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SoFi

Engaged Employer

SoFi reviews

4.2

80% would recommend to a friend

(283 total reviews)
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Anthony Noto

93% approve of CEO

82% positive business outlook

Ratings by category

4.3

Diversity & inclusion

4.2

Culture & values

4.2

Compensation and benefits

4.0

Work/Life balance

4.0

Senior management

4.0

Career opportunities

Ratings by demographic groups

Reviews by job title

283 reviews

Reviews about "Compensation"

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2.0
May 27, 2020

Sneaky Layoffs

Anonymous employee
Recommend
CEO approval
Business Outlook

Pros

- Attempts at changing company culture - Attempts to be clear and transparent in leadership communications to teams

Cons

Sofi has a very ad hoc performance review system. No one knows how calibration happens and it seems as though it is based on whether or not you belong to a "clique" or a group within the company. Sofi is a company where the "brotastic culture" still exists (despite leadership claims of having turned the culture around). Obviously, Senior leadership doesn't embody and demonstrate values that they want the company employee base to adopt and exhibit Leadership made multiple claims about Sofi strong financial position and went so far as saying that they do not anticipate layoffs. However, employees were laid off and what was even more unfortunate that those employees were nixed by citing poor performance. Sofi instantly fell from grace when they laid off multiple folks (recent hires) by citing performance reasons for layoffs in times of COVID.

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SoFi Response
6y
Thank you for taking the time to provide your feedback with us. Our recent decision to part ways with employees was not one we made lightly. It was primarily a result of the need to remain agile in the face of unprecedented volatility (regardless of our current financial position), as well as our commitment to continue rewarding top-performing employees. Regardless, we understand and empathize with how difficult it can be to say goodbye to colleagues. We value every SoFi employee — current and former — and made sure we were able to support those leaving the company with their transition. Additionally, we hope you've noticed the great strides we've made with our quarterly performance check-in process, as well as our formal annual process for promotions and merit-based raises. If you have additional questions or feedback about any of these programs, we encourage you to reach out to your manager, PBP or email glassdoor@sofi.org so we can address them directly.
1.0
May 21, 2020

Poor planning. Sales driven development. Run away!

Software engineer
Recommend
CEO approval
Business Outlook

Pros

Free food. 50 dollar off brand headphones when starting.

Cons

Raises are a hidden. Negotiate a high starting salary. SoFi only gives the top 30% a raise. There's no objective measurement put in place, so they go to the managers pet. If there is one at all. There is no cost of living raise either. You will be responsible for everything, not managers above you. Even if they don't give you resources / information You will be working in Java. SoFi will dangle new exciting languages like golang, but it's just a bait and switch to get people in the door. The tech stack is old, and there is no interest in keeping it modern. Push out more features instead of updating. Turnover in engineering has been astronomical. If you have to touch something that's more that 2 years old, whoever wrote it will not be there. And no one will know how it works. Lastly, many engineers are unwilling to recruit friends to work there. Even with a 5k recruitment bonus.

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SoFi Response
6y
Thank you for the feedback — we're sorry to hear your experience at SoFi was not up to par. To address a few of the concerns you've called out: 1) We frequently review employee compensation to ensure it is fair and competitive based on external market data and individual performance. We also have a quarterly bonus program that allows us to recognize and reward employees throughout the year. 2) We strive to find the right balance between growing our business while continuing to strengthen our product platform and technology. Over the past two years, we have gone from a two-product company to one with 7+, while greatly improving our rate of experimentation and correction of error processes. Our multi-product solutions service over one million members and are leading innovation in the FinTech space. That being said, we're always looking for ways to improve our employee experience and ensure our team members are challenged and have the ability to work on exciting projects, so we appreciate you taking the time to share your thoughts with us. If you'd like to share more, feel free to email glassdoor@sofi.org.
5.0
May 18, 2020

Thank You SoFi

Manager
Recommend
CEO approval
Business Outlook

Pros

Not unlike other companies, SoFi has had it's share of challenges during this pandemic and recently had to make some really difficult decisions. Each choice has been made with a tremendous amount of thoughtfulness, insight, and character. As someone who has been involved with hard times in the financial industry I can say that SoFi has valued its highest contributors since the day I started. Now this does create some conflict amongst employees on the other end of the spectrum. But it does help to create a sense of security for those who put every ounce of themselves into the business. There is nothing worse then being impacted by one of these decisions for anyone; however, to be impacted and knowing you've been a high level contributor for years leaves those with questions of: "how and/or why".. At least at SoFi we know those answers. Some probably don't want to hear it but at least they know. For those of us left, we know to keep contributing at the highest levels and SoFi will reward our efforts.. For that, I Thank You SoFi!!!!

Cons

A real problem is lack of accountability across the board and goes above those on the front line. Take a close look at the leaders that have been most impacted by the recent optimization exercisers and ask the following questions: Why haven't individuals been held accountable to performance prior to the pandemic? Do we have the proper measuring devises in place truly quantify someones performance? Is this the leader we want in place to execute ones performance truly up for the task (OM and above)? The other side will be look at those least impacted. Are the evaluations true and accurate? Do we have the measurables inplace to ensure each department has the tools needed to weigh against these measurables? Again, do we have the correct managers in place to enforce this is getting done in coordinace with expectations?

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SoFi Response
6y
We very much appreciate your thoughtful review. Along with insights obtained during our listening tour and employee engagement surveys, this feedback is extremely helpful in working toward our goal of creating the best culture in the world. Based on such feedback, we recently revamped our performance check-in process and manager onboarding program, which we hope will solve some of the issues you've mentioned. Manager training and development is an ongoing passion for us, and we are continuing to create and launch new initiatives to enable our managers to be successful people leaders. We will take your other thoughts into consideration as we go through our post-engagement survey action planning process.
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