I’m sorry for all the people who were laid off this week. I hope everyone realizes though that IT DOES NOT MATTER if you are loyal to a company. They are NOT loyal to you. I actually like Schwab because they’ve been a lot better to work for than many other companies I’ve worked for. But I’m not naive enough to believe that because I’ve been loyal to them that I’ll get the same in return. I snicker a little bit when someone who has been around for 25 years talks about their loyalty to the company, because I know and saw plenty of those types get dropped like a hot potato this week, and then are shocked it happened to them. The lesson here - be loyal to yourself and look out for YOU. Play the game because that’s the only way to get ahead, but understand no company is going to care about your loyalty so why give it to them? I wish everyone who was affected the best.
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No matter what they tell you, FTE or not, you contract resets every day. Will it renew tomorrow?
People need to understand one simple fact. we are all replaceable and there are no exceptions.
No Companies are loyal, seen several RIFS over the years, I wonder how many employees moved to Westlake from the CA HQ were let go? Several Fidelity employees in Westlake jumped ship to Schwab in 2017ish? during the HQ relocation, and got RIF'd a year and a half later. No one wins and Schwab fired the first volley with ZERO commission trades etc.
Good luck in the future everyone!
I have just under 17 years and have been loyal to the company and gave so much of my heart and soul into the company. This leads to the saying that everyone is expendable. In my years, I've had multiple co-workers die and Schwab was very good. But since the TD merger, the company culture has started turning toxic, to the point that I dreaded work every morning. My manager over the last two years has down right hated me and thrown me under the bus anytime he messed up. And then retaliated against me when I spoke up once and had to deal with a lot of cr-ap. I designed/managed/supported the Technology behind IMPACT for 7 years, putting MONTHS of 20 hour days, even working every Sat and Sun for the months leading up to IMPACT. My wife and I didnt see eachother for months at a time during that because I came home at 11pm-1am to get back up at 5am to drive back in.
I've given a lot to this company and over the 17 years, they gave me a lot. I started at the very bottom contracting as a CRT monitor swap to dual LCD monitors... and up to sr manager position i just left. I've designed many of the policies all end users have to do today. I've seeked out, tested, and implemented technology that EVERY SINGLE schwabie is using every day to do their job. I've been through many layoffs over the years. And in the July before TD announcement BIG layoff that was leaked a week before, I got the list of people on the chopping block the week before as I had to strategically start removing privileged access they had and make it so they didnt know and purposly send them in request circles that go no where to get by. I was also in the "war room" that day and I can tell you with certain, there is NO manager, or person in that room that is happy or in a good mood. Knowing that people I KNOW personally, been to their houses, had meals with their families, were on that list. It was a very emotional thing to be apart of.
I am hurt by this, but toxicity of the culture over the past two years, and my manager doing anything he can to just hate me for no reason, I am stress free for the first time that I can remember. Due to my position and years, I am getting a very healthy payout and the area I specialize in is in EXTREME demand right now and there are hundreds of openings for me and i've already had multiple meetings with head hunters and just putting that I am locked until Jan 5th when I can start.
I feel bad for the more short timers that only get a couple weeks and who are newer as they dont have my luxury. But I can assure you, this is not personal to you, or me. It hurts bad, feels like your wife just slept with the neighbor and left you for him.... but we'll all be better on the other end for this... Plus how long i've been there and stale, i'm finding that my position pay, is around 25-40% HIGHER everywhere else.
Keep your heads up. Mark on LinkedIn you are open to work. Communicate that you are locked until Jan 5th if someone wants you. Start practicing interviewing by doing it, thats the best you can do. Over the years i've interviewed to hire on my team, I always go for the ones that are more open and know what they are talking about and no slowness or ummmm, or wellllll and stuff like that... practice your interviewing by doing it.... you'll get better, and it will make you more hungery for a position and start that fight back in you.
@1kpy+1pqaaWCZ From what I’ve heard they are looking to come up with bogus nitpicky performance reviews EOD to justify layoffs/reduce bonus/raises. Morale is at an all time low. No motivation for anything.
