These RIFs are causing productivity, quality, and morale to plummet. It's most likely going to hurt revenue too, in the long run. It needs to end.
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It's not hard to file a wrongful termination lawsuit if you know where the company's weakness is and you research and document well. Class actions are best if permitted. Right now Schwab's legal vulnerability is women's pay and representation, EEOC, WFH vs RTO, and unadjusted pay gap reporting that the company refuses to provide (despite being a federal contractor).
For the first time in history, there is hard data that WFH not only works well but can actually make a company like Schwab more profitable. I saw posts about pay equity and the EEOC's four-fifths rule in this forum.
If you identify as female, and/or were denied WFH and and/or end up being fired, you may have a unique opportunity to file a class action lawsuit and change the future for women in finance. Heck, even women whose WFH was approved and who don't get fired could still file a pay equity lawsuit bc Schwab will be presumed culpable due to their EEOC noncompliance. You'd be protected by whistleblower laws.
Men, don't get upset. If/when CS ultimately is forced to offer WFH due to legal challenges from women, you would gain the same benefit too.
Lack of female pay equity and unwillingness to comply with EEOC also sounds like a great topic to advertise as an extension of shareholder activism with RIAs too. Consumers -- especially female consumers -- should have a choice to select a compliant, female-friendly RIA. The first thing I'll do if I am fired is to pull my RIA account from Schwab.
Many states in the US are at-will states, and it is nearly impossible to find an attorney who will take on a wrongful termination suit unless they have records of managers explicitly commenting on a protected status. Pretty unlikely that OP has a manager d-mb enough to do that.
Unless there is some documentation that indicates your performance needed improvement and you were NOT at or above the “met expectations” performance rating for the HR annual review, seems unlikely they would opt to terminate for poor performance rather than a layoff due to “the position being eliminated” as the legal fees to defend a wrongful termination lawsuit could very quickly exceed anything they would pay out in severance…..just my opinion
Just got an invite from my skip-level for late tomorrow afternoon. I hope it's a layoff and not a firing. Since layoffs were announced, I cannot do anything right in the eyes of my manager, and I am concerned managers are looking for reasons to fire so they don't have to pay severance. I know I am not the only person in my org to feel like their manager has suddenly become very negative.
Schwab will hurry. Competitors are already starting to poach Schwab employees since it’s never been easier to do so than right now.
Won’t end till mid-October. Frankly really hasn’t started yet.