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Senior Finance Manager

Current Employee - Senior Finance Manager  in  San Francisco, CA
Current Employee - Senior Finance Manager in San Francisco, CA

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

Pros

work environment. Schwab has a great culture of respect and appreciation for employees. You basically have the freedom to chose how you are going to do your job. Management s very transparent

Cons

mature company. There is little opportunity for career advancement.

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

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  1.  

    FINANCIAL CONSULTANT

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

    I worked at Charles Schwab

    Pros

    No cold calling for sales

    Cons

    Always changing pay and priorities

    Doesn't Recommend
    No opinion of CEO
  2. 3 people found this helpful  

    Good Pay, Understaffed, Overworked core employees

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

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

    Pros

    Great people, Good Pay with Solid Training program. Lots of different shifts available.

    Cons

    Constantly changing values, constantly changing company direction. Very little ingenuity to be found. Outdated systems, focus is more on getting everyone on the same page due to never ending changes (not for the better, simply for the sake of change in many cases). Once you are there for several months, it is near impossible to get promoted without playing office politics. Management acknowledges that this is the case by how they "craft" reviews, chairman's club, etc.

    Front line employees well past understaffed for over 12 months. This is furthering the high turnover rate in many areas. Company decided to do away with annual employee appreciation week in 2013, but spent what was likely a lot of money to move around the country a virtual Charles Schwab life sized plasma display with motion sensors so that when you walked by it, he would tell you what his values are, as well as the history of the company.

    Company benefits (medical, dental, etc.) continue to become less and less usable, as the company moved away from a great co-pay to a PPO/HSA plan that no one understands, and everyone hears horror stories about an ER trip with this insurance plan that costs them $1k for a stomach bug. Schwab calls this "allowing employees to have the chance to take a more active role in their health care" (see cheaper for Schwab and much more expensive for staff).

    Very muddled line of communication, seems like pulling teeth to get a yes or no answer from any management (and this is due to grey area data being where upper management likes to navigate, and then delegate down through the ranks) about anything related to bonuses, compensation, future direction of projects or departments, etc.

    Recently, there has been a vacuum of talented long term staff, both licensed as well as non licensed, whom have been leaving in chunks. These roles are now being back-filled with under trained, under prepared, and in some case, under-qualified staff.

    This leaves staff still in place feeling like a number or a cog in a machine as opposed to someone who is making a difference with any client.

    Advice to ManagementAdvice

    If you want to woo back the talent that made Schwab what it was over the last 40 years, get back to treating your staff like people as opposed to a headset attached to a computer answering the phones. Let staff have career building opportunities (for growth, not lateral movement) as well as time away from the phones to develop the tools needed to get there. When I came to this company, this was the norm.

    Now it seems to be the exception. Every day every person is in nonstop answer the phones mode due to volume. Schwab spins this to staff as a sign of the growth we are experiencing, when in reality it is due to the severe staffing shortages. To line level employees, the only thing they see is a ringing phone with 90 calls behind it at all times for months on end.

    Team meetings have been removed. Employee appreciation has been removed. Staff funds for team building has been lowered. Benefits have been cut. The only mobility is lateral.

    All because we have to focus on getting those phone volumes "under control".

    For a company that expects and hires people to look at Schwab like a career, they need to stop forcing people to looking at it as "just a job" based on the corporate actions above.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
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