Charles Schwab Reviews

Updated April 18, 2015
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3.5
131 Reviews
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Charles Schwab President and Chief Executive Officer Walt Bettinger II
Walt Bettinger II
73 Ratings

131 Employee Reviews

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  1. Helpful (1)

    Charles Schwab is one of the best places in the world to work.

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

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

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    I have been there for 16 years now. The culture of the company is all about the best interests of the customer. Everything is built up around that core concept. I have great pride and satisfaction in working for Schwab.

    Cons

    I have been the sole member of a geolocated team for almost 8 years. That has been a lonely job, but most of that is my fault for not reaching out and building relationships with my co-workers nearby, even though they are in totally different departments.

    Advice to Management

    Stick to the core principles.

  2. Retirement Plan Specialist

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

    I worked at Charles Schwab full-time (More than 3 years)

    Doesn't Recommend
    Neutral Outlook
    Doesn't Recommend
    Neutral Outlook

    Pros

    Meeting quarterly with Senior Management, Exe VP's.

    Cons

    Company has a high turn over rate. Consider reading up on taking a Series 7 and 66 exams. Without having them your tenure will be very short lived. Would expect the company to really do a lot of in house training to get everyone to pass the exams considering the cost of hiring and firing employees.

    Advice to Management

    Work on retention. Why let good people go. Examine why people are being let go. Work with the individual. Major problem is that not permitting representatives to truly resolve issues and improve the knowledge base. The knowledge base happens to be the worst I have seen. You have to many different locations to obtain information this is extremely confusing and frustrating.

  3. Technical Support Specialist

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

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

    Doesn't Recommend
    Negative Outlook
    Doesn't Recommend
    Negative Outlook

    Pros

    pay scale is more than fair and they adjust often enough. Awesome customer service training

    Cons

    no time off; they don't honor vacation or the benefits they offer

    Advice to Management

    Stop counting bathroom breaks against your employees and honor your promises

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  5. This is a good company, good benefits, too many layoffs though.

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

    I have been working at Charles Schwab

    Recommends
    Neutral Outlook
    No opinion of CEO
    Recommends
    Neutral Outlook
    No opinion of CEO

    Pros

    Benefits, environment, pay, people, location.

    Cons

    Too many layoffs when not really needed.

    Advice to Management

    layoffs hurt not only the employees and their families, but also the company image and reputation.

  6. Schwabbies Rock!

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

    I have been working at Charles Schwab

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    True "family" environment, teams are supportive and focus on leveraging each other's strengths to accomplish tasks.

    Solid values but company still focuses on innovation.

    Pay is strong and bonus program gets stronger every year. Health are on par with industry.

    Cons

    No paid maternity leave like most FORTUNE 500 employers. 401k match could be higher.

    Advice to Management

    Focus on keeping total comp and benefits packages competitive.

  7. Helpful (8)

    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)

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    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 Management

    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).

  8. Operations Specialist

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

    I worked at Charles Schwab

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Good pay in a very affordable city, company provides the tools requires to do your job (technology and proprietary systems), nice locations in Arizona, two separate centers allowing for better commute.

    Cons

    Northern location is overcrowded, cafe is not reccomended.

  9. Helpful (6)

    Screw your employees out of bonuses and raises while the Top 5 bathe in stock options, bonuses, raises and sick wealth.

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

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

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    Pros

    Going to be hard to find 20 words but the only pro I can think of is the day one leaves.

    Cons

    Micromanagement, promises of bonuses that never arrive, meager cheapy the cheapskate raises (if any), drab sad employees who look suicidal. One big sweatshop. Every thing is measured, your breathing, your time on a call, your time off a call, your time taking a crap. Everything wrong with America right now exists here...greed at the top while the others starve.

    Advice to Management

    Realize that people are human, not slaves.

  10. Great work atmosphere and a place to build a career.

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

    I worked at Charles Schwab full-time (More than a year)

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    Amazing management teams that will help you figure out a career path. Plenty of resources to take advantage of within your career.

    Cons

    18 month contract for customer service positions before you can transfer departments.

  11. 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

    Recommends
    Neutral Outlook
    No opinion of CEO
    Recommends
    Neutral Outlook
    No opinion of CEO

    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 Management

    Be more transparent.

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