Will we see a wave of resignations when bonuses hit accounts?
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I agree in most areas, even post layoff, Schwab is still incredibly over staffed. I mean how many people does it take to spin up the exact same ideas and not move forward decade after decade.
Sitting here working 30-35 hours a week well paid and giving 50%…. Take it as long as it lasts.
On that day, unlikely. April and May will represent a year of attrition. I. 2 months. Job market will kick I to gear in H2 which will be the real issue and scrambling to keep things running.
Overall, much of schwab is lifers settled into a day to day which is suitable for their family life. With RTO it looks like the average work week, inclusive of lunch, is 35 hours. Going anywhere else would be a major WLB shock.
In other words, there will be high attrition in those ambitious team members but that's not the majority. Secondarily, there are some super low morale groups and others that are less impacted. I forsee some major trouble spots but again in silos. Get your popcorn out for those groups. It will be on the verge of how do we keep the lights on.
Changing jobs is hard. The deck is stacked. Housing, kids, spouse, schools, city…
It’s sad so many want to go and some will. And just so Rick can make an extra salary.
Those that are going to do it, aren’t loud about it…
The only way we'll see a wave of resignations is if a wave of people found jobs by then. It's a tough market and though I 100% believe that waves of people WANT to resign as soon as that check hits their account, they can't afford to until they find employment. Once again, I do believe that the EC are banking on a large number of resignations, but they will fall short and they'll likely need to do another round of layoffs after final conversion in May to get down to Rick's magic pre-pandemic number (just speculation I have no insider knowledge). Schwab reported a decline of 60% of NNA in its January report from December.
https://www.zacks.com/stock/news/2226650/schwab-schw-reports-fall-in-january-net-new-assets-balance?cid=CS-MKTWTCH-HL-analyst_blog|company_news_-_finance_sector-2226650&mod=mw_quote_news
The EC will think anyone staying after the bonus is whipped. That’s the goal. Whipped into serving your masters. Low raises. Cr-p bonuses. No promotions. That’s what they want, just like Mr Carlin said.
I doubt you actually leave and same with your buddies
Not bloody.
I’m out. So are dozens that I know. But the message will be bau. The only way to know is to record the org chart count and compare. For the layoffs there were hundreds more than reported to the media.
I think everyone that is saying they will leave are all talk
73% bonus? No. Y’all will stand still.
I think so. Hopefully a ton, maybe they will reconsider RTO then.