PL here. If you are a legacy Schwab employee you need to know that you are getting sc--wed badly on your bonus. Your TDA colleagues (that are peers to you) have a much higher bonus percentage (5%+ more). When Schwab switched all legacy blue employees to the percentage based scale a few years back, they maintained status quo with whatever your bonus amount was at the time. The green employees who were already on a percentage based bonus at TDA got to keep their percentage level which means that ALL of them are getting more bonus than their peers on the blue side. Schwab should feel embarrassed and ashamed that they allowed a disgusting discrepancy like this to occur, but NOTHING has been done to correct it for years now. Take this for what it's worth, but Schwab really does not care about you.
15 replies (most recent on top)
@k4 THIS is inaccurate.
@1xr directors (gl 60) have a baseline 25% bonus not 20.
I mean… yes as a former TDA employee my bonus percentage is higher. And as you go up the ladder, the percentage actually increases - so as a Sr Manager, my 20% bonus is closer (from what I have heard) to Director level.
I personally would rather have that as a base pay increase of 5-8%, as the bonuses get cut, cr-p managers can take them, and they only happen once a year as opposed to 4x at TDA. :-(
@a6 Boomer Alert
If they align your title you lose that 5 percent can confirm this just happened to someone I know
@a3 this is inaccurate - ex TDA is in line with Scheab comp plans. Scheab shifted to a % based on the employee fixed rate, and as all salaries vary, all % ended up varying. Higher paid got less %.
ExTDA and any new hire or promoted/internal moves that accept new role, all get standard % that can be much higher than what the legacy Schwab employee has. Completely unfair and not a great practice for employees / potentially even lawsuit-specific, or reasons to form a union.
EC will go back to low attrition rates and people aren’t quitting, so let’s pressure them with less merit, less bonus, less sabbatical, less benefits until attrition comes up/higher.
HR at Schwab is a disaster, and the EC cares less about internal unless it comes to expense.
TD Americhads, we are too powerful.
@a6 Bro sorry you have a terrible job, but this is normal in our industry. Not everyone follows the Wal-Mart model
The bonus gap is intentional. Leaders look out for themselves, hoard the stock and padded payouts, and let everyone else fight over scraps. When you’re making millions, it’s pretty easy to pretend this is all ‘fair’.
Really, the only fair way to fix this would be to increase base salary by the same amount as you reduce the bonus. Sign me up.
@a3 "There is an initiative to bring all of these into alignment." This has been the buzz phrase for years.
Well have to say....whats a bonus? I mean many of you act like its just part of the job but the vast majority of employed people NEVER EVER get a bonus. Must be nice.
Comp is a complete mess. But thought everyone knew green bonuses were weighted.
But TDAers have a lower base salary and always have. There is an initiative to bring all of these into alignment.