Layoffs are like inheritance… they bring out the worst in people.
Once the layoffs were announced my boss decided to go full narcissistic snake mode and write up a bunch of (false) reasons to his leadership why I should be laid off and save himself.
Things got uglier and uglier with him nitpicking and demoralizing me weekly until the end and I got whacked.
I was honestly relieved until I found out what he had been telling other people about me. Then I was PI---D.
And now he’s unhappy with having to actually do actual work because he got rid of the one person he delegated everything to.
Forgive me for not feeling overly sympathetic towards him.
In all of my career I have never experienced what this guy did to me. And it has left such a bad taste in my mouth about Schwab and a general disdain for humanity in general.
@qoq+1pqaaWCZ I'm so sorry to hear that. Was cut from the team during the "Halloween Massacre" along with a senior rock star developer who has run afoul of management on several occasions. I am no rock star myself but contribute solidly to the team and we were taking on a lot of new work right before the ax dropped. Caught me by complete surprise really.
Hopefully something will work out for you.
Not everyone gets to leave with a hefty severance package. I became fulltime from contract to hire early this year 9 months ago after 18 mo's of contracting. And this was also my first fulltime job in 12 years and the best pay I ever had.
The technology group that I was part of which let me go was not even the one that were funding me!!! I was made part of that group so I could convert to full time while the business group that I was working as contractor for, was funding me and still have a huge backlog of items to accomplish in 2024. My business side manager was shocked that I was let go.
I think the tech group had to show a head cut and they used me as a scape goat. The funny part is how could they show my layoff as a cost saving when they did not spend a dime on me?!!! They asked me to initiate a few KT sessions a few months ago which I did and that was the first red flag. I sensed it but they said it was just a requirement I had to fulfill.
My manager says I am imagining all this but I asked him, "how do you know?" And for that he said the business understood that they needed to keep me. If so then why did it happen? He said somewhere somebody decided to save money and that I was impacted.
Either I was played or my manager was lied to. Either way, I feel a bit violated. Not a lot just a little bit. But at the same time, I also feel relieved that I don't have to deal with this nasty person on the tech side who could be very controlling. I call them nasty because they yelled at me. That's right, I was being yelled at. Anyway, it's time for new horizons!!!
Best of Luck, everybody out there who's on the same boat as me!!!
This company is NOT loyal at all!! I was with the company for almost 18 years and was fired on 9/1 with no severance or anything. I did make an error which cost the company a large amount (large to me but not them) of money, but over my 18 years, I have caught numerous errors and system issues that saved the company twice the amount this error caused. Also had above expectations reviews every year. I take full responsibility for my part but there was a breakdown in the process and I should not have been held fully responsible.
It took them almost 3 months to fire me after the error was discovered. So everyday of that almost three months I had to worry if that was my last day or not.
Just like these layoffs, they were announced in June and did not happen until 10/30!!! Management could give two s$it’s about you.
Will never do business with them again and most people that know of my situation and how I was treated will never do business with them again.
Preach! Companies stopped being loyal decades ago… there is way too many implications that have made them ALL cut throat…. Best of luck to everyone. Trust when I say, things will get better.
I agree, but i honestly believe getting cut is a blessing. Once people go through the various phases of acceptance, they will emerge stronger on the side. There is a whole world of opportunity out there. The longer one stays in one company, the more they lose their edge. A change, as uncomfortable and stressfull as it may be, is just what is needed to achieve higher level of fullfillment and prosperity in life.
I was at schwab for a long enough run to see a culture transform into a upward managing, order taker orientation with a lot of politicking and fakeness dominating the scene. If the goal was to play that game, get good at it, make some bucks off of it, and you got cut, then i guess there are lessons to be learned there. If the goal was to work colaboratively on innovative things to contribute back to society in a meaningfull way with a sense of true accomplishment, there are better options. I am thrilled to be moving on and greatfull to have been given a wonderfull parting gift.