Pros
Benefits: ML does offer a generous insurance and retirement plan even for frontline agents. Compensation: the compensation for most roles is fair, but to call it competitive is unfair to those companies who clearly pay far more than ML can offer. When negotiating salary, be aware that most salaries are actually non-negotiable. Also be aware that a cost of living pay raise is non-existent here. Company Values: the goal of ML is essentially to provide the sub-prime market with a fair credit card, albeit with punitive interest rates and low credit limits. However, ML also strives to treat every customer with the upmost respect. Regardless if they are current, several months behind, or charged off with no hope of a payment anytime soon, we are all trained from day one that everyone deserves respect and help if they are willing to accept it. Many other corporations could grow a lot if they were willing to try this approach.
Cons
Poor Handling of Layoff: layoffs were poorly handled with a brief notice through email, followed by a long meeting where employees were informed that this unexpected layoff was actually somewhat planned out. New corporate structures were already approved and new roles already assigned to fill in the gaps left behind. Additionally, frontline customer service positions were unaffected by the layoff, yet all agents were notified of the email. These agents were expected to continue offering excellent customer service while not knowing if this was going to be the last call they serviced with ML. It was a move that was entirely disrespectful to their talents, and a formal apology in the company channel was either viewed as unnecessary or unworthy by management. Current Culture: the culture today exists on very shaky ground. Posts made to company channel continue as if nothing happened, but in private discussions or team-wide meetings the expectation set by leads is "it was necessary. Be happy you're still here." It feels pointless to get involved when the looming threat of "you're next" constantly overshadows everything we do. Career Growth Stagnation: ML is a startup, and with that comes the expectation of fast-paced growth mindset. Yet after a gutted job board and lingering uncertainty about job security after the layoffs many can view promotions as a new risk. Even leadership positions were lost in the layoff. Why leave the job security of a frontline position (which were entirely unaffected, despite also being subject the to email notification) for the potential of being sacked after a quarterly review if investors again decide ML is not profitable enough? Additionally, the confidence in ML to continue to thrive and motivation of the remaining teams have been impacted by the poor handling of the recent layoffs.