Yesterday an EC member was asked whether less stressed and happier employees contribute to better job performance and if leadership was reconsidering the firm's approach to RTO.
He answered with a resounding "NO" followed by an explanation that during his 20 something year tenure at Schwab, remote work has rarely if ever been an option, minus the last almost four years.
The question was raised as part of a Q&A session at the end of meeting. The earlier part of which focused on Schwab's efforts towards Diversity & Inclusion. On stage sat a panel, showcasing a diverse an inclusive panel of three white men, all over 60 years old all wealthy, all ready to answer questions.
With this quick answer & rationale, he displayed the complete lack of concern for employee well being, the rigidity, the arrogance, and the dismissiveness of Schwab leadership. To his credit, he was transparent about his fixation on RTO. Over the past four years, he appears to have felt deprived of the power/control he gains from knowing all employees are at desks in offices.
Schwab needs new leadership. Current leadership's poor decisions, whether it be purchasing long term bonds at all time low interest rates, decisions that led to regulatory fines around $200M, or it's RTO approach have led to the financial mess it appears to be denying that it is in, the recent layoffs, the hiring freeze, low employee moral, high employee attrition, etc.
Sadly changes to leadership are highly unlikely. Their self interest poses a significant obstacle to the company's success and the overall happiness and morale of the workforce. It is disappointing.