Charles Schwab

www.schwab.com
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Charles Schwab Reviews in Arizona

Updated February 21, 2015
Updated February 21, 2015
34 Reviews
3.0
34 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
Charles Schwab President and Chief Executive Officer Walt Bettinger II
Walt Bettinger II
34 Ratings

Review Highlights

Pros
  • It does allow for a good work/life balance which was very important to me (in 80 reviews)

  • good benefits especially Sabbath every five years (in 59 reviews)


Cons
  • Not much room for growth in Indy unless you want to stay in a call center (in 45 reviews)

  • There are very few woman and people of color in middle and senior management (in 25 reviews)

More Highlights

34 Employee Reviews Back to all Reviews

Sort: Popular Rating Date
  1. 2 people found this helpful  

    Great Client Focus, but handcuffed by the worst that "Human Resources" can dream up

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Client-facing Financial Services Representative in Phoenix, AZ
    Current Employee - Client-facing Financial Services Representative in Phoenix, AZ

    I have been working at Charles Schwab full-time (more than 10 years)

    Pros

    A completely ethical, client-focused business practice geared toward providing unbiased financial help & advice to its clients. Clients compliment us for our openness and honesty, which helps with the feelings of job satisfaction. Health Plan was among the best until Obamacare forced the company to stop offering a "Cadillac Plan", but still provides good access to health care. Decent pay for a competent client phone services person. Four-week sabbatical every 5 years for employees is also an excellent benefit.

    Cons

    The company has gone way overboard with minutia thanks to "Human Resources" policy changes during past 10 or so years. One example is how they've crafted a mechanism by which they find ways to avoid paying bonuses to employees. It used to be that the company paid out a full bonus quarterly, depending upon the company's performance for the preceding business quarter. All employees were able to participate, and in a particularly good quarter, everybody felt a genuine feeling of achievement & reward for a job well done, which went light years towards fostering an environment that helped keep employee morale high. With the change fostered by the HR geniuses, the first three quarterly bonuses in the year are now considerably smaller amounts known as an "advance"; the fourth, paid out during the first quarter of the following year, is now a rigidly calculated, employee-performance-based amount, which the average front-line employee may or may not receive, depending upon whether you're in good graces with your immediate manager. The emphasis of whether employees fully participate in a corporate bonus plan has shifted from the company's performance to that of the individual employee. What used to be a fairly quick, efficient and concise quarterly review process when bonuses were disclosed has evolved into a minutia-laden process that now requires a 16-page document to explain why you might or might not get an annual bonus. The longer that document gets, the smaller your annual bonus is likely to be.

    And get this - if you leave the company prior to that annual "bonus" calculation, you get nothing, in spite of the effort you put in during the previous 12 months. The changes in the bonus plan payout implemented by HR have been front-loaded in favor the company at the expense of employees.

    So it should come as no surprise that, thanks to the implementation of Obamacare. employees who used to benefit from an outstanding health care plan - most able to enjoy the convenience of small co-pay instead of much larger co-insurance costs - now face a much larger portion of those costs. To its credit, the company has contributed up to $1000 annually to Health Savings Accounts for employees; whether that contribution continues remains to be seen. But in describing the changes to the company's Health Plan, one of the company's HR higher-ups mentioned that some employees may have "cash flow problems" as a result of the changes. Obviously, a guy with a 6-figure income has a different definition of what constitutes a "Cash Flow Problem" than the average front-line employee.

    And don't get me started on the invasion of our privacy in the world of e-mail, IM, and even outside social media use. Forget about passing jokes along to co-workers, unless you like putting your bonus, or even your job, at risk. HR-implemented policies in this regard will help keep employee morale in right in the toilet. Apparently, a sense of humor is not welcome in this type of HR-focused world.

    I'm baffled by a recent trend to hire managers for jobs in which they have no experience nor expertise. It gives off an appearance that higher-ups view managers as interchangeable pegs which they are then able to place in a variety of holes, whether appropriate or not. I see no benefit to employee morale from this type of policy. The team cohesiveness which once existed between team members and their manager - largely because the manager knew and understood every facet of the job faced by the front-line employee - is an important bond which helps keep an esprit de corps among the troops and has gone missing.

    Advice to ManagementAdvice

    Listen to your front-line employees. They're the ones who actually communicate with your client base, and they're very adept at telling us what they like about what we offer. If you consider how much customers liked discounted commissions, access to a wide range of no-fee mutual funds, and expanded access to these services via our Internet platform as the years rolled by, try to remember that they came to us because they liked what we offered them. They didn't come to us because we told them to like it - such as the disastrous implementation of a multiple-tiered, multiple fee-based account option forced upon clients back in 2004, which then expended employee capital in a lame defense of these poor policies (which wisely - and thankfully - were discontinued).

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  2.  

    Good pay and good job.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Quality Assurance in Phoenix, AZ
    Former Employee - Quality Assurance in Phoenix, AZ

    I worked at Charles Schwab

    Pros

    Great experience, company will invest in you, learn everyday, pay is stable.

    Cons

    Traditional corporate job, work in a cube in call center environment. Took bonuses away and laid off workers when profits lesson.

    Advice to ManagementAdvice

    Be more transparent.

    Recommends
    Neutral Outlook
    No opinion of CEO
  3.  

