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The company no longer cares about employees. For a service based organization, this is sad.

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Current Employee - Anonymous Employee  in  Orlando, FL
Current Employee - Anonymous Employee in Orlando, FL

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

Pros

Charles Schwab provides an opportunity for exposure into several areas including customer service, audit, trading (stocks, bonds, mutual funds), sales, etc. You can gain valuable experience in many of these areas, which is especially nice if you do not have a crystal clear path in mind. Benefits are ok. Health plans are shifting to HSA plans, but other benefits are still solid.

Cons

The company does not care to take care of their employees financially. The recent trend is to push out seasoned employees in favor of less experienced or capable replacements to cut costs dramatically. This is especially depressing since the company is so historically tied to WORLD CLASS customer service. Schwab's promoter scores have declined in each of the past 5 years. While part of this can certainly be attributed to market forces and the downturn, a large piece of the puzzle lies in the fact that the revolving door of less experienced line employees sacrifices customer service and client experience which the company was built on.

Also, the wage structure is absurd. Everyone can complain about wages, i'm sure. I for one am extremely happy to be employed. However, I received a 5% raise this year (my first in 3 years) because I was well below the minimum salary range for my grade level and I had to be adjusted to meet that minimum. In other words, my company is telling me that after 2 years of busting my ass and being a top performer in this current role, I am worth the bare minimum that can be payed to someone that fills that role.

The other issue with this is that when people are hired, they are not placed at these minimums! External hires to the company typically make well over the grade level minimums. There are people brand new to the company that are a grade level below me, and make more than I do! While I do understand that this is partly venting on my part, this does not exactly resonate with the employee base and get them fired up to come into work each day.

My last major issue with Charles Schwab is that office politics and chronyism run rampant throughout. This is a factor at any major office building, but I can't help but to notice that roughly half of the external new hires to the company went to college with half of the current employees. It seems to turn the office into a massive clique environment that is also not healthy for stability and growth. To keep going, you must be well prepared to play office politics at ALL times.

Advice to ManagementAdvice

Take care of your employees. Listen to what they actually need. Do not treat employees like children, or offer silly gifts such as candy, play doh, puzzles, rocket ship pens, etc and expect to motivate productivity or loyalty. Employees want to feel that they have a chance to build a career and make a difference while setting themselves up to be financially independent.

The longer that you choose not to reward top employees for performance through salary incentives, the longer productivity, service levels, and in turn, client promoter scores will continue to free fall and you will have nowhere to look but the mirror.

Doesn't Recommend
Neutral Outlook
Approves of CEO

Other Reviews for Charles Schwab

  1. 4 people found this helpful  

    Last one out, turn off the lights

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

    I have been working at Charles Schwab full-time for more than 8 years

    Pros

    Co-workers are great.... and well... co-workers are great. Schwab used to be a great place to work, however, the environment has certainly changed.

    Cons

    Pay is embarassing.
    Upper management is completely disconnected.
    The bulk of middle management are in the business of collecting checks, as opposed to working
    Human resources has no clue what skills are needed for financial services.. I honestly question where they find these people.

    Advice to ManagementAdvice

    Start from scratch. The entire E-board has run this company straight into the ground.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  2.  

    Good culture but the company needs to do more to keep its employees

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Premier Lending Associate  in  Englewood, CO
    Former Employee - Premier Lending Associate in Englewood, CO

    I worked at Charles Schwab full-time for more than 3 years

    Pros

    Benefits are great. I met some very smart and hardworking people at Schwab, its a shame that they arent rewarded like they should be.

    Cons

    Pay is on the low end for most entry level type jobs and the company hasn't given good raises or bonuses since 2007. While I was there, the attitude from leadership seemed to be one of "If you don't like your job than hit the road because we can find someone else." What ever happened to viewing employees as assets rather than seat fillers?

    Advice to ManagementAdvice

    Work harder to reward everyone who does a good job, not just the top 5% of performers. Stop making excuses on why you can't pay more and become more competitive with peer companies in terms of compensation.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
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