Thread regarding Charles Schwab Corp. layoffs

2022 Raises and Comp Adjustments

So we’re getting close to year end, and it’s been radio silence about any sort of comp discussions. I keep hearing November/December, but I also don’t see many of my colleagues waiting to find out how much/little Schwab plans to bring to the table.

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Post ID: @OP+1dHWaFfR

18 replies (most recent on top)

Yes, that is what we were told earlier that the pay would be increased so that total overall target comp would be the same. But we will see. And you are right they did originally say the conversations would happen end of year. For Blue the merit increases do not go into effect till March, so I wonder if Green is on the same schedule.

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Post ID: @furf+1dHWaFfR

Has anyone coming from Green heard about their 2022 compensation mix?!? I can’t believe it’s almost December, with massive attrition, and they haven’t told us. :-( My director said some mumbo jumbo about “bonus pool opportunity” being the same, but… that would be a pay cut for me. Imaginary example with round numbers:
100K base
20% bonus at TDA = at least $20K, more if a top performer (formerly paid out at $5K per quarter)
Moving to Schwab fixed bonus = $10K
Are they bumping up the base salary for this person to at least $110K? If not they are taking a 10% CUT.

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Post ID: @fero+1dHWaFfR

Schwab Green is used to getting their bonus paid out quarterly (no advances). So usually after the end of every quarter, you had nothing left on the table except 10% EOY profit sharing, RSUs, and etc. So, 62% isn’t as bad as 85%, but a far away from what it used to be. In summary… the current bonus payout schedule for both Green and Blue sucks.

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Post ID: @3jwf+1dHWaFfR

@3zql+1dHWaFfR
The "quarterly" bonus advances are a fixed dollar amount of $1K or $2K, depending on your grade. Your actual year end bonus total, where the advances are deducted, is highly variable. First, there is the total corporate pool funding, which is dependent on corporate performance. This will be announced as 90%, 100%, or 110% of the target. Each individual gets a bonus amount that is dependent on their grade, salary, and actual individual performance.

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Post ID: @3nmi+1dHWaFfR

On the Green side our bonuses were a percentage of salary. If two people are at the same grade level and one made 100k and the other 150k, the bonus for the second person would be 50% greater for the second person.
We have heard that on the Blue side the bonus is a fixed dollar amount for the grade level. Is this the case?

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Post ID: @3zql+1dHWaFfR

@2hsp+1dHWaFfR
Schwab Blue here. You're in pretty good shape, having received 37.5% as an advance. We (Blue), get flat rate advances of either $1K or $2K every 3 months. I have an anticipated 85% held hostage with a g-n pointed at it. Tied up in some chair in some room somewhere.
You're doing pretty good Green. Just saying.

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Post ID: @3qoq+1dHWaFfR

@2mis+1dHWaFfR Schwab Green here. 62.5% of my 2021 bonus is being held hostage until next year. I'll stay that long and then gladly go.

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Post ID: @2hsp+1dHWaFfR

No merit increases until the end of February. Think that says enough right there. Either you stay or go.

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Post ID: @2mis+1dHWaFfR

@1tvh+1dHWaFfR
Boy I'd need a lot of those Applebee's gift cards. I mean like 2000 of of those $20 cards. Then I can sell them for $17 each.

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Post ID: @1vmw+1dHWaFfR

This is just a rumor, but I’ve heard every employee will get a $10 Applebee’s gift card instead of bonus this year. Which, if you think about it, is much more exciting. If you use it correctly, you should be able to get an appetizer and a drink. Or if you are feeling very frisky? You can use $10 of your own and do the 2 for $20.

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Post ID: @1tvh+1dHWaFfR

I know many green associates sticking around strictly to see how the new comp is structured. If they sc--w this up, the attrition we're seeing right now will be nothing compared to what is coming.

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Post ID: @1emh+1dHWaFfR

How many years of service to accumulate a $1M 401k?

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Post ID: @1vym+1dHWaFfR

Try checking the Compensation section of Workday. It's possible an adjustment has already been made and that your leader hasn't done their job of notifying you directly. I know of changes that were made which should be effective around the beginning of November. My own is very much of the "too little too late" variety, but at least will be bringing home a little more while I look for a new job. Hope you have better luck!

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Post ID: @1egq+1dHWaFfR

I am curious how many of you have a substantial amount saved in your 401K? Given relative match of 5% for Blue, and 3% in the past for Green, I bet it's pretty substantial. Early 40s -> $1M for me. Not the best, but I have always contributed max every year, and put did a conservative allocation of index funds, and fixed income funds.

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Post ID: @rgr+1dHWaFfR

@rkb+1dHWaFfR
What do you mean by under a Green org structure? You mean in your reporting chain there is legacy Green MD? That is common, and that doesn't mean that is a "Green org structure". We are the Schwab org now. Also the bonus for 2021 is the same for Blue has it always has been, while Green are paid using their existing structure. I think they get a larger bonus advance, 12.5% of their target, while we still got a flat rate based on grade

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Post ID: @yld+1dHWaFfR

So my concern is those of us Blue employees that were moved under a Green org structure, are we going get a fair shake?

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Post ID: @rkb+1dHWaFfR

Because of the stellar year we had, it was already announced that the bonus pool would be funded at 125%. You are not getting anymore details than that, such as how much each individual will get, which is baed on your compensation, grade, and performance.

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Post ID: @fqv+1dHWaFfR

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