Thread regarding Charles Schwab Corp. layoffs

Fake news!

On the contrary, the visa program was originally intended to address skill shortages in the labor market, not to replace existing employees with a new workforce for cost-saving purposes.

Road to he-l paved with good intention.

workers on visas.

Worker on h1b or Visa especially from India are jumping jacks.
Let me give life cycle of h1b from service.

1. They will come on H1B using service company
2. for H1B they will fight offshore to come here.
3. Once they come either they will leave current employee in 3 Years after I-140
4. They try to come back to company in this case (SCHAB) as FTE.
5. Then they flex and do showoff to there peer who are able to switch to Schwab.

This led every interesting phenomena which I have seen

1. service company start giving people lofty titles to reverse flex
2. people who join as FTE are giving lofty titles and less pay compare to Citizen and PR.
3. this also give opportunity Schwab to create man power which there ground soldiers in India when it center come up

potentially to facilitate the hiring of workers on visas.

Logically they will not hire h1b.
what h1b they have will transferred to Hyderabad, in coming days.
What they will do in US

1. They will give project to service company
2. service companies will hire them as there employ.
3. this will give Schwab leverage on COST and replacement

What they will do they have hired.

1. As Indian center get up and running , they would slowly transferred to India.
2. people who do not want to go for any reason, H1b will rejected or late filed.
3. Now they have to to India

Always remember Schwab is investment firm not IT company .

It is important to clarify that advocating for the fair treatment of the domestic workforce is not an indictment against immigration or visa workers

Sorry to say both domestic workforce (citizen and PR) people and People on VISA.
Both are having Raw deal.

At least workforce (citizen and PR) have oppunity to jump around.
VISA people are on golden handcuff , for decade they do same job without any growth apart for lofty TITLES which have no value outside there team.

It appears that there might be a strategy at Schwab to encourage voluntary departures, potentially to facilitate the hiring of workers on visas. An examination of the roles that became available following last year's layoffs reveals that several positions, particularly within the STS division, have been filled by visa holders, where previously they were held by citizens.

It is important to clarify that advocating for the fair treatment of the domestic workforce is not an indictment against immigration or visa workers. On the contrary, the visa program was originally intended to address skill shortages in the labor market, not to replace existing employees with a new workforce for cost-saving purposes. Current practices could be seen as a misuse of these programs, which ideally should not disadvantage citizens in the job market.

By design. They tell you there are no plans. Then surprise you with the mandate. Many get mad and quit for somewhere else. kept in the dark under control until they can get rid of you severance-free

"We are not looking to follow Amazon" to 5 day RTO soon - RW and WB

No to 5 day RTO on Jan 1. Maybe 4 day RTO on Jan 1?

5 day RTO on Jul 1?

Schwab gives at least 30 - 60 days advance notice on these changes. If we don't hear anything by Nov 15, I don't think there will be changes for the upcoming HWF period of Jan 1 - June 30 2025.

Right - just like elementary - punish the whole class instead of the trouble maker - they want the class to motivate the trouble maker. A spineless way out

For context, they announced RTO last year in mid June, 3 and a half months before the original RTO date of 10/1. It’s simply too late to announce a change of this magnitude and implement it by January. Will it come eventually? Probably

I also find it hard to believe that they would outright say “no changes to workplace flexibility are coming in 2025” and then mandate 5 day RTO at the beginning of next year, which would literally have to happen in the next few days.

I agree with the forced attrition and that we shouldn’t trust the EC, but if I’ve learned anything from this forum, it’s that 95% of the posts are speculative BS that accomplish nothing but stirring the pot. Come January, you’ll see that you’re wrong.

"We are not looking to follow Amazon" when asked about RTO and 5 RTO - Walt to Rick in the townhall.

Lego head steeple fingers continued with the Walt angle alluding to if people aren't following through with the current policy, it could lead to the policy being adjusted.

I mean if someone is not adhering to their hours, and mgmt is not taking action, I guess it makes sense to punish those that are adhering....

Stop and watch the top tiers - if good people up there are leaving on their own accord then beware = they know something we don't

@rds+1uR3O2Si please expand on what was said regarding Amazon

What is there to question? Schwab has been trying to get rid of employees for the last few years. As they are no longer willing to pay severance or have employees file for unemployment, they are working on other ways to get employees to quit.

RTO is a good method but don't be surprised if they start nitpicking people for coming in late, etc. once employees start coming into office. And then there will be issues of compliance of leaving work papers on desk, etc.

There will be more traps once employees start returning to office.

It's been pointed out here before to look at the efficiency ratio. Think there is something to that. It's not good.

I think our capacity model is a better way to thin the herd. If you’re not on prioritized work, good luck being able to get anything done. It’s a real sh-tshow.

Yes. Yes. Yes. Yes.

The clown hall said loads. Why bring up Amazon instead of just saying we are not changing RTO through 2025.

Clear. Concise. Communication.

The vague language is for one reason. Come January it will be five days and more miserable.