SoFi Reviews

Updated 2 Jul 2020

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3.2
50%
Recommend to a Friend
70%
Approve of CEO
SoFi CEO Anthony Noto
Anthony Noto
103 Ratings
Pros
  • "Free lunch card/allowance every pay period(in 45 reviews)

  • "Great benefits - free lunch, health care premiums paid for, stock options(in 38 reviews)

Cons
  • "upper management said themselves that employees are dime a dozen hence the reason below(in 23 reviews)

  • "There is absolutely no work life balance(in 22 reviews)

More Pros and Cons
  1. "SoFi has made amazing progress towards helping employees and its Members thrive!"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Anonymous Employee in San Francisco, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at SoFi full-time for more than a year

    Pros

    SoFi is night and day compared to 2+ years ago. There's strong prioritization on culture and prioritizing our Members and our Employees. The People team has leveled-up many times over, putting in place many talent development and educational programs. CEO makes it a priority to have the best culture, the best value for our Members, and grow to be the best business in the industry. No doubt there's work cut out for us but making great progress on all fronts.

    Cons

    Growth brings challenges. There are still processes and structures that are being defined. We experiment and iterate until we land on a great things, and people should embrace change.

  2. "A fintech company truly attempting to create member value rather than being a regular financial institution"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Senior Director in San Francisco, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at SoFi full-time for more than a year

    Pros

    SoFi is the next trillion dollar valuation company in the making. They follow the banking business model, but aspire to be a true tech company. The mission to help members get their money right truly echos in most product decisions and it shows in the overall attitude taken towards solutions they create. Of course just like any startup they have growing pains. But leadership welcomes the solving of these arising issues. They encourage you to step up and own it. If you want to define the future of finance, SoFi is the place to be.

    Cons

    A lot of executives and leadership sometimes feel like they don't know what they are talking about. At least from software development perspective, execution is amateur at best. Handful folks in influential positions are eloquent and pushy, but doesn't back it up with true principle-based delivery. There are teams though that give a lot of hope for the rest of the company.

    Continue reading

    SoFi Response

    June 26, 2020Internal Communications Lead

    Thanks for sharing your feedback — we're glad to hear you believe in our mission and think our team is stacked with talent! We recognize the need to drive better efficiencies across the business, which is why we recently implemented a Group Business Unit structure with Group Business Unit Leaders. Your feedback is valuable and will help us move forward in the right direction. If you'd like to provide additional thoughts, we encourage you to reach out to your manager and/or People Business Partner.

  3. Helpful (19)

    "Oh SoFi, what a mess."

    2.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Marketing Director 
    Doesn't Recommend
    Negative Outlook
    No Opinion of CEO

    I have been working at SoFi full-time

    Pros

    -- Benefits are decent. Slowly getting better but long way to go. Still no 401k. -- The CEO talks a big game. Given his Army background, there’s no doubt he can rally the troops. Unlike the military, it’s all talk. -- Work with a handful of incredible people. They are there! Unfortunately, most great people who really made SoFi great have moved on to companies that will truly value them. -- Market is changing, and SoFi has pumped billions of dollars into naming a stadium and buying other companies. They are willing to spend gobs of money to be competitive.

    Cons

    -- Decisions are solely top down. The majority are made by three people who have no idea how things work and use what experience they have from previous, most established companies to force decision adherence. The rest of the organization will then scramble and waste enormous sums of money trying to accommodate. About half of those projects will then be abandoned when the next fire happens. The idea that "good ideas come from everywhere" does not exist here. Have a great idea? It *may* be highlighted for a couple minutes in the weekly All-Hands and then nothing will change as people chase the latest fire. -- Marketing leadership has no power. Business units tell them to jump and they ask how high. Favoritism within department (and company) runs rampant. Those with the best education are given priority. If you are lucky, you’ll be on the inside. Most never make it. Good news is that those on the outside make friends to deal with the unhappiness. -- Silos as far as the eye can see. Three groups may be working on the same solution and not know about it until significant amounts of money have been wasted. You have heard of “not invented here” syndrome? Now apply that within a company but between departments. Seems people don’t share what they learn for fear of being made obsolete or perhaps to spite others. More key-person dependencies than other place I have worked. -- Truly cutthroat environment. There are some NASTY people who work at SoFi and feel that they need to be mean in order to get things done (one of those people is a member of the three decision makers mentioned earlier). -- Recently had a round of layoffs and none of the dozen or so employees I talked with mentioned that performance was brought up during their termination. SoFi failed to mention anything about performance. In fact, one individual here recently got a pay raise and was then laid off. So while they may think it saves the company from outsiders thinking their business is at risk, it prompts current employees to lose trust in leadership likely leading to an exodus of those not impacted, severely hinders the ability of those let go from finding new roles after being labeled under-performers, and guarantees that candidates will hesitate before taking a recruiting call with them. *How companies handle letting staff go sheds light on whether or not a company values their team.*

