Seriously? Kicking an extra $30M to fund the pool to only 90%. What a joke.
This company spent $20B+ for Ameritrade, but can’t kick in a few extra dollars to fully find the bonus pool. Give me a break.
16 replies (most recent on top)
@4yef+18ZcDTYj had the company done the smart thing by not putting so many eggs in the interest rate basket they wouldn't be f__ed in the first place. It's why Chase, Robinhood, Fidelity, and the rest posted great numbers while Schwab had to post job cuts. Convenient too that you ignore the prior posts about bonuses being used as an excuse to provide lousy comp so you're telling people to be grateful for getting 80% or less of what Chase, Robinhood, Fidelity, and others offer. But no, be angry because you don't understand stuff.
Also if your manager hasn't explained why the discrepancy exists between the corporate funding amount and how money gets set aside by EVPs and SVPs and VPs then your manager s—s. You're never getting the full funding amount unless you're A LUCKY EE or a FE
Clearly you're too new to remember the dark days in 2000 or 2008. You should be flipping with happiness that they overfunded in a year where unplanned interest rate drops f—ed with their whole revenue model. But no, be angry because you don't understand stuff
It’s based on EPS which was pretty dismal in 2020. Read your bonus plan in MyHR. Comp committee has discretion to increase it. I’ve seen other companies cancel bonuses for 2020 but not sure how Covid impacted Schwab....and don’t care. I left. But do some research.
Now there my are returning everyone and changing the ABO program. Can’t wait to get f—ed over next year!
@2kjb+18ZcDTYj I would agree with you except that the company uses the bonus as an excuse to underpay on salaries. People should pay more attention to how bonuses work when taking a job but I have seen firsthand how Schwab's recruiting team intentionally misleads people about the bonus structure. The market rate for a job is $100,000 so Schwab will you $93,000 with a $7,000 bonus to make it seem like you'll break even. In reality that bonus will be more like $5,600 give or take so you end up at $98,600 instead. Since the bonuses are static once you serve a year or two and get those sub-inflation raises you'll soon be well under market value.
I'm also in STS, and have been with Schwab a long time. I always think of the bonus as a surprise extra, but I never count on it. Part of this is because I've been through the late unpleasantness of 2008 and 2009, where we essentially got not bonus. You were lucky to still have your job during that period. To me 80%, 90%, or when we are lucky over 100%, is all the same. It's just extra money on top of my base pay.
Not sure why @jmk+18ZcDTYj got downvoted for a legitimate question. Some Schwabbies are extra sensitive to company negativity these days. I'm in STS and have always scored a 3 or 2 on performance reviews yet policy in my org is anyone below a 1 only gets 80% of the budgeted bonus so the 1s can get more. Even back in 2014 most of my org was only getting 90% payouts.
Just to name a few in the past decade, and there are more.
Funding:
2018 - 111%
2015 - 104%
2014 - 112%
Last year it was 98%.
Has the company funded 100% in the last decade? My group hasn't seen 100% bonuses in years and even if we did once performance is taken into account all but the top 5% of employees get only 80% of that anyways.
Why not just fire all the VPs and give their salaries to all of the workers as massive bonuses? They all deserve ferraris. If not, then Schwab should at least open a theme park.
What a bunch of whiners. I've been accumulating max ESPP shares for the past ten years or so, along with fully vested stock options with low strike price and RSUs. Shares hit $62 last week, and still hovering around $59 this week. They can keep that extra 10% of funding. Who cares.
I love this class warfare. Yes, the employee is the entitled one. $20B+ spent, 1k+ lost their jobs, but it’s okay. Chuck still made a few billions. God forbid some trickles down to us.
After the year the world just experienced you should be grateful you have a job at all.
Complaining because you won’t get 100% of your ABO just reeks of entitlement. Especially in a time when a lot of families are barely surviving.
No. This company can actually give me a bonus close to the ABO listed in workday. How does that boot taste?
Talk about ungrateful.
This company owes you nothing more than your salary. The sooner you realize that the sooner you will be better off.