Does anyone knows who will get laid off? It sounds like non client facing roles in closing locations. Would that be all? A few non client facing roles? Also it says they Expect to complete many actions before EOY but when will we know?
Can anyone add details?
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Y’all got additional info from managers? My department was biz as usual, nobody talked about nothing.
Hopefully the Communications Team. And the Finance Bro's from Wharton that misguided Schwab into 'technical' insolvency when the entire US knew the Fed was raising interest rates last year.
Compounding sc--w-ups that have undone any truth in Walt's "culture = RTO" speech in Omaha.
This is a strategic move to anger and scare employees into leaving the company. Fewer severance package payoffs for Schwab when layoffs happen. Also, notice that they have stopped putting the pictures of the EC in these email communications. We still know who they are despite wanting to appear “faceless”. It is a shame how downhill we have come since I started working here over a decade ago. There is not much farther the company culture can fall……
Hopefully they look at ALL the people in finance as well, not just tech, cs and branch. There are a lot of finance people that just pick their noses and update their spreadsheets. Some of those bright finance people Schwab investment decisions that have bit them in the butt and been down played - remember that is also a part of this issue
Sabbaticals are NOT paid out if you're laid off. You can even be let go while ON sabbatical and you won't get paid. It's clearly worded at jumpword: "Sabbatical."
Hopefully they have a place for all the Blues that do the same amount of work as 1/3 of a green. Got to maintain the culture, you know.
Good advice about scheduling your sabbatical. Also try to burn as much sick time as you can as you will lose it when you get laid off.
Better get your sabbatical scheduled if you are due one - they will pay you out for it if it is scheduled and you get laid off
The only silver lining to this is that all of the bootlicking managers and directors that were in here defending the culture are now at risk of losing their jobs! HAHAHA!!! I wonder if they will be singing the same tune
I’m like the donkey in shrek. Pick me pick me 🙌🏽🙌🏽🙌🏽
Where are the volunteer forms? Give us a reduced severance, and let us walk. You keep the brown noses that believe in the "culture" and the disgruntled work force sails off into the sunset. Its a win win.
"Flatten layers of hierarchy".....look out people managers and directors!
Walt keeps his bonus and doesn’t take a pay cut during layoffs. See you in the Hamptons he says!
VP's & Directors should be nervous. RTO was always a reality. Announcing it 3 months in advance is a way to shake the tree and save on layoff packages. Sadly this company is a mere shadow of its former self. Chuck knew how to make the employees and clients feel valued.
Hey layoffs are coming! but make sure you do your best still!
It’s just Biznus
There is always a method to their madness. You won't know and neither will managers. The idea? Announce layoffs so people will look for other jobs and leave which means less severance packages to pay. RTO, announcing this early in advance. Its all part of the game.
Given how communications have gone the employees will find out they are being laid off and then the people managers will be made aware with talking notes.
When will we know? How far in advance do managers know? Do my people leaders already know if I'm on the chopping block or so they still have to to through some exercise to determine who goes?
Look at the percentage quoted in the email about the number of people above what they anticipated. I'd expect a huge amount of layoffs. At least a 10% cut. This was always going to happen with integration.