The Charles Schwab Corporation (NYSE:SCHW) has announced it is implementing a special 5% pay increase for employees in recognition of their unwavering service to clients and each other throughout the pandemic.
Walt Bettinger, President and CEO, The Charles Schwab Corporation, commented:
“This increase is a way to reward our talented employees for their contributions and their relentless commitment to see the world through clients’ eyes, even during the most challenging times.”
In a note to employees on Thursday, the company’s Executive Council added, “You all have gone above and beyond to ensure our clients are well cared for, our culture remains strong, and our business remains sound under the most extraordinary circumstances. Thank you once more from all of us on the Executive Council for helping this company live up to its promise.”
This year a record number of investors turned to Schwab for help in navigating unprecedented market conditions. The firm’s core net new assets reached a record $257.0 billion for the first half 2021, more than double the results achieved during the same period last year. During the same period, clients opened 4.8 million new brokerage accounts representing the company’s second and third consecutive quarters in excess of a million new accounts.
This special increase will be applied to the vast majority of the company’s employees, effective late September 2021. It will not include the company’s Executive Council or colleagues participating in Schwab’s incentive compensation plans.
The firm also announced additional steps it is taking to address pandemic concerns and provide workplace flexibility for its employees going forward. In light of current circumstances, the firm has delayed a full Return to Office until January 2022, at the earliest. In the meantime, employees can continue to work from home, or return to the office on a voluntary basis.
Once back in the office, Schwab employees will enjoy additional workplace flexibility, based on a hybrid work schedule. Employees will also have the ability to work with their manager to determine an approach that works for their individual situation, should they need additional flexibility.