Charles Schwab

  www.schwab.com
  www.schwab.com
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9 people found this helpful  

Began with excitement, ended with despair and awful mid-level managers that couldn't be overcome

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

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

Pros

They hire almost anyone with a pulse, decent benefits, pay for training to get series 7. Sorry couldnt come up with any more.

Cons

Everything else. You take about 5,000 calls a year, your whole worth to the company depends on about 30-40 of those calls that are graded. The good calls which are the majority(unless you arent doing a good job) are hidden like a needle in a haystack, the bad calls stick out due to customer surveys or a micro-managing manager breathing over your neck. Alot of customers are rude and demaning, the company doesnt do anything about these customers and allows them to continue to demean employees. By the way if you dont get a perfect 9 on every survey, your job could be in danger, one customer that is upset at life that gives you a 0 can cost you a 5k bonus or worse your job. There are a bunch of awful mid-level managers that either are old that have been there forever and contribute nothing to the company(i.e C.N.) or young managers that have no experience managing people that got the job because they were able to suck up to people and work the number system.(i.e A.T) There are a few good managers, but its like playing russian roulette,if you get the wrong manager you will be fired eventually or get to the point you want to quit. Know alot about finance and stocks? doesnt matter your worth to the company depends not on your knowledge but on how many times you can get a client to click on a certain part of the website. Most people that work here that are on the phones which is about everybody either are looking for another job or are miserable to the point of quitting or being fired. I was on 4 teams during my time and 80 percent of everybody on the teams was miserable or looking for another job. There are worse jobs but not many.

Advice to ManagementAdvice

Anyone with half a brain could make positive changes here, but it does not seem tobe something that management wants to address. They like to sit in their offices thinking of new ways to make a miserable work environment, and ultimately a bad customer environment. Unfortunately no one holds them accountable.

Doesn't Recommend
Neutral Outlook
Disapproves of CEO

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

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  1. 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
  2.  

    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
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