how’s the process at Schwab?
Do they give you advance warning to do a handover to another colleague? or do they meet with you on Friday evening and cancel your computer access on the spot?
Pls share from your experience so that we know what to expect.
For those that have been laid off this year, have any of you even bothered to apply for other open roles within the firm? Is it even worth the trouble. Between the 2 months of full pay, severance payments, and unemployment, you have plenty of time to get by for 6-12 months and far away from this mess.
The process:
Some bobble head from HCM and your even bigger bobble head manager schedules a webex, reads for a script, gives you 24 hours to sign a document and you lose access immediately.
Schwab treats their employees like cattle. You aren’t worth anything to them. Consider yourself lucky if you get terminated. Only dummies remain.
My layoff last Nov was the same as the person who posted in detail, except the mo--ns never sent anyone on my team the box for us to return our things. So I had to drive them in.
How exactly do you think you would negotiate severance, you don't have a job. Take it or leave it, there is NO negotiation! You will be quickly be locked out of the system.
We’re you able to negotiate severance at all?
Cobra is expensive and it’s based on a calculation of how long you worked for Schwab and what your scenario is/was (ie single, individual plus family etc).
As an example for simplicity, after your 60 day notification:
How much did they give for COBRA? Was it a fixed amount or for a fixed period? Considering that a payout for that at all is optional, that is encouraging (even though the stuff is super expensive).
When I was laid off, leader scheduled a call at 8am (was 7:30am when I received the meeting request - was working from home).
Joined the call (it was just the two of us).
It was scripted and leader read from a script and told me it wasn’t an easy call (meaning he didn’t want to just chat).
He read a script and let me know position had been eliminated. That day would be my last day, I’d start a 60 day notification period in which I was still on the books and could apply for other open positions. At 4pm, my system access would be terminated. I was sent an email with specifics of the package and it was also overnighted to me. Within a couple days, I’d receive a prepaid box to return laptop, cell phone, company credit card, anything else etc.
I also received separate instructions to log into Workday for purposes of applying for positions, access to view pay records etc (many documents).
Essentially, for 60 days it pretty much was pay as usual without working and the documentation told me what my severance payment would be, cobra payment would be and when I should expect my final payment which included the severance, cobra payment, accrued vacation time and unused floating holiday (providing I electronically signed the severance agreement).
Hope this helps.