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German digital bank N26 is facing outcry from its staff over management

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Re: German digital bank N26 is facing outcry from its staff over management

#121

Post by carlmr »

blub wrote: post #110
carlmr wrote: post #69

Earlier quoted context omitted.

>That doesn’t really change that I’m currently still too scared to actually form one at the company I work for, even though I would very much like for it to exist. It still feels like painting a target on your back, even though Germany does not have at-will employment and you certainly cannot be fired or blocked or even just so much as reprimanded for wanting a form a Worker Council. At one of my previous employers t…

Why did forming the council fail?

It failed because there was a vote, and a lot of people said they would be a candidate. Nobody explained that you need more than 50% of the vote, so everybody just gave votes to the people they knew, giving each candidate about 10%.

Since there was no majority they couldn't form a work council.

Re: German digital bank N26 is facing outcry from its staff over management

#122

Post by forty »

atypeoferror wrote: post #16

> N26's co-founders Valentin Stalf and Maximilian Tayenthal have argued for an alternative, saying they believe the traditional German works council excludes international employees This is patently false. I work at a medium-sized startup in Berlin, which is very international, with many of my colleagues speaking little German. We have recently created a Works Council (with support from the management) - and the coun…

In France things are simpler in a way: work councils are mandatory for companies with more than 50 employees.

Re: German digital bank N26 is facing outcry from its staff over management

#123

Post by adarioble »

aviraldg wrote: post #114

Any recommendations for digital banks that aren't terrible to their employees? The biggest/best ones I know of are N26 and Revolut and both are kinda similar in this context.

In the UK, Starling is worth a shot, although Monzo is constantly being mentioned as a good bank in my circles.

Re: German digital bank N26 is facing outcry from its staff over management

#124

Post by filoleg »

triceratops wrote: post #112
moooo99 wrote: post #59

Earlier quoted context omitted.

Yes, these are very different job markets, and totally different markets in general with a very different cost of living. If you want to compare the job markets, you'd also have to take that into consideration. The main reason why software engineers in the US make more on average are the FAANG companies and VC backed startups that pay insane salaries for their employees, primarily in the Bay Area with extremely high…

Entry-level FAANG engineers make significantly more than $120k in the Bay Area. Other than vacation time and job security, their lifestyle is comparable to any salaried person in Germany, and they save a lot more money. There are a lot of reasons to live and work in Germany, but money is not one of them.

>Entry-level FAANG engineers make significantly more than $120k in the Bay Area

Yeah, people seem to conflate base cash salary with total comp, which is very misleading. Sure, you start making $120k in base salary at google as a fresh grad, and you top out at around $150k as a senior engineer.

However, the total comp ends up being mostly covered by stock, which is what drives that senior engineer total comp to be more in the $400k-500k range. And even at the fresh grad level, I expect the total comp at Google to cross $200k/yr easily.

Re: German digital bank N26 is facing outcry from its staff over management

#125

Post by jamespullar »

aviraldg wrote: post #114

Any recommendations for digital banks that aren't terrible to their employees? The biggest/best ones I know of are N26 and Revolut and both are kinda similar in this context.

I used to work for Simple and was always very happy with how I was treated along with all the employees of the company.

Re: German digital bank N26 is facing outcry from its staff over management

#126

Post by filoleg »

coldtea wrote: post #89
ivanche wrote: post #55

Earlier quoted context omitted.

While it is true that US salaries are higher then EU ones, you definitely can get rich while working as an engineer. With disciplined and smart investing, 40 years of compounding interest can work wonders. In some cases in can be even more - I know a few friends who started investing for their kids the moment they were born.

> With disciplined and smart investing, 40 years of compounding interest can work wonders. One problem is that this takes 40 years...

Agreed, and it becomes an even more significant difference thanks to compounding interest. With the same aggressive level of savings, you can get to the same level in the US at a FAANG company in under 10 years easily. You can even make it a bit less aggressive, and still easily get there in about 10-15 years, while enjoying a way more relaxed and luxurious lifestyle than you would have in EU.

Re: German digital bank N26 is facing outcry from its staff over management

#127

Post by brnt »

coldtea wrote: post #87
Semaphor wrote: post #34

Earlier quoted context omitted.

> the latter with lots of under-reporting, e.g. people giving up looking for a job, and so on Is that not the case in NL? At least here in Germany, the government uses a lot of tricks to make the number smaller (we call it "Schönrechnen", calculating in a way to make a number look better)

> Is that not the case in NL? A little, but nothing like the US.

That is actually not at all true. Those seeking for more than a year are removed from the unemployment statistic, as well as anyone who's employed for at least one(!) hour a week (this was changed a few years ago).

The Dutch government is at least as skilled as making its people believe things are going well. Its a actually a bit of a rabbit hole, just like it is for Americans.

Re: German digital bank N26 is facing outcry from its staff over management

#128

Post by leipert »

aviraldg wrote: post #114

Any recommendations for digital banks that aren't terrible to their employees? The biggest/best ones I know of are N26 and Revolut and both are kinda similar in this context.

German here. I am using DKB since forever. Not as hip as N26 but pretty solid online bank with free VISA and free cash withdrawals. Unfortunately I have learned that they also invest in funds that ultimately fund weapons manufacturers.

A few years ago I have gotten a joint account with my wife over at GLS. Not as Internet savvy company but finally Apple Pay for their credit cards. They are investing in a lot of green tech, small businesses. Probably they have invest in some esoteric shenanigans but as a customer of that bank you can actually choose where your Money gets invested.

Re: German digital bank N26 is facing outcry from its staff over management

#129

Post by ChuckNorris89 »

pjmlp wrote: post #84
doener wrote: post #64

The N26 management apparently is doing everything to block this, which is a criminal act by German law. They not only filed several injuctions against the meeting (citing concerns about hygiene standards), but also called for an official meetings with all employees at exactly the time the soon to be Work Council held its meeting today. Now someone called the police to the meeting: https://twitter.com/worker291/status…

Most likely they got one of those law firms specialized in "cleaning" works councils. There are a couple ones.

> There are a couple ones.

Name and shame seems appropriate here, no?.

Re: German digital bank N26 is facing outcry from its staff over management

#130

Post by davidhowlett »

adarioble wrote: post #123
aviraldg wrote: post #114

Any recommendations for digital banks that aren't terrible to their employees? The biggest/best ones I know of are N26 and Revolut and both are kinda similar in this context.

In the UK, Starling is worth a shot, although Monzo is constantly being mentioned as a good bank in my circles.

I live in the UK and also recommend Monzo. They have a good app but the thing that stood out most to me was the correct use of emoji in their terms and conditions. It is definitely a modern bank.
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