Another superbly managed company...
>>January 31, 2001
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Schwab Asks Between 30% and 50%
Of Its Work Force to Take Days Off
By CHARLES GASPARINO and AARON ELSTEIN
Staff Reporters of THE WALL STREET JOURNAL
Charles Schwab Corp., facing sagging revenue, has already slashed the pay of top managers. Now, the nation's largest online-brokerage firm has found a more drastic way to save money.
Just tell employees not to come to work.
Wednesday, Schwab said it is asking a huge chunk of its work force, including co-Chief Executives Charles Schwab and David Pottruck, to take some Fridays off in an effort to cut costs at the San Francisco-based firm.
Under the unusual plan, between 30% and 50% of the firm's 26,000 employees will be asked to take three Fridays off in the next several weeks, substituting them for vacation days, Schwab officials said. Several big offices, including Mr. Schwab's and Mr. Pottruck's in downtown San Francisco, will be pretty much closed during this time, though customer-service representatives and branch offices dealing with small investors will remain on their usual schedule.<< |
