If Schwab wants to keep the best people, perhaps a double digit raise would slow down the attrition. However, this is not realistic to hope for, so it is quite clear that this will be soon become a very different company made up of completely different employees.
On the other hand, it is questionable whether raise would solve anything because people are also leaving because of the general atmosphere and because they do not trust our leadership, which seems completely clueless.
7 replies (most recent on top)
Those that can afford to walk and retire and not give a dan, are not called lifers. That is the definition of success my man. I sense sour grapes.
Forget a million. Those that have been accumulating just ESPP alone, maxing out with the 10% contributions every quarter, in the last two decades has seen the shares go as low as $8. That's not including the purchase 15% discount. If you've been holding to today, where shares around $80+, you can retire. And this doesn't include the ESOPs and RSUs they would have exercised and sold over all this time.
Schwab lifers with a couple decades of service should have a million or two in company stock. Perhaps that cushion is allowing people to quit and look for greener pastures.
More money is not going to solve the attrition problem. As long as Schwab continues to play Russian Roulette with everyone’s health (Covid cases nationwide up 15% in the past 2.5% weeks), more money, even say $30 an hour for new hires, isn’t going to give anyone peace of mind if they fear setting foot into the office.
I have a feeling that the let’s all work at a massive campus structure is causing many people to look elsewhere if they’re give WFH.
I'm Green. I'm a bit surprised by the number of Blue employees leaving. I understand that throughout the US workforce people are leaving jobs at record levels, but my feeling at least is if TDA was still a company it would not have such high attrition. I am not tooting TDA's ho-n ( there's a lot good with Schwab in my view).
It also does not seem that the reason is just be the acquisition and quarterly layoffs.
Assume you mean like a 10% increase in my base pay? It would help me.