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    SoFi Response

    June 8, 2020Internal Communications Lead

    Thank you for sharing your candid thoughts with us. As you know, our goal at SoFi is to build the best culture in the world. We're not there yet, but we're proud of the progress we've made to date and are continuing to make (including many of the things you call out here). Your constructive feedback will help us get there. We strongly encourage you to reach out to your People Business Partner, an executive you trust or email glassdoor@sofi.org to discuss specifics so we can address them directly.

  4. "Amazing Organization"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Administrative 
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at SoFi full-time for more than a year

    Pros

    They care about their employees. They strive to create the best culture in the world by putting their words into actions. Noto is an amazing leader who is always thinking of the team. During evacuations, they've been known to support employees with housing, during economic downfall execs have been known to take voluntary pay reductions, during hard times they've been known to give their employees a little something extra to get by. Not only do they care about their team members but the community as well. SoFi continuously gives whether it's sponsoring a small local project or donating $1million to organizations chosen by employees empower people of color and their allies. They have an excellent benefits package and bonus program as well.

    Cons

    The company is still growing which brings some challenges.

    SoFi Response

    June 8, 2020Internal Communications Lead

    Thanks so much for taking the time to provide us with your feedback! We are thrilled that you feel so supported at SoFi — taking care of our people and helping them grow is one of our core values and something we take very seriously.

  5. Helpful (5)

    "Average working environment"

    2.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Senior Software Engineer 
    Doesn't Recommend
    Neutral Outlook
    No Opinion of CEO

    I worked at SoFi full-time for more than a year

    Pros

    100% company-paid health insurance, lunch allowance, quarterly bonus

    Cons

    Micromanagement, lack of career path, no annual or merit raise.

    SoFi Response

    June 12, 2020Internal Communications Lead

    Thank you for sharing your thoughts with us. Perhaps you left prior to the start of this year, when we implemented an annual merit raise and promotion process, as well as an enhanced performance check-in protocol. It's so important to us that all SoFi employees feel empowered and know where they are in their career, where they're going and how to get there.

  6. Helpful (3)

    "Typical call center"

    2.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - RMC in Wilmington, DE
    Doesn't Recommend

    I worked at SoFi full-time for more than a year

    Pros

    decent pay and benefits, good snacks in the cafe

    Cons

    typical micromanagers, managers don't know what they are doing

    SoFi Response

    June 18, 2020Internal Communications Lead

    Thanks for sharing your feedback, and we're sorry to hear your experience at SoFi was sub par. We'd like to learn more about the issues you've brought up so we can understand and address them. If you feel comfortable, please send an email to glassdoor@sofi.org with additional details.

  7. "👍"

    5.0
    Current Employee - Software Engineer in Helena, MT

    I have been working at SoFi full-time for more than a year

    Pros

    Good benefits, collaborative teams, stock options

    Cons

    No 401k matching, different offices have different culture

    SoFi Response

    June 8, 2020Internal Communications Lead

    Thank you for taking the time to share your thoughts with us! 401(k) matching is something we consider annually as we look at our benefits offering and look forward to providing for our employees in the future. Additionally, while each of our SoFi offices has a slightly different culture, every site is unique to its diverse employee population. This diversity is something we're proud of, and we hope you are, too!

  8. COVID-19
    Helpful (11)

    "Sneaky Layoffs"

    2.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Middle Management 
    Doesn't Recommend
    Neutral Outlook

    I have been working at SoFi full-time

    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.

    Continue reading

    SoFi Response

    June 8, 2020Internal Communications Lead

    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.

  9. Helpful (2)

    "worst company to work for"

    1.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Software Engineer in Helena, MT
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at SoFi full-time for more than 3 years

    Pros

    free lunch. No premium medical.

    Cons

    Management doesnt care about employees. They laid off more 300 people due to own bad performance but blamed employees. No compassion. Just cut them off.

    Continue reading
  10. COVID-19
    Helpful (1)

    "Thank You SoFi"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Manager 
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at SoFi full-time for more than 3 years

    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?

    Continue reading

    SoFi Response

    May 27, 2020Internal Communications Lead

    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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