    Great place to learn.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Operations Associate in Phoenix, AZ
    Former Employee - Operations Associate in Phoenix, AZ

    I worked at Charles Schwab (more than 3 years)

    Pros

    Company has a good reputation. Excellent place to learn the industry. Standard benefits.

    Cons

    The pay could be better, the raises are really small. They say they want to invest in employees but the pay and bonuses do not reflect that. The newer employers work harder than the tenured employees, which can lead to burnout. It is the same people that stay in the same job for years.

    Recommends
    Positive Outlook
    No opinion of CEO
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  5. 1 person found this helpful  

    Educational

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Registered Representative in Phoenix, AZ
    Current Employee - Registered Representative in Phoenix, AZ

    I have been working at Charles Schwab full-time (more than a year)

    Pros

    Job responsibilities clearly defined, great training

    Cons

    Few advancement opportunities and increased responsibilities and expectations without added compensation.

    Advice to ManagementAdvice

    More opportunity for advancement and care for employees

    Recommends
    Positive Outlook
    Approves of CEO
  6. 4 people found this helpful  

    Started out good but lost it's lustre fast.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Staff Systems Engineer in Phoenix, AZ
    Current Employee - Senior Staff Systems Engineer in Phoenix, AZ

    I have been working at Charles Schwab full-time (more than 10 years)

    Pros

    Good benefits, ok pay, most people are good to work with

    Cons

    Doesn't have a good work/life balance, To much management, a lot of employees are very apathetic

    Advice to ManagementAdvice

    Get rid of some

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  7. 1 person found this helpful  

    Good Folks, Terrible Management

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Investment Advisor in Phoenix, AZ
    Current Employee - Investment Advisor in Phoenix, AZ

    I have been working at Charles Schwab full-time (more than 5 years)

    Pros

    The staff at Schwab are really really good and believe in helping the clients

    Cons

    Management is so poorly trained, its not their fault, but Schwab as a company puts them in a position to fail.

    Recommends
    Neutral Outlook
    Approves of CEO
  8. 3 people found this helpful  

    It's a job, not a career

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Registered Representative in Phoenix, AZ
    Current Employee - Registered Representative in Phoenix, AZ

    I have been working at Charles Schwab full-time (more than 5 years)

    Pros

    The benefits are pretty good. Four week paid sabbatical every five years is amazing. The training to get your Series 7 and 63 is pretty good.

    Cons

    Office politics is ridiculous. Promoting the person the boss likes best rather than the best person for the job. It is a Call Center environment. The salary is low compared to the competition. You have lots of opportunity to move within the company if you want to move laterally.

    Advice to ManagementAdvice

    Do the right thing for the client. That may not be a managed account.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  9. 2 people found this helpful  

    A company that employees people on the lower end of the talent spectrum, for jobs that aren't rewarding.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Registered Representative in Phoenix, AZ
    Current Employee - Registered Representative in Phoenix, AZ

    I have been working at Charles Schwab full-time (more than 3 years)

    Pros

    Low work load, simple tasks, not much pressure to do much of anything.

    Cons

    Low pay, very few opportunities, low level management positions being filled with 25+ year employees who aren't interesting in developing new employees.

    Advice to ManagementAdvice

    Cut the deadweight from the company.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  10. 2 people found this helpful  

    Unfair and biased toward anybody with a "disability" regardless as to how bs it is

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Specialist in Phoenix, AZ
    Current Employee - Specialist in Phoenix, AZ

    I have been working at Charles Schwab full-time (more than 3 years)

    Pros

    it pays more than unemployment.
    it's centrally located
    fair vacation/sick time and managers are flexible if you have an appointment

    Cons

    If you're a hard worker, you will work twice as hard as the lazy coworkers for the same pay. The compensation isn't worth the stress.

    Advice to ManagementAdvice

    Get your head out of your butts. If 20 coworkers are complaining about one coworker, don't fire the hard working employees and keep the one lazy employee that everybody is complaining about.

    Doesn't Recommend
    Positive Outlook
    Disapproves of CEO
  11.  

    Its a good place to start you need to advance fast or move on.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Registered Representative in Phoenix, AZ
    Former Employee - Registered Representative in Phoenix, AZ

    I worked at Charles Schwab full-time (more than 5 years)

    Pros

    The base pay is in the 30's. Schwab has good business fundamentals. (They do not mislead the clients in to bad products) fairness for men, women and those in between.
    If you work hard and stay ozzing positivity you will advance. On the sales side you can make 80-120k. about the same for managers. Almost 100% of the employees are great people. They execute operations better than any other brokerage! Very efficient!!!!

    Cons

    If you have a micro manager the job can be a real un-pleasent grind.
    The new CEO Walt is a real penny pincher. He has fired ( found technicalities to lay off) older employees to hire the younger for the cost savings. In Phoenix the labor board filed a law suit for this. Nothing new for a fortune 500 company. It makes me sad (because I used to Love SCHWAB) that the fairness and ethics only apply to the clients and not the employees.

    Advice to ManagementAdvice

    I feel slighted for the other quality senior people that were downsized than myself. People in their 50-60's that may not recover as well. I would like to see a cost effective way for the front line employees to get a fair share of the profits to where if they put in 10 years or so the could retire or mini-retire. Be owners in the business motivated to take care of clients and the business success.

    Recommends
    Neutral Outlook
    Disapproves of CEO

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