A topic for anyone would like to share their experience & feedback / suggestions for the Monzo team, having a applied for a position
Think it’s worth noting Monzo hire less than 1% of their applicants - that is super low and unclear from the career page which implies they are desperate to hire.
I’m one of the 99% who despite working in a very similar role nearby didn’t even make the first cut and got the ‘sorry, there are just so many applicants’ email! I can imagine there are loads of people on the forum like me whose Monzo love is unrequited
It’s reassuring that every person at Monzo is either highly experienced or some kind of genius, but as far as getting everyone with an interest in monzo to apply goes - to me it seems they need to narrow the search (specific job requirements via targeted recruitment sites) rather than expand it if they hire such a low % of applicants already. I know they want to keep a wide net to make sure they can catch rare fishes but at what % are they just wasting a huge number of people’s time? Personally think they’ve crossed that line already and should get more targeted rather than shout out to anyone who likes monzo to apply.
Slight rant over. Good luck to those who are well qualified or really smart!
In case anyone’s concerned, that is a 100% made up stat.
@rarther your perception might be that Monzo are very selective but it might be worth considering the impact of making comments like that before you make them.
We all want the very best team working at Monzo for us & that means not putting anyone, who may not be sure whether they’re a great candidate or not, off applying, right? So since you don’t know the percentage of successful applicants, it’s probably best not to guess.
I applied for the Customer Service Role a while back and one of the questions on the site was something like
“Tell us about a time when you went the extra mile to help someone with a problem:”
I answered with my homeless man story and I’m guessing they didn’t like that as I got the sorry not good enough E-Mail… Funny as I have been doing that job for years lol
@Danny @rarther I’ve moved your posts here as the Monzo Job Posts topic was intended to be used as a place for people to find out about new Monzo roles, rather than for feedback from other applicants. In other words, your posts were off topic.
Couldn’t resist it
Brilliant idea for a forum, thank you!
I joined Monzo two months ago as our Hiring Coordinator to ensure everyone has a great experience when applying for roles, whether your application is successful or not!
Looking forward to hearing about ways in which we can improve this process!
We hire more than 1% of applicants!!
We do have very specific job requirements, but because we focus on the things that are actually important to us, rather than the signifiers for these, it’s not trivial to use a specialist recruitment site.
e.g. for customer operations we’re looking for people who are great at explaining complexity to other people.
That’s almost certainly true of the majority of people who teach - however if we asked for experience teaching, we’d rule out almost the entirety of our current customer ops team (and have a pretty homogenous team!).
Glassdoor is a pretty good site for this kind of feedback.
I recently used it to find salary information and employee reviews for a position I recently applied for.
Here is Monzo’s page
If Glassdoor is anything to by the Ops salaries may be suitable for somewhere like Durham but not London. Due to the cost of living (mortgages and rent) in London those salaries will not attract people with experience but only appeal to those in a flat share or living with their parents.
Could someone who has gone through the recruitment process report on how long it took from the initial invitation for a phone interview to getting a hire/nohire decision?
Yeah I would have liked to have worked for Monzo but the pay is far too low.
As a guide if people want to rent on their own the need to be earning at least 30 x the rent and if £24k is what is on offer good luck finding something in London
@chrisb Hey Chris! We hate leaving people hanging so try our best to make sure the process take no longer than a few weeks! We’ll always try and give you some upfront visibility if we think things might take a bit longer.
We’re a Living Wage accredited employer, and our offer for entry-level jobs is around 20-25% higher than London Living Wage.
When we make job offers, we typically offer three combinations of salary/equity to choose from so that those who need a higher cash component to suit their lifestyle are able to take this while still ensuring equality of comp between people doing comparable roles.
That doesn’t make London rents any cheaper, though!
the living wage is also a flat amount and does not take into account if a person is single or supporting a family. those with kids may find it hard getting by on Monzo salaries while those with no responsibilities may feel flush.
It’s worth pointing out that those on the Living Wage with kids will be receiving substantial amounts of top-up benefits.
Yeah, I expect that’s true of most entry level jobs. There are a lot of factors to take into account when setting salaries - market rate, cost of living, your business model, etc. It’s a fascinating problem to tackle!
Have you been following the news around universal basic income?
Great to hear Monzo is giving this aspect of running a business as much thought.
A couple of years ago I applied to some other new-ish challenger bank, and got through to an hour-long interview with two senior managers. Never heard another thing, either by email or phone (both of which they had contacted me previously on). After a month or so, I decided not to chase for the “interview feedback” or “decision” because I didn’t want to work for any organisation that treated applicants that way.
I saw they voted against it in Switzerland
For me a living wage is £40K and above and that covers everything.