Thread regarding Charles Schwab Corp. layoffs

Lol, why was I downvoted for calling this guy nuts?? 10 days PTO and working for the federal government!! That is honestly a job only someone with literally zero ambition would go for.

If you search “severance” on the schweb it’s spelled out under the “Notice Period” section. So, basically, if you’re selected for a layoff, the 60 day notice period begins the day you are informed. During the 60 day notice period you get paid your salary and are still enrolled in benefits. At the end of that period you get severance which varies depending on how long you’ve been with the company. Second paragraph says (paraphrasing) that if you resign within the 60 day notice period then you get paid everything in a lump sum.

If you have an outside offer, better take it.

Not OP. But wondering what happens in this scenario.

I get laid off Friday September 8 after Labor Day. I lose access to Schwab but still get paid as an employee for two months because of the WARN stuff.

If I get and start a job in October or early November before the two months is up, do I still get severance pay? I didn't see anything up on MyHR about the terms of the severance agreement.

Are you nuts? That sounds terrible

I need more info about voluntary separation with severance

One thing you may want to do, carefully, is ask your HR business partner if they are looking for volunteers to take severance and leave. At this time they are selectively looking for folks who will volunteer leaving. This way, you take Schwab severance and accept this new job. Win-win.

OP here.

I wouldn’t consider myself junior. Im an SME with a specialized product.

I guess the onboarding process could take 4-6 weeks.

They told me not to mention anything but I agree with you

Warning, what I'm about to suggest is unprofessional and frowned upon but is happening more and more these days as companies are looking at software professionals as units and not people. This also assumes as a 57 you are a more junior developer which there are literally thousands of at Schwab.

Consider accepting the job and setting a start date of two weeks after labor day. I don't have insider info, but it sounds like STS will start letting people go after the labor day transition is over. You got them through the transition and now you are disposable.

If you get laid off then you can swing into a new position and have your severance.

If you don't you can tell the new role something amazing once in a life time came up and you've needed to reconsider accepting the position. You can stay here at Schwab and continue to look for other options. There will be numerous software jobs out in the market both fulltime and contract.

If you back out on the last minute, you will be burning a bridge with that company, but I guarantee its happened to them before and they will move on without thinking about it. See above most companies view you as a unit not a person. Who knows, maybe they will cough up more money or benefits. It could make you look more desirable. I have colleagues that have done this and they have been able to get other jobs easily. The market place is strong for software developers.

Good luck. Its nice to have choices.

How many years do you have - you can roughly calculate what you might get - a new job is a new start and sometimes necessary. Seems like you were already planning on moving so why wait thru the chaos. It is a difficult decision

how long can you keep holding on to that job. Its tricky situation. All remote saves on gas, food, overall health and multiple other factors . Added to that peace of mind .