Can Schwab do something to stop all my best colleagues from leaving?
Maybe they should first examine why people are leaving in the first place?
Everything that leadership does in this regard is not effective. This has already become awful. Some believe that the attrition rate will be even higher. I no longer care how the attrition will affect Schwab, but I am worried because the attrition will affect my work and all the employees on the team.
I worked there from 1999 to 2005. It remains to this day, the worst experience of my career. Incompetent leadership to the point that you can see the massive IQ gap in their eyes when they speak. Admittedly I know nothing about it since that time but no way it was fixed without burning it to the ground and starting over.
We should all leave Schwab and all go to Les Schwab. They have a small IT group. One CIO, one CTO, and an engineer. Les Schwab makes tires. Schwab makes money.
Yes, that was not a comment on the Schwab Blue workforce. There are talented Schwab Blue engineers, specialists, managers, and etc. It was a comment on Schwab Blue leaderships inability to utilize their people to their full potential or provide any vision, direction, and authentic leadership. The talent is leaving and they won’t be able to attract new talent to replace it. Talented people want to work with other talented people. We’re at the point where managers are being asked to post open positions on their personal social media accounts. Yikes.
That comment on Schwab Green is an accurate representation of the current climate though. Toxic.
Not really sure he was talking about the Schwab workers but more the executives who don’t let any work get done because of “compliance, process and regulations.” We all know they just quote those things to justify their existence. The worst part is we will never make the conversion deadlines because each department at Schwab has their own agenda and they don't care about the conversion. Executives need to take control and get all departments working towards the same goal. Failure is inevitable at this time if things don’t change.
You’re not impressed because they are bound hands and feet by the Schwab machine. Must. Not. Let. Them. Think. Follow. The. Process.
@7cxh+1d5Xqofc
Pffff. Worked with TDA folks. Not impressed so far.
@7lld+1d5Xqofc There was a huge difference. Schwab is a complete downgrade compared to where TDA was by just about every metric. That’s why people feel slighted. Schwab can’t even keep people who didn’t just get acquired by an arguably worse company.
I agree Schwab bought TDA just for its accounts and platforms. It doesn’t have the capacity to build innovative platforms or attract talent by itself.
@7lld+1d5Xqofc There was a huge difference. Schwab is a complete downgrade compared to where TDA was by just about every metric. That’s why people feel slighted. Schwab can’t even keep people who didn’t just get acquired by an arguably worse company.
I agree Schwab bought TDA just for its accounts and platforms. It doesn’t have the capacity to build innovative platforms or attract talent by itself.
@7lld+1d5Xqofc
Thank you old wise one budda you. What would we do without such wisdom from the One. I guess is par for the course as well.
@6zlx+1d5Xqofc
Unlimited tire rotations is a solid benefit. I would take that over commission free trades, and a 5% of total pay as your 401K match any day of the year. And twice on a Sunday to boot. Tire rotations. Just let that slip off your tongue.
For those on green side that are unhappy or feel slighted, this is par for the course esp. where there isn't much differentiation between the acquiring and acquired firms. Schwab was acquiring the accounts and deposits. Plus several platforms.
@6vjh+1d5Xqofc
I would trade all that away for free tire rotations and discounted valve stems.
We haven't seen the worst of the attrition. If I were a betting man, I'd bet on mass exodus in March-April. Retention and/or integration bonuses beyond that won't matter. The company is tone deaf and the talented ones know it. Talent is leaving and will continue to. The worst is yet to come.
Look. Les Schwab makes tires. Charles Schwab makes money. They are both Schwab, and they both make things. Just different things.
Les Schwab benefits are not as good as Charles Schwab. First off, none of make anywhere near $200K base. We don't get $40K yearly bonuses either. 401K? Forget 'bout it. Don't even get me started on 401K match, or profit sharing, or any of that nonsense. They are non-existent at Les Schwab. You guys have it so good, and all you do is whine whine whine.
Schwab’s philosophy to everything - throw more money and/or bodies at the problem. Don’t try and fix the root cause of anything. So if money is your thing, enjoy the OT gold rush. Because the number of experienced associates leaving will only escalate over the next six months, leaving the few remaining associates to pick up the pieces and try to keep the sinking Titanic afloat. But don’t bet on any problems actually being fixed - especially on the green side, expect status quo for the next two years.
Honestly, in my department (money matters) but people are not leaving because of their retirement package or a percent here or there. It is toxic management. The 5% raise is a bandaid that might work for a few on the fence about leaving, but that will have a limited return on investment. Schwab can't BUY LOYALTY. They have to tread employees in a why that makes them want to be LOYAL.
Schwab management who like to pretend they are a mature company but they often run the place like mom and pop shop has exhausted their resistance to leaving for greener pastures. In simplest terms, they try for a while but eventually lose hope.
Employees are also tired of seeing executive management overwork and destroy some otherwise good middle managers that were working their butts off and trying to make a difference. This is where the biggest problem is happening... PEOPLE FOLLOW GOOD LEADERS.
What Schwab is seeing is that FRIENDS stick together. When managers and key players leave and get a job that treats them like humans with better opportunities, they recruit and refer their FRIENDS for a better position. That is why Schwab is seeing a voluntary mass exodus of excellent employees leaving on their own for a better life.
TDA had a higher contribution than Schwab does. 3% match plus ~5% profit sharing. It had a 4 year vesting schedule though.
