We have had enough cuts by now that the system should be pretty clear from those that have actually managed or done it. Can someone with experience give the overview on what criteria Schwab is using to make the previous or upcoming cuts? Is it coming from mostly HR cost and expense data, or straight from managers suggestions? Is it the MD's that make the suggestions? Can anyone with real experience here at Schwab recent cuts give the overview of what they are using, assuming you are not an underperformer, have never been written up. Is there any "performance" metrics if you have a position that does not have clear numbers/metrics that are measured? Is there any "productivity" metrics based on any monitoring software, or badge in/out RTO stuff or is it mostly subjective stuff that's hard to quantify?
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It’s a third party consulting group, last time it was Boston Consulting Group and an algorithm .
There is no rhyme or reason on who to cut. Reward goes to the branch manager who can make the most cut. You could be on the top 10% sales and you will still get cut. It's crazy but true. Just look at the list and those who left were either set up for failure or else forced to quit, but it doesn't matter - those top advisors will take their clients with them to the new firm. Branch managers don't care who gets cut as long as somebody gets cut. Clients will get upset but they are at the bottom of the Schwab totem pole.
Director PL decided I was to go. I guess he didn’t like me. I received exceeds expectations rating and was always complimented on my work.
It’s not a super senior leader randomly picking. It’s either your director or MD selecting you.
BCG recommends where to make cuts. Not who.
He’s a higher hire.
Who is Tiny???
Good thread. And anyone wondering if petty arrogant failures target competence need only look at OCTO and Tiny. His failures are epic across decades but he’s gotten rid of any threats and kissed the EC so much their hemorrhoids were healed.
If your manager & director don't like you then you are doomed. If their managers and higher ups don't like them, then they are doomed. Oh also if your team does not bring in money you are doomed.
Underperformers goes first, unless someone likes you, and protects you.
Other than that, if you are not in a direct revenue generating position, you are at risk. More depending on your role, than how good you are.
Wrong place, and you are gone, no matter what.
No rocket science here.
All decisions are based on HR cost vs. projected revenue.
The number of headcounts to cut are divided out by the MDs and rolled down to the team level. I.e, there are targets/quotas on HC to cut by team.
#1 If you are part of the transition team, you are automatically at risk. Your work will be gone.
#2 If you are on a PIP, you are high on the list
#3 If you are old, well paid, and someone can do your job for less, you are at risk
#4 If someone with decision power does not like you, you are at risk.
#5 If you are part of a team that is not really critical to short term business, the entire team is probably at risk.
BCG consultants coked out of their minds toss darts at a wall of employee names, that’s how.
If someone doesn't like you, whether you're on a PIP or not, you're on the cull list. A decision by management several levels above of the teams direct PL to cut people who had been deemed abrasive. The team manager was left out of the conversation. If you aren't liked, or are hard to work with, you're gone.
That post is informative, but I think the original question was more asking around exactly how they pick folks for the culling, vs how the culling is done once that person is picked. That post has very little information on layoff selection process and more about process once they were already picked and the day of, or day after type of process for getting you off the books.
https://www.thelayoff.com/post/@OP+1nR3tLuy