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- victim of its own success. My own opinion is that Mastercard succeeds in spite of its leadership, not because of it. A lot of problems come from being a sloppy organization that makes too much money. It seems very difficult for the company to change directions and implement culture changes. Buys, rarely builds. The company is obsessed with hitting quarterly/in year revenue goals, to the detriment of longer term strategic moves imo.
- one of the best 401(k) programs I’ve ever heard of, with 10% match against 6% contribution. It also vests immediately.
- decent pay. Mid-level to senior pay packages are pretty good. High bonus, reasonable base, LTI equity program for managers and up
- slow promotion tracks with tenure being a factor. Very difficult to see paths to promotion the more senior you get.
- the performance rating system creates a lot of perverse incentives imo. Everyone is assumed to be a 3/5, and you need to make a really strong case for anyone to deviate from it. Since half your bonus is anchored to your individual rating, and the vast majority of people will get a “results achieved”, there’s little incentive to work hard. Combine that with tenure requirements for promotion eligibility and you get a lot of people reading the incentives (correctly, I may add) and deciding to coast at the company.
- from my POV, the services group is shedding talent like crazy right now. Everyone I work with who is good is leaving. Lots of good engineers I know have left, but I’ve also seen a lot of good product and strategy folks depart too:
Ultimately, decent place to plateau in a career once you get to the Director/ VP level. It isn’t FAANG comp, but it’s pretty good. I rarely work more than 45 hours a week, which has also been a great perk. Lots of middle-management people who have been there forever, not doing much but collecting paychecks and equity. Younger and ambitious people I’ve worked with all tend to get dissatisfied very quickly, whether it’s due to slow promotion, difficulty making impact, frustration with leadership, etc.
They just want people to join them due to their brand value and don't want to pay them well.