Charles Schwab Employee Benefits and Perks

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Employment perks and benefits provide advantages for both the companies and the employees, and this is recognized by Charles Schwab Corp. The United States-based company offers various packages of benefits in the areas of compensation, work-life balance, career growth, wellness, and finance of their employees. The following article will present you with information about the Charles Schwab employee benefits that can be useful to know if you’re an employee or interested in working in this company.

So, what is a fringe benefit? The term refers to additional reward, or you may call it privileges, given to the employees by the employers. Each company may have a bit different policies regarding what benefits they offer to their employees. If you are specifically searching for the list of benefits provided at the Charles Schwab Company then continues to read the following passage to find the answer.

Charles Schwab Employee Benefits

Privileges and Benefits of Working at Schwab

Charles Schwab Corporation is a global company based in California, USA that provides a range of financial services throughout the world, including commercial banking, personal banking, financial advisory, stock brokerage, etc. It was established in 1971 and it currently has its main office located in SOMA District, SF.

The company now has more than 400 office branches. Most of its financial centers are located in the US and the UK. As of recent, it sits at the 13th position in the list of the US’ largest banking institutions and the 3rd largest global asset manager, with recorded client assets of $6.6 trillion. Moreover, Charles Schwab manages more than 1.5 million accounts of banking, 2.1 million participation of retirement plan, and over 20 million active accounts of brokerage.

Charles Schwab Employee Benefits and Perks

According to the most recent data, this firm hires over 20,000 employees under its wing. It has been their commitment to investing in their employees as well as what lays ahead of them, by offering significant benefit packages to ensure their wellness in various areas including health, finance, and work/life balance.

The company acknowledges that their employees prioritize their clients on daily basis to assist them to accomplish better tomorrow, so the offered employment reward package is built beyond traditional benefit and compensation plans. These plans are designed to be flexible and competitive to inspire them not only for today but also for the upcoming ones.

In order to claim your rights, you have to know first what right you’re eligible for first. In the following sections, you can read about various packages of Charles Schwab employee benefits that have been listed according to each of their categories.

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Health and Wellness

Charles Schwab Benefits

Here is a list that shows you the range of Charles Schwab employee benefits of health benefits for their employees:

  • Medical care – Charles Schwab provides well-rounded coverage for medical, vision, and dental health of the employees and their family members. This benefit might be offered at slightly different circumstances according to the employees’ locations. The plan also includes covered preventive care to maintain health and detect possible health risks before a significant problem emerges and extra health care options.
  • Wellness Program
    • The Everyday Wellness program is established upon beliefs that the best working condition of the employees is possible if they have better work, personal, and community life conditions.
    • This program offers opportunities for the employees to earn rewards worth up to $500 as a form of participation in raising health awareness.
    • There are more resources to promote wellness available in the Charles Schwab employee network called the Wellness Champion Network that lets employee create and boost efforts to tailor wellness needs according to their circumstances and interests.
  • Tax-advantaged Health Sciences Authority (HSA) – The health insurance plan provided by this company includes Health Savings Account (HSA) to help employees from paying high expenses of healthcare in the future. This benefit involves pre-tax dollars contribution that can be saved for uses in the upcoming years or retirement, or for the current year. One of the biggest advantages of receiving this benefit is the employer’s matching contribution from Schwab up to $1,550 contribution according to the employees’ income, level of coverage, and the participation in Everyday Wellness program.

Employee Benefits at Charles Schwab

Total Pay

Charles Schwab employees’ total pay combines between today’s compensation and future’s investments. The total pay consists of the base pay, financial benefits, stock awards, and incentives, as explained in the list below.

  • Base Pay – Base pay is the initial or minimum amount of salary received by employees. The amount may differ depend on their position, performance, experience, or skills.
  • Employee Performance Awards – The employee might be eligible to receive award based on their outstanding performance at work.
  • Key Contributor Stock Awards – The employee might be eligible to receive stock awards from the program of company’s key contributor based on their work performance
  • Bonus Plan – In Charles Schwab, all employees who work for 20 hours and above each week are considered eligible to receive discretionary award based on the collective and individual performance each year.
  • Incentives – Incentive pays are provided based on the employees’ work performance.

Charles Schwab Employee Benefits and Discounts

Career Growth

Here is the list of offered Charles Schwab employee benefits to support their growth in professional area:

  • Tuition Reimbursement – This benefit is offered with purpose of helping the employees pursue higher education in business field by providing reimbursement and training for programs considered as qualifying which can promote their career advancement and growth.
  • Mentoring and Shadowing Program – The causal program of mentoring is provided so the Schwab employees are able to gain access of support and training. The career management of employees can be done by receiving support from colleagues and superior who invest in their professional development.

