Thread regarding Charles Schwab Corp. layoffs

Anyone considering a position at CS should take this thread to heart. They'll reel you in with a "potential" $xx,x-x bonus. But, due to the shenanigans described in this thread, you will RARELY get that $xx,x-x. Negotiate a higher base salary. Or try to.

Net revenue +22%. ABOs -1.69% (funding went from 117.69 last year to 116.0 this year)

But as someone wrote, the company doesn't care. They'll pay as a little as they think they can get away with to keep turnover within their expectations. With a lousy job market, they can and will take advantage.

Oh no, my techno fascist corporate leaders don't care about me! I thought it was a family

You're being exploited because you have no alternative. I would find one.

Compensation management and benefits are a mess at Schwab, or was prior to leaving. Comp is unfair, bonus allocations are unfair, TDA and new hires get higher allocations and yes, entire process is political and inconsistent. All if it damages their “#1 asset” of people, ki-ls motivation, and then leaders don’t understand why getting things done is hard.

@vd. Leadership treats employee bonuses as favors, not earned pay, while their own payouts are treated as a given. Normalization turns that belief into process.

A record year only makes clear that leadership believes they alone created the success & how little of it they believe should be shared.

@jq Yes, that’s what’s called normalization. Bonuses aren’t earned. They’re reallocated through subjective ranking behind closed doors to fit preferred outcomes rather than objective results. That’s how money gets taken from solid performers to reward favorites. It becomes a zero-sum political exercise, administered by people who appear fully convinced the system is fair because it benefits them.

@jq Start looking now. Cycle times are about five months. And lots of places will negotiate a start.

I was told by my manager to expect my bonus % to be reduced by 20% to give to the most top performer in the team (which turns out to be his best friend) even though I have no performance issues. What motivates me to stay? Nothing! Just waiting to collect my bonus before I start looking

A record year highlights a widening disconnect between where value is created and where rewards are ultimately allocated.

Complete Toxic environment! With the AI (All Indian offshoring) the job market isn't getting any better. But, search and you might find something better. All best to all of you!!!

Every employee could receive a six figure bonus annually and the company would still be profitable. Anyone getting less than 3% is working for less. And that’s before 4RTO.

Remember we gave Chuck a raise when we laid off thousands. A 10% plus raise. To a man worth $17 billion.

Plebeians! The beatings will continue until… no, they’ll just continue.