I don't buy that managers don't know who's affected this close to layoffs. If you don't want to or can't share, then just say so, that's perfectly understandable. But I truly wish some of you would stop telling us something we all know is not true - that you don't know anything yet.
43 replies (most recent on top)
@1tvg+1oQgX20V "Screaming at people during Scrum meetings and rage quitting the call."
Sh*t if that's what ethical lapse is I should be in jail. :)
@2vyc+1oQgX20V
Are you on the tech side or business side?
I spent my weekend sending out more resumes — about 11 total so far. There are a lot of opportunities out there, but it takes time to refine the search and weed out the positions that I have no interest in from those that are "if I really a job" to those "yes, I would enjoy this role and the company isn't sh-t (or "known sh-t")." I found 11 in the last category, but had to be more flexible on location than I wanted to be. Time will tell if any applications develop into an interview, but I'll keep going. I am confident my manager is being honest in saying they don't know anything. I'm pretty sure all MDs know (unless they're 6 steps down from Walt with 2-3 directs then they likely don't know because they're likely on "the list.").
My manager is nervous and knows nothing.
@1lsn+1oQgX20V Screaming at people during Scrum meetings and rage quitting the call.
@1kvd+1oQgX20 Can you give an example of what an ethical lapse might be
Don't be a jerk to other people. No means no. Can't say any more.
D-PL @1kvd+1oQgX20V do you the date?
My hunch is last week in Oct but no direct knowledge.
Boot lickers will survive along with “easy to work with” top performers.
Schwab leadership is terrible. Just had two of my employees quit with no notice citing the EC for the departure reason and to be honest I don’t blame them
Can you give an example of what an ethical lapse might be?
Will SAVE teams be saved?
What about people sitting on automation projects for years and haven't delivered anything other than fancy presentations?
PL here…for what it’s worth, I had to lay off someone in April, and I found out a few days before so I’d have enough time to do the training. I wrote out a script and planned for every reaction.
D-PL @1kvd+1oQgX20V do you the date?
D-PL here with a close connection to an EC-direct MD. I'm not supposed to know but I have heard a few whispers. All the names I've heard would be easy to guess: MDs/Ds without a reasonable org structure beneath them, poor performers who have been coasting for years, people tied to processes that should have been automated long ago, folks who might have had an ethical lapse and this is the easiest way to clean up. Look around - if you can spot the chump then it's probably you.
Best thread I have seen in a while. Sadly, it appears that no one knows and those that do are not saying anything. I am hearing a lot of uncertainty and at this point everyone is on edge thinking it will be them. The work is definitely creeping up on everyone especially with everyone trying to make themselves relevant at the last hour.
I am one of the star performers and everyday I get to see the comedy show where they take 6 months to solve an issue that I can solve in 6 days. I got burnt doing that at my previous employer where I learned to be a Roman when you are in Rome. Now, I play along and get it done in 5 months and I still am hailed as a star!
Just a confession!
EC reasoning: it’s a good idea to layoff the star performers because not only will it save company more money, but they’ll be able to find jobs with our competitors in no time. Win-win situation fellahs.
MD (VP) here. In STS, Directors largely had no input. MDs were asked to rank all staff. They were told that they were not the decision makers of who would be laid of. Their input would be consider but the final decision would be made “by someone else”. They referenced “a committee” (aka Stacy Zolle and Boston Consulting Group). Schwab executives are paying millions of dollars to BCG to tell them what to do.
sounds to me we need to unionize and go on strike to get laid off :)
i really hope its next week. i got a bunch of pointless tasks and meetings i would rather not have to go to
The worst thing? Try the best thing. TDA would have ate Schwabs lunch during Covid and bond crisis without it. Their agreements with TD Bank insulated them from rate issues and would have been able to pay clients more than .50% on their deposit cash.
@blz+1oQgX20V They are gonna bungle it as badly as they did with RTO. There is no planning involved with any of this.
