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4 people found this helpful  

Relationship Specialist

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

I worked at Charles Schwab full-time (less than an year)

Pros

Great 9-5ish scheduling and scheduled breaks throughout the day. Friendly people that are always willing to help you as you start out in your role. Flexibility to move laterally if you feel another area of service may work better for your skills and experience.

Cons

Not much upward mobility at all. Despite the opportunity to grow laterally within the company there are not a lot of opportunities to move up into management or "senior positions". Even then, the largest incentive to move into management is removing yourself from the customer service and widgets you are gauged on. Pay is mediocre and the everyday workload is incredibly monotonous. The training is not consistent with real world applications and typically most of what you learn is from first hand experience of what not to do after you do it. Unorganized policies and processes as well as where and how to find them. Mid level management is more of a "here ya go boy" than operational position. When guidance is needed from mid level management a fair amount of self discovery will provide you more assistance.

Advice to ManagementAdvice

Update training for new hires and on going training after hiring. Create more developmental training to expand people's skills versus constant cheerleading sessions on why we do what we do and our need to focus on what we've been focusing on since day one. Challenge mid level management to know their craft. When their staff constantly knows more of what to do than the manager, there's a larger issue on who gets promoted and why and tends to lead to rapid turnover. One of the largest issues I saw while there is that the employee holds no real power. In customer service, allegedly, the customer is always right. In this role the employee needs to know the policies, have easy access to those policies, and have the power to enforce those on the customer when needed. Being as the customer is the advisor it does make it challenging but the mindset of, when they say jump, we say how high, will ultimately burn the advisor, the company, and possibly the end client.

Doesn't Recommend
Neutral Outlook
No opinion of CEO

873 Other Employee Reviews for Charles Schwab (View Most Recent)

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  1.  

    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 (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
  2. 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 (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
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