Does anyone have a recommendation of an attorney that would look at this pro-bono? All of the older, experienced and talented employees with lots of institutional knowledge got sacked over people that have worked at Schwab under a year. I know there is a lot that would go into this, which is why I would like a good attorney to dig around. Schwab did this so fast there is no way they could have had attorneys look at every situation. There has got to be something a great attorney could turn up. And yes, I know we would forfeit our severance. But a good class action law suit might be worth it.
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I find it appalling that people dare to comment on the achievements or lack of achievement for people who were unceremoniously dismissed from a career that they dedicated years of their lives to. To all of the bright hard working victims of this most recent dismissal, i send my best. Now you can find a new place to share your talents and help an appreciative organization excel in a very competitive environment.
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That’s funny. You’re describing the exact scenario on my team. The person had been here for like 25 years and in the most current role for 10. Their base was $150k+ and skills were outdated and they basically refused to learn any new tech skills. We have people on our team making 30k less who produce more output.
At schwab, I’ve seen time and time again where “lifers” have basically given up on learning new skills and are essentially collecting paychecks.
Not one response includes the TD Ameritrade completion. Absorbing all of TD Ameritrade clients, and probably employees. So, “ yes “ redundancy is an issue. It’s just smart business, nothing personal.
Contact the EEOC. If you have a case, they will file a charge on your behalf. There is a deadline to file based on the date the discrimination took place.
If you are over 40 you should always consult with an attorney before you sign your severance documents. It even says so in your paperwork. Unfortunately, it's never pro-bono, but you'd be surprised at some of things your attorney discovers.
Tenure doesn't equal experience or knowledge but those that seem to think that are typically those that rest on those laurels and are useless coasters who then complain on "values". Ignorance got you here.
Schwab did this so fast there is no way they could have had attorneys look at every situation.
The layoffs were first announced almost four months ago. On what planet is a four-month planning period for a layoff "fast"? And I know for a fact that due consideration was given to disparate impact, including employee age and length of service. What made you a target was having a senior title but not having a corresponding responsibility in the organization. The objective was to take out management layers. And that they did.
Institutional Knowledge and connections were certainly lost today. But it's all cost cutting. Two impacts from my area were GL 59's at the top of the salary band. Both with 25+ years of service. That's around 150K base. They can be replaced by a GL 57 for around $85K and be more tech savvy and data driven then those who are gone.
I mean 20 years of doing the same job won’t really make you better than someone who has done it for 1 in most cases. Plus people have been here though that length of time have built up large compensation packages.
For example, if a person started at $90k and got an average of 3% increase every year, they would be on $163k after 20 years. Unless they’ve moved up several levels that probably outpaced their usefulness.
This was purely cost cutting, they got rid of people that were redundant or ones that made too much relative to the value they added.
Hate to say it but it'll be tough to find someone to take this on pro-bono. And Schwab will be able to disprove easily everything you allege by the shocking news that even NERDs got laid off today in a sizeable number.
Need to get a little perspective on this.
Pro-bono lawyers will prioritize indigent clients with life or death housing or work issues over some people who probably can pay for lawyers on their own involving a case with generous severance benefits. Sorry thats just the facts about pro-bono work.
You will also be looking for a lawyer that wants to represent you against a Fortune 500 legal department involving contract law that been tried and tested. The best lawyers will tell you have no case. The others will look at you as a down payment on a new yacht. Be prepared to fork down $5-10k for a case that may only marginally get you more and probably will get you the same less what you forked out in lawyers fees.
Seriously. I am sorry you got laid off. Time to move from grief to acceptance and find a new job that is better. That's how you can win.
Calm down, boomer. You all dug your own graves with how much you backed up the boomer EC. Your time has come. Move on.
This is going to be a hot take.. but I don’t think age is necessarily the reason they were laid off. My guess is many of these folks had been with the company for a substantial amount of time and gathered substantial salaries through years of merit increases… salaries that were probably well above their peers in the same role and doing the same work.
Is it possible their salaries outpaced their skill set and now people finally noticed?
Paleeeese Schwab is so risk average they are quadruple buttoned up against any perceived discrimination... Any lawyer in the know wouldn't take this pro bono
There was already so much nepotism and misogyny in my org, layoffs solidified that today.
There was something to be said about the package these older people picked up too.
It's sad to see people go but the ones I saw go was either focused on cost reduction long term or needed to go due to sub par performance.
I agree, I know dozens of people laid off today that had more than 20 years at the firm. What does that say about this firm and the value it places on tenure? And how does this make financial sense, the severance on someone with 20+ years is almost a year. How does this help us cut costs? Why not keep them and let them do their jobs?