Based on my current bonus at TDA if they are the same going forward the next two quarters, I will be making less than the year before. I feel if you are dealing with the extra bs daily you should be compensated more. It seems HR at both companies are clueless about compensation and how it's kind of important to employees. There seems to be zero reason for anyone to stay working at Schwab. Unfortunately this company is too big to fail now after the merger and thats a bad thing for all employees. Schwab should of went the way of the dinosaur but fate didn't work out that way. Better luck next time I guess on finding my next real job. Cheers mates
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Outside of the bonus, I find that my review is the same each year (exceeds) yet my salary increase percentage goes down every year. When anyone tells you, "We'll hire you at $x-x per year but there is room to grow that. You don't want to be at the top of your pay grade.", you say bu-----t and get as much as possible out the gate. You will NEVER see that cap otherwise.
Dont let the door hit u on the way out.
If you leave,that’s less severance to pay out!
Each job has a fixed bonus which are generally the same across levels so it’s not based on your salary. And if you perform, you could expect a payout. I’ve been at other companies who only give the bonus to 80% of employees. Once the comp structure was explained to me, I was able to understand it, maybe not agree with it, but understand it. What upsets employees I think is the discretionary nature so if you negotiated top of the pay range,donor expect much of an increase unless you are a superstar.
Schwab doesn't want anyone person to stand out - they manage, and make decisions by consensus. They don't want stand out leaders
As a high performer ex-legacy Schwab or my pay dropped too. Largely dependent on manager. Very hard to get anything other than met expectations ask your Schwab manager
@OP+1aQQyFjo you are only getting 1/2 of your quarterly bonus this year. Schwab pays annual bonuses so they are sort of “easing” TDA in to that. So you will get half of your quarterly bonus (1:8th, so if you were in 20% tier, essentially 10%) each quarter May/August/November, then all the rest (5/8) of the cash in March 2022. I’m holding out until then, but yes as a consistent high performer my pay has dropped. :-/
Thanks. Wow, I would like to in on that PFP program.
PFP ranged anywhere from 50% to 150%. 50% is if you’re on a written warning or totally sucked. Anyone with a pulse can usually get 90-100%. Top performers typically get 120-130%...you pretty much have to be Billy Badass to get a 150% payout. Roughly half of PFP was tied you your performance, the other half tied to TD’s performance.
Legacy Schwabbie here. Interesting. So assuming just to throw out quantitative numbers out there, say Legacy TDA base pay is 10% less than industry. What cap, if any, is placed on your PFP target? If there is no cap, and say you can earn 20% more based on your performance for that year, that is a pretty good deal.
What Legacy Schwabbies may not understand is that PFP was not just a bonus. You are paid based on performance. Assuming you put in your 8 hours every day and did what was expected of you, that’s a 100% payout on the personal portion of your PFP. Anything above 100% would be considered a bonus. Our base salaries are lower than the market on average, but total comp (with the performance incentive portion) is probably competitive. When Schwab Talks about adjusting your compensation mix, I imagine it’s mostly in reference to Legacy TDA associates.
So, for Schwab to essentially cut 10-40% of Legacy TDA associates compensation for 2021 in half is pretty cr---y all around. It’s not a great way to incentivize anyone to remain at Schwab or be engaged with respect to completing this integration on time.
Schwab calls it Total Rewards. Yeah I can hear the laughter from Legacy TDA folks that this sounds like some rewards program at a Las Vegas casino :). Yes, we had the same reaction but got used to it after the first few years.
The target bonus was based a combination of your grade and of course performance compared with your peers. Grade 60 maxes out at 20%, while grade 58 was 15%. However, this is just a target guidance, much like a heat seeking AARAM missile locking onto a target. It could be a hit or a miss. We don't know. That's why life is just a box of chocolates. So we spin the roulette wheel, and round and round it goes, until we hit 23! Then you go jackpot. That is my total reward.
Thus endth the lessson my young Legacy PDA padawan.
This board highlights the cultural distinction between the two firms. PFP incentivizes employees to perform and do what is in the best interests of the company and shareholders. Tenured legacy Schwabbbies who may not understand the value this has in employees propelling the future and everyone doing their part to advance the company. This lessens the amount of people who retort that it isn’t their job. company advancement is everyone’s job.
How quickly people get a sense of entitlement over what is literally a bonus. It's like getting a free turkey every year, and then complaining that your turkey wasn't quite as big this year, and then complaining why there aren't enough options because you've decide to go vegan.
TDA called it PFP (Pay for Performance).
Your PFP was percentage of salary (10-40% depending on your role). It paid out quarterly based on a blend of manager discretion, core values, company performance (EPS), and client satisfaction (net advocacy score). Each category could pay out up to 150% of its percentage. We had a couple quarters with 150% payout on company performance. Those were nice. The target objectives for company performance and client satisfaction were set at the beginning of the quarter.
Currently, Schwab is paying 12% of our yearly target bonus every quarter to “ease” us into the idea of their sh---y yearly bonus with mystery targets. Every TDA employee is making substantially less this calendar year than they did the last, all while we’re expected to do substantially more work and deal with more bu-----t.
Anyways, Schwab is a complete downgrade in all aspects. I’m working on getting the he-l out of here. This integration is doomed.
Curious to know what exactly TDA bonus structure is ?
Whose technology has survived in terms of IT, in particular around security and customer data? Or did they duct tape things together from both?
Schwab has had a good record in terms of frequency and severity of major data breaches; TDA hasn't.
Hoping President Biden's announcement helps to shore up security in this area.
Schwab has always been a comp disaster. Don't expect that to change.