It’s an open secret that there’s attrition in the financial services industry. Those that left Schwab/TD on their own accord, why did you leave? For TD specifically, what caused you to jump elsewhere?
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Retitling didn’t change much. Comp is still very wide. There is HR jargon for comp spread differences regardless of acronym
Well it's not May anymore, is it?
As of may jobs were still broken out by tda/Schwab in job postings even though they were lumped together. Check out internal job board specifically co roles
So we have The Joshua Tree and With Or Without You references now? You know, U2. Steak Sauce. Interesting. I thought all the titles and job families were combined into one now.
Job titles. The new managing director role is titled A1 and for TD I think U2
Why do people keep referencing steak sauce? Is that some type of manager level at Schwab?
Trying to bend bureaucracy is impossible. There is no bureaucracy. When you realize it is not the bureaucracy that bends, but its your mind, you will realize that Schwab isn't so bad. And you will be satisfied. With the benefits. Pay. And it all makes sense.
So aside from bureaucracy and pay (for some), what are the reasons for the attrition?
Does anyone have a sense if the rate is the same for blue and green?
Nothing gets done because employees are not empowered, not burecrqcy. Pay should not be used as a motivator as it continues the trend. Performance bonuses, yes. Lots of people are comfortable remaining in status quo and not putting in time to do the work. This is a personnel and culture issue
I think we all know the bureaucracy here is horrible and nothing can get done without approval from the steak sauce kind leaving everyone to feel frustrated. If you have an environment like this then you better make up for it with pay/benefits. Pay and benefits are average at best.
@ketchup first hand I know attrition is bad… Former Schwabbie here. The issue isn’t pay…
Actually pay is quite high for workload and level of responsibility.
So with avg salaries at 100k+ are you stating that the attrition Schwab is seeing is not an issue? Does your steak sauce level mask the reality of what is happening? Its great if you feel this environment/pay/benefits is unrivaled, I'm just not sure it aligns with reality of how many feel.
Think of it this way….You received an average 1.5-2.5 increase this year and enough to keep up with inflation if you want to average it differently (full year merit to increase). If you are unhappy with your pay there are other employers that pay more. With avg wages at Schwab over $100k this is nothing to scoff at
The 5% was not for performance it was to match inflation and CPI— the standard increase was already given to you, like other companies.
FYI- Inflation actually was a bit more than 5% this past year
Other companies do not give avg 5% raises. Average is probably 2.5-3%.
It's called denial. They are not just living under a rock, but under a rock dangling 10 feet above their heads. Benefits are dismal. It's almost a joke. 5% increase? Other companies give an average 5% pay increase every year, not just for top performers. 401K match? Give me a break. If you are steak sauce level, or even the imitation steak sauce levels (Heinz A2, A3), you're in good shape. Everyone else? Forget 'bout it.
How about that old adage nothing is for free?
Everyone on here must be living under a big Schwab rock. At very best, the benefits are average. Executives don’t see a problem because they would then have to admit there is a problem and that problem is how they manage their company. Nothing will change while the stock price rises. Employees just need to suck it up and realize this is how it will stay. I will say the 5% was a miracle but I’m waiting to see how they offset. I’m guessing in the long run all employees under steak sauce level will get dinged somewhere else and it will probably be greater than 5%.
how does the new pay adjustments figure into this?
Schwab is providing free health care for all its employees in 2022. Schwab plans to pay for all costs, and there will be no contributions required by the employee. It's not bad. Worth at least $6K a year, depending on the plan that you select.
What do benefits look like?
I was on the fence. Was is the operative key word. But after seeing those 2022 benefits, factoring in that whooping 5 percent salary increase, and the ESO and RSU award, I'm in for the long haul now,
2022 Health benefits have been announced, will those help convince associates on the the fence to stay?
Let me help translate what your wrote for the rest of the audience.
"I was terminated after only being employed at Schwab for under three months. [YOU ARE ON PROBATION FOR 3 MONTHS]. They tried to train me, even though I lied on my resume, and it was evident I knew nothing. I couldn't hack it in the team I was on, and was paranoid and heard all sorts of "overtones" in my mind. I am still unemployed event today."
There fixed it for you.
I left after only being employed at Schwab for around three months. They lied to me about my job responsibilities, barely trained me, and there was a lot of weird toxic overtones with the team I was on. I just returned to my former employer and never looked back.
HR leadership changes in 2019. Who wants to report up to a narcissist? I was expected to be a puppet instead of a person. Just follow the leader and don’t ask any questions.
I am from the Green side. I see many posts that Green was innovative and there's some stagnation on Blue side. Stagnation seems to be asserted by Blue and Green associates.
I have encountered many areas where Blue is ahead. For instance, there was no real movement for a public cloud strategy in the infrastructure area at TDA. We had people charged with that, but they decided to do something else entirely and just kept the cloud moniker. Architecture at Schwab also seems to produce thought out design patterns and blue prints. This was not true at TDA. There are other areas where senior people at TDA were charged to deliver something but swept it under the rug, ignored it or did what they personally wanted rather than collaborating with others and doing the best for the firm. Either their leaders were generally weak, did not care or understand or were content to ignore it.
For me personally I think I should start looking though because there's no long term future here. Another downside is the teams are so much larger on the Blue side and your job can have limited scope and you lose some skills. Plus, like everyone else, I also went down one grade as part of HR integration.
Schwab solves problems with money. Innovation? Why innovate, when we can simply buy innovation.
I'll tack on an observation - it seems Schwab is really good at bringing money in. Everything else gets swept under the rug. Innovation? Why bother. Employee engagement? No thanks. Sincere appreciation and recognition of top talent (especially on the green side)? GTFOH.
TDA here. Used to be a great place to work. Pay was not the best, but job satisfaction was at the top. After I was transferred to another team, I understood how bad it was. This team is a Legacy Schwab tech team. Stagnation. Close minded. No collaboration. No direction.
Former TDA associate-
I was laid off and brought back on between late 2020 and earlier this year. The reason I jumped was due to the uncertainty. Am I going to continue to build relationships with clients knowing that there is a potential I wouldn’t be around in the future? Absolutely not. They don’t provide any level of transparency of what next week holds let alone at the end of conversion. Was even offered a promotion but turned it down because I’m trying to build a career and not be a dialing giraffe hoping assets come in.
All these answers are correct whether they are from blue or green - Schwab is stagnant - they don't want to innovate they want to keep doing what they were doing which is outdated. The blue ruled when they took on the green and still do. The green was creative and had a great culture but was too traumatic for the blue. They are using layoffs to keep the balance sheet where the board likes but they really are not serving their customers into the future.
Former TDA and left for an competitor .
Combined firm Culture is disengaged Stodgy Board .
Zero innovation and Zero decision makers .
Full Integration will be a disaster .
TDA here. I left because the culture is toxic. Even when it's clear something is broken or missing, no one can make a decision or change course without asking daddy, granddaddy, and great granddaddy. Schwab teams had no desire to listen or learn from our experience. It got old real quick.
Schwab is no longer a great place to work. They have rigged the engagement surveys in the firm's favor to where the metrics are meant to reflect poorly on you or your team instead of the firm. It has become a toxic environment. Every team is overworked and short staffed, while CEO and executive pay increases. There's no loyalty, benefits are poor and employees aren't rewarded for performance. In short, Schwab has ditched so many of the qualities that made it a great place to work in favor of quarterly reports.
2019 restructure. Leadership changes