Just remember (cost per seat)

In October, 2023, just days before the bigger layoff, Schwab reported the following to RIA Biz.

The average work station is 45 square feet, so real estate savings could come in at around $1,683 per employee, according to the firm.

That's a Schwab cost. It isn't your cost to commute or mine, although that's a lot of money and ticks up wages.

Here's the question

Does anyone think organization value is there? We are three quarters later and it doesn't seem like it.
Lots of us still aren't going in and aren't approved. When are we going to release on this stupid public policy that is costing us new hires and stressing those approved and unapproved but unable to RTO.

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I think they’d use folks not adhering as an excuse to do what they want and will do regardless - RTO 5. Adherence is just a cover story to try and redirect the ensuing anger.

It makes no sense to punish everyone by taking away hybrid. If they are really tracking they should fire those not compliant. Period.

@1tgt+1tMMGtvZ do not believe that. He would have said back to the office even if there was 100% of the people doing what they said and he would have still blamed it on people not coming in because how can you disprove it?

And the downward spiral continues. Rick has an idea of how lean Schwab can be. He's already been wrong, but if your eps is declining, the business playbook says to cut headcount. A year later they will be hiring younger, cheaper, offshore or contract replacements. If you haven't yet, you really should consider other options.

No one will be fired for not coming in b/c they can't replace the headcount. However, if you listened to Walt's call on 7/16, they will take away hybrid. So, those who are going in will be the ones that feel the consequences. Do I think that's an equitable response? No. But that's why we lost all of the flexibility we had before - folks who signed the agreement to come in x number of days never did, but didn't want to lose their f'n offices or larger window cubes so they didn't adjust their agreement accordingly.

I go in and since RTO have had fewer than 5 in person meetings. I’m in meetings all day…

@rxy+1tMMGtvZ Being tracked and being fired are two different things. There will be a layoff in September/October and blame will be placed on non compliance for some of those but that will not be the real reason the person was laid off. It will be a scare tactic. There will be lots of others who are not laid off for worse compliance just because the dart did not hit them on the board.

If you're not coming into an office and you don't have an exception you may want to rethink this decision because you're being tracked.

Thread regarding Charles Schwab Corp. layoffs

Just remember (cost per seat)

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