Charles Schwab Employee Discounts

Work and Life

To promote balance between work and life aspects, here is the list of Charles Schwab employee benefits in this specific category:

  • Paid Time Off – The employees can maintain great work performance by receiving some personal time away. The paid vacation time benefit can be acquired right from the starting month of employment with a total amount of bank hours up to 200 hours. The rates of PTO increases with the length of service. In addition, the company also provides sick time, paid holidays, and floating holidays.
  • Sabbatical Leave – The company believes in providing valuable time in extended length to allows employees to recharge and refresh, which may not be able to be gained from regular time-off. That’s why Schwab presents 28-day worth of paid leave that are available for employees with more than five years of service and can be obtained every five years.
  • Paid Parental Leave – A child birth and adoption is some of the most crucial event in someone’s life. The company knows this and offers 6-week of paid leave for parental purposes for eligible employees to take care of their newly born baby or just recently adopted child.
  • Adoption Expenses Reimbursement – Adopting a child comes with expenses and fees, so the company offers up to $2,000 worth of reimbursement for each child adopted that’s less than 18 years old.
  • Personal and Family Support Services – Bright Horizons program is built by Charles Schwab corporation to provide cost-effective and reliable care services for children, adults, and elders, free advices for those who are going to enroll to university, free support and guidance for parents and children who may encounter difficulty at home or school and require extra helps, and free access to massive housekeepers, pet sitters, caregivers database.

Employee Benefits and Discounts at Charles Schwab

  • Dependent Care FSA –  The Dependent Care Flexible Spending Account program is meant to support employees in saving pre-tax funds from paying expenses of dependent care, be it child or adult. It is also available with employer matching benefit that worth up to $200 each month for those who are eligible according to their dependent numbers and salary.
  • Legal Plans – A significantly more affordable legal support is provided via MetLaw to support employees and their family, which include legal issue plan options for the employees, their spouses, their parents and parents in law, and their dependents.
  • Commuter Savings Program (CSP) – This program is offered by company to help Schwab employees saving expenses of commuting. It includes costs of vanpool, public transportation, and parking with pre-tax dollars taken from the employees’ paycheck.
  • Community Involvement – The company encourages the employee to be a part and be involved in their community, so it provides paid time for volunteering and hold yearly volunteer week. There is also a matching program that offers up to $1,000 contributions to charitable activities to approved NGOs.
  • Special Discount Program – A program that provides discount for employees on daily items which include:
    • Vehicle rental
    • City tourism
    • Movie ticket
    • Referral and research service
    • Tutoring
    • Child daycare
    • Sport events
    • Fitness gym membership, equipment of exercise, and diet plans
    • Aside from that, there are also discounts available for:
      • Mortgage and car insurance
      • Pet insurance
      • Cellphone plans
      • Apple products
      • Products of brokerage and banking from Schwab

Employee Benefits at Charles Schwab’s

Financial Future

At Charles Schwab, the employees are doing their best every day to assist the financial goals of the company’s clients. The following benefits, tools, and resources are meant to provide similar purpose for the employees.

  • Employee Stock Purchase Plan (ESPP) – The employees of Charles Schwab may receive 15% discount when purchasing up to 10% of their compensation to buy the company’s stocks.
  • 401(k) Plan – Easy and practical way to save for retirement. All the Schwab employees are eligible to participate on the plan right after joining the company or enrolled automatically a month and a half after being hired. There’s an employer matching benefit with contribution up to $250 for the first contribution and then a dollar for each contributed dollar up to 5% contribution per paycheck.
  • Financial Protection – The company provides various types of insurance, including standard life insurance, long-term disability insurance, short-term disability insurance, and many more to help securing the employees’ financial safety in the future.
  • Life and AD&D Insurance – A program that offers extra protection in financial area that covers the employees and their beneficiaries on condition that involves death or heavy accident.
  • Disability Insurance – A program that cover income when it is impossible for the employee to work because of illness, pregnancy, or injury.
  • Employee Branch & Advice Services – Free sessions of financial planning to help Schwa employees with consultations of:
    • Mortgage planning
    • Estate planning
    • Retirement planning
    • Debt management
    • Retirement planning
    • Investment advice

Charles Schwab Employee Benefits Programs

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The article above shows you quite wide-ranging list of the Charles Schwab employee benefits. However, note that it may be incomplete. For more detailed information, you may reach out directly to the HR department or help center contact for the employees of Charles Schwab Corporation.