As with others… level 60 (PL) here - we have no clue. Just as likely to be included with the purge as anyone else. This was all kept very high level. I really think they don’t care what you do, how important it is, or what the ultimate affect on the company will be. They just want to eliminate $. The worst thing this company ever did was to buy tda. They bit off more than they can chew. Now they are panicking and trying to prop up the stock. That is all.
If they fire me, I will take my millions to a different firm that very day. Transfer account!
They pulled in an outside firm to do the dirty work. Makes it completely impartial, unbiased and purely about dollars and cents.
Top performers cost more in the long run to keep around. so even that probably wont keep you safe. If you do the same job as someone, and they do it cheaper? guess who is going away..regardless of your time at the org and "loyalty"
My MD has 14 direct reports with about 160 total in our org.
He definitely couldn’t rank anyone on his own, as he can’t even name half the people.
I’d guess the 14 directors would’ve leaked any info about ranking if they were asked so mileage may vary based on orgs on if people were ranked or not. There are key performance indicators tied to each team and team member, so maybe since we have measurable figures we could be ranked that way.
Why consult PL, all historic performance data is already in workday.
60 PL Director here.
I have 0 information as to who will be impacted in my org, when it'll happen and how it'll be communicated.
Buy it or don't buy it. This is a reality.
@bnm+1oQgX20V Similar boat.
We have been “partnering” a lot more with another team who’s responsibilities are close to ours albeit for a different audience. We have been asked to “find where there is overlap and work there”.
Imagine some of us are gone while others will join this group.
@blz+1oQgX20V Got a surprise meeting from my manager that I will be "temporarily" working for another team in the near future. As if there is anything for me to return to when the dust has settled...
Members of a small team in my org suspect they will be moved to another org. Its all speculation, but a lot if initiatives for their group have changed, paused recently and seem to be incorporating the potential new org. I believe PLs know of this movement already- it's the only way to make sense of their decisions lately.
We can gather that:
People leaders know about as much as an IC. With the few senior folks under NDA.
Even folks who know “a date” might not know if it effects entire org or just their unit.
Everyone is probably on the chopping block. Going to be luck of the draw who goes when.
And that this is just the start. After the layoff comes the reshuffle, so job titles, responsibilities and even org structures are all bound to change..
Paraphrasing: This is gonna be a sh*t show
I’m a people leader, and I’m glad this was brought up.
First, I know nothing and I’m confident nobody but my SVP and above have any idea on timing and who will be let go.
My dear Schwab Executives, I love y’all but you’re shooting your own foot. You can’t make these decisions from the top and expect to make the right choices. This action will lose more trust, especially from the PL’s who know their people best. WHEN you layoff the wrong people on my team I will be very grumpy. Y’all can’t get RTO right, so HOW can you expect you’ll get a mass layoff right?!
BTW, moments ago, I just submitted my 4th application to another institution. I’ve made my choice.
I was laid off at a different company during the COVID purge. My manager found out 30 minutes before I did that I was getting laid off. They keep the specifics close to the chest so rumors don't fly around and they don't get sued.
I am pretty sure MDs know, while Directors (PL) and Sr. Mgrs (PL) do not. But I feel like my Director is acting odd. That may be just be my Director is under stress too, I am under stress starting to overthink everything.
Director (PL) here and I don’t know at this point. A couple months back we were asked to rank our direct reports but that is the last I had heard.
Senior Manager here. The last time there was a layoff and I lost someone on my team, my director didn’t know until EOD the day before it was going to happen and I didn’t know until it was already going down the next morning.
There’s no secret handshake or level of trust here at our levels that gets us this info. Sorry. We’re completely in the dark here too.
That said, best of luck to all of us. This one is going to be a bloodbath one way or the other.
People leader and been with Schwab over a decade. Have a pretty transparent Director. Literally no clue.
Oh it’s known. The list has been finalized. Managers probably aren’t aware but higher ups certainly are. If they haven’t heard anything, they’re probably on the list.