Pros
Employee experiences differ widely, depending on role and where you work. For some, there’s zero work-life balance, and taking time off is nitmarish; yet others barely work a 40-hour week and can take unpaid time whenever they want. Some make above average salaries, while others barely make enough money to live off of. Some are trusted to be where they need to be and do what they need to do; while others are micromanaged and have every moment monitored. So, it’s important to keep in mind that each person’s review is based on where they work, what kind of work they do, who their peers are, and how well their managers lead. Having said that, the pros are the same as most large companies: 401k with 3% match, somewhat subsidized healthcare (no option for Kaiser)—eligible to enroll after 30 days, you begin earning your 15 days of PTO on day one (no waiting period), PTO max is 240 hours/year (i.e., the max accrual amount) for employees in the first 5 years of employment and goes up from there, and free drinks and snacks in some locations (like HQ). Generally, your colleagues are nice helpful people.
Cons
Poor management is the crux of all that is wrong with this company. loanDepot does not offer cost-of-living adjustments or raises. The only way to earn more money (if you’re not on commission or a bonus structure) is to get a new title. The result is that this company is incredibly top heavy. To retain decent workers, people move from individual contributors to leads and managers, with no real leadership skill set, no real intention of being a good manager (hey, they were ready to leave and their manager dangled a higher position and salary, so they accepted it). The result is managers with no direct reports, managers who “manage” other managers, and departments with one EVP, SVP, and then multiple VPs and Directors, several managers, and only a handful of individual contributors. There are a million different titles for people who appear to do the same job. There a too many compensation structures to count, and you have no way of know whether your “manager” makes $10k more than you, or $100k more. The worst of it is that management training is non-existent. This leads to leadership run amok. Managers openly discriminate, especially against older applicants and workers, and women with children. And HR and HRBPs do little to report or curb this behavior. Managers fire people based on personal preference, then go back and try to justify the dismissal by asking coworkers to lie about a colleagues performance. It’s basically the Wild West. If you have a good manager, stay until you can no longer rise in the ranks. And if you have a poor manager, get out quick because things will likely get worse from there.
