Not the worst company to work for, but the most disappointing
Pros
- Benefits: Generally solid benefits; 401(k) match up to 4% for FT employees, fully covered healthcare for FT employees, and unlimited PTO (which given the high level of attrition and poor stock performance is the single benefit that everyone is juicing) - Central location near FiDi's Montgomery Station - Did I mention PTO? This is worth mentioning again. Engineers regularly taking 3-4 weeks off at a time and some business folks are taking 8-9 weeks of PTO / year. This is unheard of in the Valley, but it's happening here at LC. Management clearly isn't happy with this trend, but with such high attrition and poor external recruiting prospects, it's cheaper to retain lazy employees with institutional knowledge than to recruit low-quality and expensive external employees with no working knowledge of the business.
Cons
- Executives: This team is pretty much at a loss for any viable long-term strategy. FinTech is a growing industry with plenty of white space growth opportunities, yet rather than invest in growth areas, this team has doubled down on the core product (Personal Loans) which is becoming commoditized by the day. There isn't enough cost-cutting in the Personal Loans business to justify a meaningful bump in stock price; LC is a penny stock, if not on the road to bankruptcy, for the foreseeable future. - Pay: When I joined LC, it was a high flying technology company with robust pay. At this point, it's only a shell of itself with a skeleton pay structure. This is not a place where pay will get you excited, but work/life balance and PTO may do enough to keep you satisfied. At least that's what co-workers with families tell me. - Attrition: Attrition here is scary high. I felt key resources were leaving by the boatload each month and I felt the walls were caving in on me. Needless to say, I was relieved when I finally left that sinking ship.