company for years and/or were a higher level.
Now that most states require salary information to be posted for advertised open positions, you can kind of get an idea where you are on the scale, but the low to high for each grade is a crazy big gap.
Comp is a mess at this company. Employees in the same role are vastly paid differently. CEO claims he wants consistency, yet doesn’t start with a core asset of the firm and total rewards.
Fix. It.
@fn Shares awarded to leadership = investment in leadership and compensation for hard work, but shares for those of us in the trenches = dilution of existing shares. It couldn’t be anymore obvious how much leadership despises the workforce they’re in charge of.
@fc And that tells you all you need know about compensation here
@ax I’ve advocated for equity awards multiple times over the last few years, and have been rebuffed every time on the basis that equity is only awarded to GL57 and higher because leadership “doesn’t want to dilute the value of existing shares.”
Indy rep between 3 and 6 years here. Grade leve 56 with ops and hotline experience making base $62k/year. Keep it going but don't give exact info. Don't want big brother trying to find you.
The most recent round of low offer changes began under Walt, coinciding with the board's preparations for Ricky's transition and the end of the hiring bo-m. This aligned with Ricky's deliverables and included reductions to both the bonus pool and merit increases.
Currently, new hires are receiving lower offers, and long-term employees are experiencing a decrease in real wages when adjusted for inflation. New hires should negotiate for higher starting salaries rather than accepting the initial offer or relying on promises of a raise after the first year. Long-term employees may want to consider seeking higher-paying opportunities elsewhere, adjusting their workload, or advocating for equity.
they seemingly rise starting pay roughly 2.5-3% a yr which after the past 6 years of inflation is why it seems so little
"Start" underpaying people. I'm pretty sure that's always been the way. Schwab has never been known to be a high payer. There are always exceptions, but generally speaking, Schwab isn't a place you work at for the best salary.