We're Invested in Diversity & Inclusion
We believe diversity and inclusion are tied to our success and purpose of serving every client with passion and integrity.
Stronger Through Diversity
Schwab was founded on the belief that the investment industry needed to be more inclusive – that more people from Main Street should be able to enjoy the same benefits as those on Wall Street. That spirit of inclusiveness has been a guiding principle ever since, and we are dedicated to building and maintaining a culture that values and reflects the strengths of every employee. We know that through diversity, we gain a wider range of perspectives and experiences, which supports our Through Clients’ Eyes business strategy.
To bring these ideals to life, we have established an approach with four key pillars:
- Increase Workforce Diversity: talent comes from a broad spectrum of human qualities and strengths
- Build on our Inclusive Workplace: embracing an inclusive culture across the organization
- Serve a Diverse Marketplace's Needs: leveraging our differences is important to our clients' success
- Support our Communities: making a positive impact on the communities where we live and work
We focus on attracting diverse talent by maintaining a strong employer brand and expanding where and how we meet prospective employees. We recruit from underrepresented communities, including women, people of color, people with disabilities and people with military backgrounds, among others.
- Campus Recruiting: We partner with Historically Black Colleges and Universities and Hispanic-serving institutions, such as North Carolina A&T and the University of Arizona, to leverage our alumni from those universities to expand our presence at campus career fairs and career panels. We also reach out to underrepresented student groups at other colleges to provide job mentoring and career panels.
- Endowed Scholarship Programs: Through the Charles Schwab Foundation, we’ve endowed a $3.5 million scholarship program to provide financial assistance and career opportunities to underrepresented students with a declared major in Financial Planning. Those eligible at several universities may apply for approximately $10,000 a year in scholarship funds if they are within two years of graduation. In addition to the two-year scholarship, recipients are invited to apply for and participate in an internship at Schwab, which could help inspire a future career in Financial Planning. This endowment is designed to have a long-term impact on creating career opportunities for underrepresented employees in the industry and enhance the diversity of Financial Planning majors.
Participating schools include:
- Arizona State University
- Purdue University
- Temple University
- Texas Tech University
- The University of Akron
- University of Arizona
- Virginia Tech
This endowment complements other scholarship programs for underrepresented communities, funded through Charles Schwab Foundation, including:
- A $500,000 contribution to fund scholarships at three Historically Black Colleges and Universities (HBCUs): Bethune-Cookman University, North Carolina Agriculture and Technical State University, and Prairie View A&M University.
- The RIA Talent Advantage Scholarship Program through Schwab Advisor Services, which aims to raise awareness of the independent investment advisory profession and provides $10,000 scholarships to twelve students, reserving half for students from underrepresented groups.
- Professional Organizations: We partner with and sponsor over 25 organizations to help recruit diverse talent to Schwab. Our partnerships range from organizations and websites like The Muse, a go-to for the next gen workforce, to partnerships like the Toigo Foundation Conference to actively recruit Black and Latinx talent, and to supporting and sponsoring Financial Women of San Francisco. Some of our newest partners include:
- Association of Latino Professionals for America, a nonprofit that provides professional development workshops and career resources to its 81,000+ members
- Latino Leadership Institute, a professional development program advancing Latino leaders
- Ellevate, a global professional women's network
- National Black MBA Association National Conference, a nonprofit that advocates for minority business professionals
- Inclusively, an employment network that matches people with disabilities with employers who are committed to hiring inclusively
- Mathison, an organization dedicated to bridging the gap between the most underrepresented job seekers and employers committed to diversity and inclusion
Our business is designed to help people take control of their financial futures, and the same applies to our people. We invest in our employees and their futures by creating a culture of support, partnership, flexibility and balance.
Benefits: The well-being of our people and their families comes first. In order to help employees and their families navigate life’s everyday challenges, we focus on providing benefits that matter most to them. We have expanded our parental leave benefits and added more family/personal support programs, including backup care, support for children who are experiencing developmental, learning or emotional hurdles, and legal assistance for employees’ parents. Learn more about Schwab’s full benefits package.
Talent Development: At Schwab, we want everyone to reach their fullest potential and look for opportunities to educate on diversity and inclusion (D&I) and develop our next generation of leaders to role model inclusive leadership. Topics we’ve addressed include inclusive leadership, the language of inclusion and increasing allyship.
In addition to our ongoing talent development program, Schwab has a new structured and formal mentoring program for colleagues of color, with dedicated mentors from senior and executive management, focusing on leadership development to prepare them for career advancement opportunities, broaden their professional network, and develop meaningful, supportive relationships with senior leaders.
Employee Resource Groups: Our Employee Resource Groups (ERGs) are employee-driven and provide support, leadership development opportunities, and connection to our diverse marketplace. Our ERGs are made up of employees who share characteristics or life experiences and are committed to enhancing diversity and inclusion at Schwab.
Since 2018, membership in our Employee Resource Groups (ERG) has increased 75% and includes more than 150 ERG chapters and 8,300 members across Schwab. Our ERGs include:
Through our ERG Mentorship Committee, we launched the firm-wide ERG Mentorship program built to meet the career growth and employee engagement of our underrepresented employees.
