When the May TG is one and done, a lot of people will be superfluous.
Where will the cuts be the deepest?
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That’s the key. Small reductions don’t trigger WARN or media. We’ve dumped approx 4,000 since March 2023 but the media thinks it is 2,300 or fewer.
“There will be layoffs - but they won't do it June - they will drag it out all summer to make people uncomfortable - just like they did last year”
One would think they would want to rip this bandage off asap and chalk it up to the end of the merger to save public face. But again, it’s all speculation seems like. Smaller layoffs that don’t trigger a news article seem to be the thing. No idea.
There will be layoffs - but they won't do it June - they will drag it out all summer to make people uncomfortable - just like they did last year
H1B - you do add value for Schwab strictly because of your cheaper labor and I do acknowledge you are hardworking and smart. If you land a gig at Schwab or have a current gig at Schwab - congrats. However, best to keep looking because Schwab will turn against you at a drop of a hat. They do that to their own employees because they are unable to generate revenues. They only look at cutting costs like employees (even those with a lot of assets at Schwab), contractors and H1B's as a last resort. No one is safe. You guys deserve better.
So much this ↓
if talking about the top 3 levels..
They bring money, and spin money..
for that person should be smart not technical .
They should money and business smart
That’d be great if they didn’t act like they were technical (STS). But they do. VPs and EVPs meeting with vendors and asking about database colors (Dilbert reference). PLs are cut out; often 60+ are too. Decisions are made in literal hallways accompanied by fighting between the clueless. Menace hired Handy because Tiny and the others couldn’t get cloud done.
Any re--rd can make when the interest rates are at near 0%. It takes brains to make money during hard times. Schwab leadership is just a bunch of Sc-m bags. I have seen it for the last 7 years. If you see Vanguard, Fidelity, BlackRock, Bloomberg etc they offer more value compared to Schwab.
Unless there are any major hiccups after the transition, I would assume a pretty major layoff to be announced in June. My guess is that we are talking at least 500 people, maybe 1000. The list of overlapping positions no longer needed has probably been ready for months. Now it is just a matter of deciding who gets the pink slip.
At least H1Bs have some problem solving technical skills compared to PLs, POs, PMs, MDs, Directors and VPs. Have you seen the leadership speak ?
Technical skill has nothing to do with leadership.
The US President did not know about nuclear physics but still, he had the trigger to destroy the world.
Since you are h1b your country's PM is not even a science graduate but he can push the cheapest Mars mission.
Leadership is a different thing and title is a different thing.
You are confusing both.
Get clarity first.
I am talking about Quarterly Meetings, STS updates, Earnings Calls, Ask Me Anything Meetings etc etc. Walt, Tim Heir, Dennis Howard, etc etc.
Most of the meeting is nothing but written script.
Do not take tem seriously, the information you get has no value in the marke
Uninspiring Mediocrity to the moon. Why do they even come to work ?!
have ever read Office Politics?
Go around in schwab, there are people on H1b filled are not even science graduates.
Most people are not even computer majors.
When you have such a pool of people who have their work not related to their education, if they survive long, they will reach Mediocrity
which you are talking about.
What hard problems are they solving ?! Will anyone miss them if they are doomed ?!
if talking about the top 3 levels..
They bring money, and spin money..
for that person should be smart not technical .
They should money and business smart
At least H1Bs have some problem solving technical skills compared to PLs, POs, PMs, MDs, Directors and VPs. Have you seen the leadership speak ?! I am talking about Quarterly Meetings, STS updates, Earnings Calls, Ask Me Anything Meetings etc etc. Walt, Tim Heir, Dennis Howard, etc etc. Uninspiring Mediocrity to the moon. Why do they even come to work ?! What hard problems are they solving ?! Will anyone miss them if they are doomed ?!
@1knl+1stPLigT
Is this happened recently in may?
are you referring to October one?
H1B here. We are still relevant in this day and age, even given the current market of available job seekers
Cheap and docile labor is always relevant to any given market condition.
Cheap here does not mean you paid less, cheap here means the overall cost for the next 20 years
and what the company has to do if laid off after 10 years of employment.
If you are smart you get the point
I sense you have a doubt.
There is No doubt post covid H1B can move to hard science rather than superficial work
This is because we can do the needy. We do the required needful.
H1 can also be done remotely, which is the most cost-effective why do we need it in the USA?
The work that is done by H1bis grinds work that no one wants to take over.
