Charles Schwab

www.schwab.com
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1 person found this helpful  

Good company values, but just "okay" collegues

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

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

Pros

-Company has a strong moral compass. You can sleep well at night
-Very good relationship with employees. Seldom do you see layoffs, division removals, etc..
-Clients like doing business with the company (for the most part - see below)
-If you are smart and work hard, easy to move up quicker than other companies

Cons

-Technology is very dated. Most employees still run Office 2003 and Windows XP, along with mainframe applications
-Employees tend to be older and have little ambition. This creates a workforce of people who are not good at innovating and are averse to change
-Client-facing technology is also dated, and this makes it hard for clients to do business with Schwab. This also creates many client escalations and stress-points
-Pay and bonuses are lower than other broker/dealers

Advice to ManagementAdvice

Move your stale, non-innovative employees out of the company. Shift away from mainframe and get the company into the 21st century. Stop telling everyone you are a "Challenger Brand" when you hardly ever innovate on anything important. It's annoying and no employees believe in it.

Doesn't Recommend
Neutral Outlook
Disapproves of CEO

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

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  1. 3 people found this helpful  

    A highly trained monkey...

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

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

    Pros

    My coworkers are a lot of fun - and that's about all I like. I'm writing more now to meet the 20 word minimum, but there's nothing redemptive about this job or this company.

    Cons

    Low pay - among the lowest in the industry. I have a Series 7 and 63 license, and I make less than $40 grand a year.
    Miserable job - it's entirely reactive, unimaginative, and passive. There's no room for creativity or growth or development or even individual thought.
    Bad Technology - the computers barely work, they're still stuck running DOS systems, and their idea of an upgrade is Windows 8.
    Limited Advancement - They think that a lateral move is a promotion. They promise raises without coming through on it.
    Schedules - rigid, unreasonable schedules. You can't get time off, you can't trade shifts, and 30 minute assigned lunch breaks (mine is at 10:00 am - it's such a treat).

    All in all, you're treated like a child - told when to show up and when to leave, no flexibility in your schedule or your time. No independent thought, no creativity, no real opportunities. It's not a career - it's a job. And a low-paying job at that.

    Advice to ManagementAdvice

    I don't mind an empty, unfulfilling job that is not challenging or interesting or fun, but at least compensate us well for it. The clients range from clueless to hostile, and we're stuck dealing with it with "positive language". We don't have an opportunity to grow, and there's no real incentive to work hard, because even at our best, we're only getting the lousy salary you give us.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  2. 1 person found this helpful  

    Not What It Appears

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Client Services in Austin, TX
    Current Employee - Client Services in Austin, TX

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

    Pros

    - work/life balance
    - great coworkers
    - decent benefits
    - company invests heavily in continuing education/licensing

    Cons

    - lower than industry average pay/bonuses
    - not much room for advancement
    - not very innovative
    - technology is beyond terrible

    I read numerous reviews before being hired about the technology (or should I say lack thereof) but seeing is believing and it's every bit as bad as people said it was. It's demoralizing to say the least when you're constantly being compared to Fidelity or being asked by clients why your company can't innovate. They are lagging behind when it comes to technology not only for external clients but internally as well. Windows 2003? Come on, Schwab. I had such an old version of Excel that I couldn't even open some spreadsheets sent to me by clients. That's a MAJOR problem but Schwab's management doesn't seem too concerned.

    The pay is also lower than the industry average but it's not terrible. The opportunities for advancement are more of a sore spot than the pay in my opinion. I was told BY MY MANAGER that promotions are given when it's cheaper for them to bump you up to the next pay grade than give you another raise. Did I mention that was told to me BY MY MANAGER?! Who says stuff like that to their employees??? There haven't been any openings in my department but I've noticed in other departments that there doesn't seem to be much promotion from within. There is not a lot of cultivating of internal talent and that has a huge effect on morale.

    It's not a horrible company by any means but it's definitely not a place to stay for 10 years either. My recommendation? Unless some things change around here, start your career here and leave once you've got the name on your resume.

    Neutral Outlook
    Approves of CEO
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