Whether I am laid off or not, I don't plan to stay at Schwab. This whole ordeal has been handled so poorly that it has snuffed out any desire I might have had to continue working here. The only reason why I'm still here is that I'm still waiting for severance. If I get it, great! If I don't, it doesn't matter. I'm still going to quit.
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Good Luck 🍀
I have spent the last 12 months getting acquainted with multiple staffing and placement firms while refreshing relationships with my network of tech people at other firms. My leadership has repeatedly given me retention bonuses and raises to make me stay for the last 3 years since the acquisition. In my last skip level my MD A whatever asked me where I see myself at Schwab in 2 years and I said nowhere. He asked what he could do to make me stay and I said nothing financially. The only way I stay is if they change at a fundamental level. It's not worth it to let skills rot away for more money while trying to stop overpaid politicians from walking off cliffs repeatedly. At some point going somewhere else is just better long-term. I am not ready to just mail it in until I retire like half the people at this company.
I will also be departing. While I hold profound disappointment regarding Schwab's reasoning for RTO (which appears to be mere rhetoric, and they are undoubtedly aware of it), and I am dissatisfied with how they are managing the layoffs, my primary motivation for leaving revolves around Schwab's modus operandi - a distinct lack of trust, excessive control, and an unwavering resistance to change, even to the point of irrationality.
Coming from Ameritrade, where our procedures and methods were far from flawless but always open to fresh ideas for enhancing every facet of our work, transitioning into the Schwab corporate culture has been a disheartening and vexing experience. Schwab may nod and smile in response to innovative ideas, but they do not genuinely embrace them. We were repeatedly assured that Schwab was eager to alter its work practices, to glean insights from Ameritrade, and so on. However, after three years, it is abundantly clear that such intentions are not being realized.
Schwab bemoans the sluggish delivery of actual value to clients, yet will they assimilate recommendations and solutions to enhance this situation? Schwab dislikes the numerous flaws that accompany each software release, but will they acknowledge advice on implementing a new approach to minimize these issues? Schwab consistently requests increased transparency and predictability in software delivery, but do they ever adopt novel methodologies?
They may respond with affirmative words, but transformative action never follows. The subsequent quarter sees the recurrence of the same inquiries and challenges, quarter after quarter, with the same lip service and no tangible change.
Schwab excels in projecting an affable facade, yet their true disposition lacks kindness, and they have no inclination to alter the existing top-down command-and-control structure. Those adept at political maneuvering may prosper by unwaveringly conforming and avoiding any challenge to the status quo.
I regret any potential offense this might cause, but I believe all individuals transitioning from Ameritrade would concur with the statements made above. Will Schwab undergo a metamorphosis? I am skeptical that they will, unless external forces compel them to do so. However, by then, it may be too late (after massive migration of clients defecting to other firms, becoming vulnerable to hostile takeovers, etc.).
Even so, I still hope for and wish the best. Good luck, everyone.
schwab is counting on this (i too am in the final round of interviews at a couple spots) however what they arent counting on is who will stay...
its been clear the layoffs arent about performance, it is all about cash. there are probably a lot of incredibly mediocre employees who have just been lingering for years and are at best time wasters..at worst, they actually detract from positive work being done. those are the folks who are going to stay because they do just enough to remain relevant, but not anything of actual value. The better the worker, the higher the chance they are expensive. If you have two level 57 folks, one is at the highest end of the pay scale because of Colorado geo tier and performance and another is lower because of Florida geo tier and they're supremely below average, BCG will say get rid of the costly one...even if both of them are safe, top performer is most likely to leave because they have options to...
it isnt just about layoffs, or the RTO process and the re-org...but come january it will be increasingly difficult to do work because of who is going to be left...
getting out before any more hairs turn grey
Same applying elsewhere
Adios
You’re not alone. I’m also not staying. Everyday has been torture. How long are you willing to wait?
Bye Felicia
Same. I’m also leaving, I refuse to RTO and everything Schwab has done in recent months has made me ashamed to work for them. How they are treating us is disgusting!!