If fails we have someone to blame.
We ask you to do the same
Yes, it would costly grind for us.
So we have delegated to service and H1b.
Since your status is in the hands of an employer you cannot rebel isn't it?
And eliminate doubt
Have heard of H1b fraud?
Fake experiences?
Costly bugs?
Thank you.
Hopefully, it gives you overview
The way you have written give me a follwing sense
- you are a recent h1b out of college
- you are a recent h1b who came to USA from service, who is handling project for a decade
- you are recent h1b whose I-140 had filed by employer.
You have no idea about H1b and its business model.
H1B here. We are still relevant in this day and age, even given the current market of available job seekers. I sense you have a doubt. This is beacuse we can do the needy. We do required needful. We ask you do the same. And eliminate doubt. Thank you.
Are H1B really necessary in tech anymore if there is not really a shortage for these type of skills?
There is still a lot of work to do once the last TG is done. We have more work than we have qualified staff.
All teams, all depts have reported layoffs. It's across the board and everyone is game. There is no purpose or any careful planning. They're looking at number of employees and not which employees. Like they're preparing to shut down the business. They are stopping supposedly with the big layoffs because they still need people to turn off the lights at the end. Small layoffs will start once the lights start going out.
I know for sure our PO and PM both are doomed and they worked on the integration. Some contractors too are doomed - their contracts aren't being renewed. They are all nice people they did what they were told to do and now there's no work for them.
They are just reducing expense through layoffs but not generating more income. Performance will deteriorate in the long run. Even more so when clients follow the advisors to their new employers and the much better business models touted at other firms. If Schwab is doing so well with their existing clientele, it would not need to lay off so many advisors, back office, etc. Layoffs are across the board with no regards for employee performance. Every employee has a target on his back. Every employee is considered potential savings when gone. Schwab is heading towards its final days.
We have lot failed migration.
why cannot they be targeted?
Why employee who helped to get things done are targeted ?
No matter what happens after the last transition, the EC will find some way to really fu-k up any layoff plans. I am 100% sure there are plans for layoffs and some stupid strategy to have employees on written warning for performance so they don’t have to pay any type of severance. The goal is to reduce staff and they will find ways to to that while BS’ng everyone that we are right sized, we have the right talent etc…just like they said during the transition phases and then they let a lot of people go because they don’t understand basic economics of buying long term treasuries in a rising interest rate market.
When the integration is completed, there is no need for people involved in the integration. They will be laid off. Alternatively, they will take the place of low performers, that will be laid off.
Not dkw, but they’re unlikely to take the bad press with the stock moving up and so many on performance improvement plans and WFH. They can get rid of a few hundred in a quarterly layoff and eject another 400 or more with forced attrition. That would cost them pennies and generate no press.
I completely agree with the strategy’s they have been using this so far, but I do believe there should be bigger layoff in May and June after this last TG. Not spreading it out and getting rid of people attributing it to the finalizing of the merger and entering historically less busy times during the year in the industry.
Anyone who believes there’s a one-and-done layoff remaining isn’t paying attention. We will have small quarterly layoffs, a larger post TG (less than WARN reporting requirements), enhanced attrition (unwarranted bad reviews to get people to quit), RTO5 (everyone or most with fewer exceptions) and a large RIF if financial circumstances allow for the excuse.
The EC likely wants to drop 8,000 or so and then bring in 2-3,000 cheaper and younger while moving more seats to Texas.
No one should be superfluous TG. Some may need training or reassignment. But we have so many managers and disorganized staff coupled with objectives that are underfunded and poorly led. Yet another vendor A versus vendor B debate over public cloud. Ridiculous on-site decisions. Complete lack of direction and execution for major initiatives. No accountability at the CxO and VP levels. The more cynical might believe Menace down was doing it intentionally on the tech side and others on the business, which is also bad. How much did we spend over the last five years on consultants with nothing to show for it. How long has waterfall to agile been going on and with little agility to show for it. Governance is out of control. And morale? Would you like to give Chuck another 10% raise while you see your bonus cut?
Who tf knows. Just hurry up with it and get it over with finally. Merger, layoff burnout.
Look following place
- Tools team (target team which migrating things)
- look in legacy tech such MF , if we have keep MF why we had modernization
- Target teams which are on-Premises deployment, why we have cloud
- Any team which 3% of service contractor, if they are there why we have fte layoff
- once service contractor are cut to size, then H1b Fte need to be evaluated.