- The only people who know anything are MD. Unless you report to MD your boss knows nothing
- MDs are under NDA. No one is talking
- Targets are NOT discussed at the director level
25 replies (most recent on top)
How much does band 58 make at STS?
My org/group is structured like a linked list, instead of a healthy balanced binary search tree... with a MD at the top, followed by a couple of D-PL, and then maybe four SM-PL, following by a bunch of 56, 57, and 58s. Instead we got a MD at the head of the list, followed by a D-PL, then SM-PL, then a 58, and a 57, and a 56, and a 54 just out of college. And then some genius layed off the SM-PL, and we lost the 56, 57, 58 because we can't find them!!!! But you got a MD and D-PL trying to solve problems... its like a bunch of Scrum Masters getting together to solve technical problems. Cuz that always works.
Not just STS . Look at product management . So many directors there too . Can’t someone with a senior manager 58 do their role . Too much of fat muddies the water and delays stuff .
If you eliminated all the directors on my team, you would be left with only 8-10 ICs who could easily report directly to the MD. My specific manager is a director who only manages one other person. The irony is that they have spent 10+ years at Schwab and would be devastated to be laid off, meanwhile I would happily take the severance package and peace out.
Yes, too many directors and MDs. Not sure of other orgs but very true for STS. The technology stack is outdated and modernization effort is very slow. Not sure why we need so many MDs and directors to maintain these apps anyway!
The funny thing is decisions of who would be targeted would have already been accounted for . Even if he change now if his name is there , he is gonna be axed .
And this is exactly one problem I see . Too many directors reporting to directors , MD reporting to MD etc . Not sure of the value they bring in other than delay decision making .
Another flattening route: It seems my director is angling to get my team direct to him and eliminate me. More power to him. He literally does nothing except manage upward and preach utopian management philosophy that doesn’t actually work in the real world. Now he’ll have to actually work for a living. I’ll gladly accept a package just to sit back with a nice bowl of popcorn and watch the fireworks show. He has zero clue about the pandora’s box he’s about to open.
@1mxl+1of4jeFo
Thanks for that. Does inner beauty count? :)
Non-EC direct MD here. A name or two has been floated to me but only as a possibility. MDs and D-PLs are going to get hit hard. Flattening the hierarchy is the goal. If you pushed your way into a team lead role without a decent sized team under you then your only hope is to win a beauty contest among the other D-PLs leading ru-p teams.
@stp+1of4jeFo it is common for most of the MDs in STS to have technology directors who serve as architects and sit on certain technical architecture review boards.
Severance page is open to everyone in the firm. Severance is same amount for anybody less than 10years at the firm. If you are at Schwab more than 10 years then you would make it based on your tenure.
I recall a few years ago that for someone to be classified as a Director they had to have at least four direct reports. If someone were a Director today with less than 4 directs, I'd be polishing up my resume.
Not all MDs know please stop spreading this cr-p. EC members and their directs know.
Just finished a 1:1 meeting with my Director. Their behavior confirms what the OP stated. "Don't know who will be cut or when implemented..." acting completely as if there are no massive layoffs right around the corner. This is what you will be doing next year..etc...etc (even though I am 80% sure my name made the "targets" list) Surreal.
@rpj+1of4jeFo Have you been at Schwab for a while? I find that they take advantage of people who’ve been here for years and don’t promote them, but give them more and more people to manage. Look at all the directors who have one or two reports are no reports at all get paid a lot more than you.
@a-s+1of4jeFo I'm a 59PL and I have been managing at least 8-10 FTEs on top of 20-25 offshore from the beginning. I just assumed that was normal.
@ufu+1of4jeFo this makes sense and i heard something similar. it’s a huge deal for a manager, which i assume is a 59 PL, to manage 8-10 ppl. will they be given a raise? probably not
Many Directors and Managers will be impacted, mostly to meet guidance around team size and scope. Directors would need 3+ managers and managers would need 8-10 ppl. Today we have many Director levels with no team or managers and managers with few ppl that can all be consolidated
Anyone that says Directors are in the know is full of cr-p. Only MDs are in the know and they are indeed under an NDA.
they have all the information they need, you all have likely done the 9 box grid or someone has done it on your behalf...
I asked (lvl 60 PL). No info is available. It’s all speculation
that gives a completely new meaning to the expression "Director's Cut", doesn't it ;)
And some directors have have talked about targets WITH their MDs. (They just don’t know the final decisions).
False, some directors are in the know as well
Many of them will be laid off as well. They know it’s gonna be a bloodbath but they also have remarkably severance plans especially if they have significant tenure which most do.