PRIDE Austin celebrates members and allies of the LGBTQ community
Video - Pride Austin
“Pride is acceptance. It's something that really means the most to me because without acceptance, we can't have diversity and inclusion. For me to be here at Schwab, it means that I can be my radically authentic self.”
Project Coordinator, Digital Services
Upbeat music: 00.02
George Myatt: 00:05 Pride is acceptance. It's something that really means the most to me because without acceptance, we can't have diversity and inclusion.
Janice Cupp: 00:17 Pride to me is really about connecting with people, and bringing people together, and just showing love and support. Today we brought a bunch of members of not just the Pride ERG, but of all of our inclusion networks, and all the ERGs kinda came together and built an awesome Pride flag out of different rainbow-colored cards that said what Pride means to us.
George Myatt: 00:43 I advocate that the rainbow as itself, as a flag, or as a symbol, is a very uniting symbol, because you see every color possible, imaginable. And it's just in uniform—everything's together, and it's unified as well. So it's a beautiful display of harmony and peace. And that's something that I think what diversity and inclusion always has in it, is harmony and peace.
The Pride Employee Resource Group is an opportunity for people to come together through diversity and inclusion events, where you can come to meet new people at Schwab, but also to learn about different subjects, and topics on the issues within the LGBTQ community, or other items within diversity and inclusion.
Janice Cupp: 01:31 We really are trying to bring members and allies of the LGBTQ community kinda together at Schwab to kind of foster that camaraderie and community environment that we have here. I really want people to know that it's really about who you are, and that you're accepted, and we're just one big family—we're the Schwamily. So we're just one big family, we're one big community, and everybody can work together.
George Myatt: 01:57 For me to be here at Schwab, it means that I can be my radically authentic self. And it means that we can celebrate diversity and be one together as a corporation of people. The term that we always use is “One Schwab.” And so, being able to have moments like this, and to come together in a collaborative, friendly, and powerful environment means so much to me.
Twinkling music: 02:25
Serving Diverse Needs
Serving diverse needs
As the U.S. becomes more diverse, the financial services industry is increasingly demanding new capabilities to meet the needs of diverse clients. We believe diversity and inclusion is part of our success as a firm, our unique culture and our purpose of serving every client with passion and integrity.
- Client Service: We are meeting our clients’ needs for financial education content specific to their communities, such as women and LGBTQ+, through customized education sessions.
- Accessibility: Our user experience team works to ensure that as Schwab products and online experiences are developed, anyone can access them regardless of abilities.
- Industry Education: We also educate our network of Registered Investment Advisors (RIAs) on D&I best practices, so that they can amplify progress across the industry.
- Research: We partnered with Ariel Investments, the first minority-owned investment management firm in the country, to co-sponsor the annual Ariel-Schwab Black Investor Survey. This body of research explores the similarities and differences between Black and white Americans when it comes to saving, investing, and other financial priorities. View the 2021 survey findings. Watch the 2021 panel discussion.
At Schwab, we focus on financial literacy as a way to empower diverse communities. To that end, we support many community organizations serving underrepresented communities with the long-term goals of broadening both our diverse talent and client pool.
- Nonprofit Partnerships: We partner with many local nonprofits, such as the Boys & Girls Club, to improve financial literacy among underserved communities and help them toward a more secure financial future. Many of our employees champion nonprofits aligned with our diversity and inclusion strategy for charitable giving and volunteer service as well, including Dress for Success, economically empowering women, and College Track, helping students from underserved communities graduate from college.
- InternPro Program: We launched the InternPro program with Braven, a nonprofit dedicated to empowering underrepresented young people, to help first-generation college students of color from low-income backgrounds prepare for an internship with Schwab. Schwab's InternPro is a nine-week leadership and career development experience that equips rising college juniors with the skills, mindsets, experiences and networks necessary to secure and succeed in internships.
- College2Careers: The College2Careers program partners Schwab employees with students from regional universities to provide students from underrepresented communities with valuable development tools including coaching on career skills, relationship building strategies, and guidance on positioning themselves to be competitive in the current job market and learn about career opportunities at Schwab.
- Corps of Financial Literacy Volunteers: We are in the process of creating a special corps of employee volunteers who will be trained to deliver financial education programs, with a special focus on underrepresented teens from low-income backgrounds. The program will consist of a best-in-class training and certification program for employees so that everyone interested feels confident and skilled to participate.
Charles Schwab Workforce Snapshot – 2019
Below is a snapshot of our EEO-1 data. While workforce demographics are only one measure of progress on diversity and inclusion among many others, we know sharing this information is important.
Full Schwab EEO-1 Data (Download .pdf)
Recognition for Our Progress
While there is more work to do toward our goal of creating an ever more inclusive workplace at Schwab, we are proud of our progress and the recognition we have received:
Corporate recognition highlights
DEI 2020 Award
Schwab scored 90 on the 2020 Disability Equality Index.
2020 Best of the Best Recognition
Schwab has been recognized since 2012 by U.S. Veterans Magazine.
For over 15 years, Schwab has received a 100% rating on the Human Rights Campaign’s Corporate Equality Index for LGBTQ+ inclusion.
Best Employers for Diversity
In 2019, Schwab was identified as one of America’s Best Employers for Diversity by Forbes, based on a survey of 50,000 workers across the U.S.