New plan is awaiting appproval and it's not real generous. Grade 58 and under with less than 3 years of service gets nothing beyond notice period pay and unused vacation. 3+ years is 10 days for ever year of service above 3 years capped at 70 days.
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@OP+1tANkJxu OP: is the new Severance Plan approved yet?
Hockey got $37 million. Naley $9. Boyle $6.
That’s green side.
Blue is worse.
Someone let go gets $400,000? Good on them. And those who were pushed out and got nothing? They should get more.
Look. One year severance is just ludicrous. You remain payroll for two months with full benefits and don’t need to work, unless they call you. And then you get up to 10 months of lump sum pay, assuming you max out on the cap with years of service. Seriously.
I can’t wait until you all are in the office 5 days a week! Good luck with that! Couldn’t happen to a better bunch of people.
Walt said last year that the $500M cost to fire 2000 employees was a drop in the bucket. Suddenly it’s a big drop when you look at how the company and our stock has performed under his tenure.
Walt does not care about us as people. He only cares insomuch as it motivates people to work harder. Rick juts sees numbers. They know people needs jobs, severance plans won’t impact how stays or goes. It’s free money for them to scoop up as they close more offices, require people to relocate at their expense, and require greater in office presence.
The severance plan is way too generous. As an employee, it sounds good, but this put in place back during the dot com bo-m where we hired and grew too fast, and you had a really decent people like the Schwabs that wanted to make those they had to let go, were well taken care of. We are now past that. Up to 10 months of pay is a lot. If you are making 200K to 250K base, which a lot of long timers would, that is huge chunk of change. That on top of 2 months of being on the payroll, you are looking at 1 year severance.
If you find any interest in trying to guess what the future severance package will be, you have a problem.
You need to make sure that you are in a position that being laid off, is not a life changing event.
You need to be in a position that, if you get laid off, your skills, references and resume are all in such a shape that you just move on.
If you are worried about being laid off, you are not prepared enough!
Easy to say, harder to do. But that is the way it is!
Walt, Joe M, Chuck. , peter c, Combined will receive almost 200m as their retirement present (check sec filings def4a).
How else will they pay for that this year
Management will try to force you to quit
So much this. Been done for years.
As a reminder
- Record everything good and bad. Can be notes or audio recordings. Note that some states are two-party consent and policy prohibits recordings. Better to have them lying on recording for your attorney to leverage than not, but real-time notes are an alternative.
- Make sure you have exit strategies including savings, side gigs, resumes, networks and a plan for your next position
- The moment you get a bad review, coaching memo, warning, improvement plan or other, document everything with quotes, facts and responses. Consider sending directly to HR to be inserted in your employment record. Do not try to engage with your manager. It is likely they’re being told to kick you out and their job is on the line to do so. You’re laying foundation for future litigation. The documentation should be enough to refute. It should not be you playing lawyer. Consider engaging an attorney prior.
- Constructive discharge isn’t actionable in most circumstances. But genuine harassment and lies can be, esp if you’re in a protected class.
- Schwab will settle. They’ve done it before. They’ll do it again. You can’t get the job you don’t want anyway back, but you can get compensation if you have a good case and solid representation.
They want you to accept their shove out the door, harmed reputation and bullying. Beating them is glorious.
That severance plan is too generous. As a stockholder I'm pi---d at the thought of paying people for not working. The people they laid of weren't pulling their weight and should have just been fired.
Forget the severance. Management will try to force you to quit to rob you of severance. They will try to pin on you something that is not your fault at all - most likely blame you for non-compliance or something small. Don't worry about how pitiful the severance is - as chances are, you will not see any of it anyways.
Question for @1mxd+1tANkJxu (or anyone else who knows) regarding the post about potential office closures/consolidations in addition to the potential severance change.
I had not heard the part about changes to severance but a couple of people who tend to be in the know recently mentioned office closures/consolidations to me. It was news to me. They mentioned it because I'm in one of the offices they claimed was up for potential closure (Orlando- which is a rented location and doesn't have space for everyone).
Has anyone heard which offices are up for potential closure and/or consolidating?
ANOtHER cost cutting measure to implement when they cut costs INSTEAD of the CFO/CEO and EC taking cuts - they awarded themselves a great deal last year and now we must all pay for their inept leadership decisions
From what I managed to catch in the hallways, there is more to this. The OP correct about the current thinking about severance. However, there will also be office closures and consolidation combined with 5 days/week RTO.
If you are working in an office that will close, you will have 90 days to decide if you will move to the new office location, or if you want to resign.
Select functions will be consolidated to specific office locations. Same deal here. Decide within 90 days if you want to move or resign.
This will be rolled out over time, based on rental contracts, and functional reorganizations.
The ones that left last year will be considered the lucky ones. It was a generous deal, as it was viewed as one-and-done. Well, it did not turn out that way, and from now on, the terms will be nothing like it.
Boeing?!? More like Enron! McKinsey was heavily involved in that as well if I recall correctly…
If Schwab leadership does this the backlash will be one of legend.
From what I understand, the discussion is if the plan OP refers to, is too generous or not.
Rick is McKinsey. You’ll never find a more wretched hive of sc-m and villainy, this time with more incompetence.
Bringing in Citi. Rewarding Rick for bare competence and little success. Dropping most of Visa. Finally jettisoning Amex.
Rick is here for one reason. Cost cutting and stock promotion. We are destined to be Boeing if they can get the formula right. Drive the stock with buybacks and dividends. Ki-l the underlying company. Whether they think it’s mu---r or simply lowering costs while controlling more shares doesn’t matter.
RTO all week and few WFH is coming. Budget cuts will continue. The stock will recover slowly. We will lose more friends.
Believe or not, Rick is gonna make this place worse.
If OP knows this, then she’s they should know for other pay grades. Co you have that info? Or a source? If not, BS!!!
Employees spoke up in the last layoff and bonuses were awarded to the impacted. That seemed unusual to me. Also seems unusual Schwab would offer a new, draconian separation plan like the one described (and let it leak out like this). But Uncle Rick is more of a Dear Leader / Supreme Leader type, so it wouldn’t really surprise me.
That’s a horrible new plan if true.
Source?
If true it’s a major change from the 220 days or more. And a huge indication that RTO Five and more layoffs are coming.