Hi everyone,
I'm wondering if anyone has heard about potential cost-cutting measures or layoffs affecting contractors at Charles Schwab? With the current economic climate and many companies restructuring, I'm curious if there are any known plans to reduce contractor workforce or cut contractor-related costs. Has anyone heard anything from their teams or managers about this?
4 replies (most recent on top)
You're fine. Until the AI bubble pops.
Save as much as you can and add to your emergency fund.
Cheers
@f5 "Contractors are treated like 2nd class citizens." Contractors are hired on for special projects for short-term work or to help with temporary workload because the department does not have the additional headcount for full-time employee. The agency you work for IS your parent company, not Schwab, so you will not receive the benefits Schwab full-time employees receives. That is the same for any other company in which you are hired as contractor.
Contractors are treated like 2nd class citizens. They do all of the dirty work that either no one else can or won’t do, get non of the benefits and aren’t included in anything. No one talks to them unless they need something and everyone looks down on them. I wouldn’t be surprised if they’re cut and it’s done so in the worst way possible.
Most Corporations with Direct employees - Q1 2026 - March -April timeframe.
I know of (2) in the Technology sector, total between both; 20,000 - 30,000+ employees.
Unrelated to Schwab.