Laid off folks only - please post your age and any medical expenses/ ER visits in last three years. I saw something interesting in another post which said Schwab manages it own healthplans and costs.
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I was laid off and in a supposedly "protected" class.
This makes so much more sense as to why I may have been let go. What a sh---y thing to do if this is true.
OP is actually on to something. I have heard many theories as it relates to target groups for mass layoffs. These rumblings came from internal partners, with direct oversight and access to data for those that were let go.
Mr. X theorized that the following metrics appear to have been considered (to some degree) when making the Final ki-l list.
- Higher paid individuals, as compared to peers, others within service group.
- Individuals reporting more costly medical benefits.
- Age. - #s 1-2 can arguably come in to play when considering demographics by age.
With that being said, I agree with the above… nothing will come of this. Ultimately they can/will use personal data however the see fit. Schwab can also make various claims and, or “justify” any decision to layoff an individual, as it is well within their right to use layoffs to cut costs. Employment is never guaranteed, and you can be let go without being terminated. I mean no company, no job.
It is incredibly difficult to prove discriminatory behavior, and/or termination without probable cause. They own the rights to anything you’ve ever typed on their computers, written at your desks, etc. if you go down this path, be prepared for battle.
I am very sorry you are impacted by the recent layoffs. I myself was too. It’s sad, and feels very inconvenient to have to look for a new job. But many people admit times like this can be a “blessing in disguise”. Many people get higher paying jobs, that better fit their lifestyle/skills, etc. If you can, try and redirect this anger & need for retribution towards something bigger/better.
then there's managers personal bias and quiet firing. A new manager will interview the existing crew, if there is some incompatibility suddenly you will see fewer and fewer assignments, your work will dry up, suddenly your profile is marked as under performing, didn't meet expectations, your coworkers will get upset why you are not pulling your weight, etc... you already know the rest of it.
They are not that smart. CFOs make layoff decisions, not lower level managers. They make them based on past and future business unit performance, geography, org chart level and pay. And maybe on who wants to work remote vs in the office. And obviously - generally speaking - more senior people are likely to 1) be older, 2) make more money and 3) have more health problems.
Geezo. This is sickening.
UHC, or Kaiser for some, is the administrator and provider. Schwab is the insurer.
In simple terms, if insurance is ever simple, Schwab collects your premiums and their contributions, pays UHC a few bucks to manage everything and UHC and Optum pay out claims. It is corporate profit if they under spend. Someone from HR would have to clarify if there is secondary insurance. Believe there is, but that overages would come from Schwab first.
Confirmed: I was laid off. Confirmed: I wasn’t laid off. Confirmed: This site is anonymous. Confirmed: I have never tracked such information. Confirmed: Asking for honest responses only invites dishonest answers. In conclusion: I have it on good authority that decisions shouldn’t be made based on anonymous sources.
Got it, makes even more sense now. Curious how MDs who let folks go sleep at night, what do you tell yourself...fighting the good fight!?!!? It's just the way it is, if I don't do it, someone else will. I have a unique perspective, and it is interesting how MDs come into Schwab and how they end up 4 or 5 years in. Soul selling for sure. You should check yourself from time to time...why do I do this again?
50 years old, type 1 diabetes. Fairly well managed but insulin and supplies cost a ton....I also applied for wfh for health reasons which was approved. Another guy in my team has similar health issues and was also let go. Fairly certain we were targeted for these reasons.
I thought we had UHC, how is it a self-insured plan?
66 years old double mastectomy 12-20. And a bunch of Drs appt after that! And another stay in the hospital for 7 days
Were you in that "target" org?
For those interested, this explains how the company provides insurance benefits.
https://www.verywellhealth.com/what-is-self-insured-health-insurance-and-how-is-it-regulated-4688567
Our specific details are published and ignored by almost everyone annually.
A horrible human would do that, wait, I know such an SVP who has such a hold on her MDs. If you are in such a Org, new or not, brace yourself. Hopefully your front line MD will insulate you, so that doesn't happen again. But, make no mistake it is what it is, rotten to the core. Sorry for your experience.
Schwab manages it's own health plans and costs, what does this mean exactly? Like if your spouse had huge medical costs, how would this effect Schwab's bottom line differently then another company of similar size, don't they all (large companys) manage their own. Please explain
Ok slick lol don’t try to drag people down with you… you’re thinking you can file a class action lawsuit? And get what? $1 or $2?
A company can use all data available, and take into account ALL expenses.
Over age 40, in multiple protected classes, and have had absolutely enormous medical expenses over the past few years because of a very serious illness (potentially life-ending) with my son, who is a child. I 100% think this was part of the reason I was targeted. On an intermittent leave. My leader gave platitudes and feigned concern, but in the end didn’t give a s$&@. Who would do this to a person with a very sick child? Horrible.
Not gonna go anywhere - spend your time elsewhere
Nope