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Good people, but low pay

Former Employee - Associate  in  Phoenix, AZ (US)
Former Employee - Associate in Phoenix, AZ (US)

I worked at Charles Schwab for more than 5 years

Pros

Good culture and provides a lot of training. Many career paths to take if you are located in one of the primary service center cities.

Cons

Low salary and annual salary increase is terrible. Tell you 2% is standard, and should be grateful in the "current environment".

Advice to ManagementAdvice

Have more openness with salary info, especially with your own employees. Two people in the same department, working the same job could have a completely different salary. Even it out, and pay people what they deserve.

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

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  1.  

    Very improved after Pottruck was fired

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Registered Representative II  in  Phoenix, AZ (US)
    Former Employee - Registered Representative II in Phoenix, AZ (US)

    I worked at Charles Schwab full-time for more than 8 years

    Pros

    Chuck Schwab and Walt Bettinger seem like the real deal ... sincere in caring about both their employees and their customers.

    The company has been pretty successful in eliminating conflict of interest in the products that the brokers sell.

    The 'customer comes first' attitude seems to be real again. No longer just lip service.

    Cons

    At least when I left there were still several directors that had yet to convert away from the greed of the Pottruck years. Some departments were clearly happy and doing well. Some were still suffering.

    Employee incentive still seems to be misaligned at times.

    Advice to ManagementAdvice

    Continue to the return back to Chuck Schwab's founding principles. Do more to make employees also Schwab stock holders. Continue weeding out those directors and managers that are still holding on the 'Pottruck' attitude. You will continue losing your best people until you can really fix the employee experience.

    Recommends
    Approves of CEO
  2. 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 (US)
    Former Employee - Registered Representative II in Indianapolis, IN (US)

    I worked at Charles Schwab full-time for 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
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