What was the corporate message, your departments message, verses reality.
Location?
Title?
Remote?
Badge swipes?
Recent unexplained negative review?
Work being shifted away just before?
Took a package?
12 replies (most recent on top)
@qp re-get? lol. Don’t come to Schwab with that nonsense. Go to fidelity
Can I get some context on what happened? I am trying to re-get into Schwab, as I worked there for 2-3 years and really enjoyed it.
Heard AWAT in STS was hit hard and it was all in one team. Heard through the grapevine from someone well connected to the AWAT leaders that it has been a hard space to be successful due to legacy solutions and the impacted bunch were stuck in their ways and not pulling the weight. The MD decided to shake things up as they felt the good people will leave if they didnt do anything. Also heard multiple strong directors had left that group last year and the new leader was not known to be good at pushing back and manages up and is a order taker. So plenty of people pi---d as the impacted colleagues were long tenured. My source said that folks are now worried more changes will come and impact other teams.
@fq
Your leader isn't telling the truth. They are repeating a line. Low performance is a fiction. You need to step back and ask why we, as PLs, aren't being trained to drive performance. Or why we aren't penalized when an employee is eliminated for poor performance. Saying it was poor performance helps weak managers scare employees into working harder. It's all manipulation.
Removing remote workers happened, and happens in every recent layoff, but mostly because changing terms of employment fell into protected or potentially protected classes. Easier to layoff than risk a claim. And then the pre textual removals with fraudulent bad reviews. Many here have preached about documenting everything and being ready to contest. This is why. If you get a bad review and are terminated you may be able to fight, especially if you have records. But if you are placed on a layoff list and sign the severance agreement it is very difficult to pursue. Someone here posted a good list of things to do. One of their items is to respond directly to HR and place that response into your employee file. HR will not tell me to do anything unless I've potentially broken the law. But they also don't want me in a deposition with contemporaneous records supporting the employee after a questionable termination.
IDK but Legal got hit hard.
Our leader said low performance was factor. Some were remote. Some got an unexpected bad review with no documented /pattern or history prior.
No official info given to PLs... however these seems to just be the quarterly RIF lists. I haven't heard anything to contradict that.
Attrition is too low. Very few are leaving on their own due to the market. So they need to make the cuts when they can’t move people to new roles or orgs. That’s why they are smaller groups and more often.
No one will admit anything. In my team it was lowest performer. But also cheapest.
@af pics or it didn’t happen, amiright?
Rick needs to make shareholders happy since he lost the $100 mark
I've not come across one official reference to it at all