@5vky+1d5Xqofc Cool math, bro.
I’d rather have up to 17% (match + profit sharing) of my eligible compensation (includes bonuses) invested now that I’ll own 100% of 5 years later, as opposed to 5% of my eligible compensation invested now that I own 100% of right now.
17% will go a lot farther than 5% over the course of 5 years. Long term, it’s a better deal, but to each their own.
My company only gives a 3% 401k match, and takes four years to vest. The match is added at the end of the year, vests 25% for each year after that. So this companies match at 5%, including bonus with the base is pretty good. I don't get anywhere near $12K a year in 401k match.
I work for Les Schwab, which makes tires. Not Schwab, which makes money.
Vesting schedule does matter you brick. Take some basic math to understand how it affects you. Schwab's 401K match at 5%, which covers both your base + bonus is not bad. My yearly total match is $12K, which vests immediately, after each paycheck. Not at the end of the year, but as you get paid, and the match goes into your 401K fully vested.
@5xeh+1d5Xqofc That’s the spirit. That attitude is partially why this place sucks and nothing will ever change for the better. Everyone just sticks their head in the sand to cope with how sh---y their job is as opposed to investing time and effort to fix the things that are broken.
Just because you took a downgrade doesn’t mean Schwabs benefits are good. If we want to talk 401K, how about Fidelity? 7% match, 10% profit sharing, vests over 5 years. Unless you’re job hopping, vesting schedules shouldn’t matter a ton.
Don’t take my word for it, their benefit offering is public.
https://www.fmrbenefits.com/Assets/4033
I cannot believe anyone is complaining about benefits. I left and the 401k is horrid - lower match and vesting over 4 years. But it’s all a trade off. I think Schwab is generous with its benefits but it lacks in other areas. I’ve found that every large corporation has some kind of shitshow going on. I just have finally learned to keep my distance, do my job and then shut down and enjoy my life. I’m no longer emotionally attached to the corporate world and it’s made a world of difference. On that note, im going to take a relaxing lunch break.
@5trc+1d5Xqofc this…
It’s not entirely about the money either. You can’t buy job satisfaction and career development with a higher salary. Quite frankly, I fu----g hate this place. My day to day is a constant battle just to be productive and deliver something. There are so many bu-----t layers of architecture, compliance, audit, security, risk, and etc. that TDA didn’t have. Even if Schwab wanted to improve/change it, they couldn’t because it would have to go through the same process. It’s a feedback loop. Combine that with subpar culture, workplace technology, benefits and you’ve got a losing strategy.
Schwab peaked at the deal announcement, it’s downhill from here on out. Don’t get me wrong, it’ll still make a bunch of money. But, they are running out of competitors/talent/technology to buy and they are losing ground on high net worth clients to Fidelity and other competitors. This place needs a VBO like Fidelity had. Clear out the lifers like Tim and make room for people with fresh ideas and diverse experience from outside of Schwab. They scuttled the opportunity they had acquiring TDA.
I’d be willing to make a lateral move or even give up some of my $200K salary and Director title if it meant I could go back to being passionate about my job and the work I was doing.
The ones making $200K base are typically the ones leaving. They can go anywhere, and make more money. Folks, the salaries at Schwab are lower than most technology based companies. So no, us $200Kers are not fighting like heck to keep our jobs. Some would love just get a one year package, and then go somewhere else after 2 years.
You 200K plus guys are not the ones walking out the door. You are the ones fighting like he-l to protect your fat checks.
"The 5% pay increase was ok..."
Really? Just ok. When you make $200K+ base, 5% if over $10K. For me this was like an extra $1000 per month average. That funds the IRAs for both my spouse and me.
@1irc+1d5Xqofc this is probably one of the things that will affect attrition the least. they have much bigger problems to solve than a vaccine or mask mandate.
One major thing that will prevent a max exodus of employees is to not make vaccines mandatory, and ban use of masks while on site. The vaccine mandate is going to be a big issue for many.
The attrition fixes need to be immediate, as in the next 1-2 weeks. Waiting until year end is not going to cut it. No one wants to deal with angry clients screaming at them all day due to self inflicted gunshot wounds by Schwabitrade (both sides share blame). Schwab’s refusal to commit to long term WFH is ki----g recruiting when compared to our competitors. I do not have high expectations that anything serious is coming to fix the problem. Hiring more inexperienced bodies is not the solution.
The 5% pay increase was ok, and really was necessary, given pay isnt as competitive/rising inflation. I'd say a a big one for me, and could be a deal breaker, is how flexible will they be with working remote long term. I think employees should have a choice, and one that aligns with their needs/preferences, too. I don't know that I'll ever want to go back to a 1 to 2 hour daily commute time/traffic/time out of my life, when I can get just as much, if not more, accomplished at home. Some want to return to the office, others do not. Employees should have a choice. I think schwab/executive leadership is going to have to realize workforce has changed, and be willing to offer greater flexibility, especially if they want to keep some of their top/hard working employees, and attract new ones. Also, I wouldn't mind if they increased the 401k 5% match to at least 8%, or provided employees ability to purchase additional pto/or put sick pay in the same bucket as pto. To me, pay and benefits are only mediocre, and a 5% pay increase to combat low pay/rising inflation, and their previously announced rto tiered approach isn't going to cut it.