Clearco Reviews

3.3

46% would recommend to a friend

(255 total reviews)
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Andrew Curtis

66% approve of CEO

43% positive business outlook

Clearco has an employee rating of 3.3 out of 5 stars, based on 255 company reviews on Glassdoor which indicates that most employees have a good working experience there. The Clearco employee rating is in line with the average (within 1 standard deviation) for employers within the Finance industry (3.7 stars).

Reviews by job title

255 reviews
2.0
14 Feb 2022

Warning to salespeople

Recommend
CEO approval
Business outlook

Pros

- Amazing people - Great tech stack - Fun office environment

Cons

Not one to typically write a review like this. But I felt compelled given the situation that the company is in and how it is impacting the sales team. Below are all facts, please ask your recruiter about them if you have questions/concerns. - Sales are down significantly from September of last year to now. Since Clearco is not a SaaS business this is not "slowing growth" but is actually a steep decline in top line revenues. - Because of this roughly only 20% of reps hit quota month over month last year...and this was prior to the comp change. - Sales targets are up 50% with no additional support to help reps hit these targets. To say these are difficult targets would be a gross understatement (1 rep hit quota in January). - In addition to the higher quota there are no longer BDRs supporting AEs. - They've moved ramp from 6 months to 3 months with no material changes at all. - If you do not get to 50% of target you are given a verbal performance warning and can be fired. - If you're below a floor you earn no commission on your closed deals, and between the floor and your target you're on a decelerator so you earn minimal commission. - This has been done to reduce costs by making it incredibly difficult to reach your variable comp targets. - As a result of this there has been 40%(ish) turnover on the BDR team. The salesteam is following suit as people leave to more high paying comparable jobs. - Clearco pays well below market, this can be verified with any third party data or research. - Activities are monitored closely and you're supposed to follow a script when selling. If you are lagging behind in activities you are called out on sales wide slack channels (this has actually slowed as people have been leaving) and you're discouraged to not use the exact script when on the phone at all stages of the sales process. - Multiple team members have taken mental health leaves of absence. - The sales team is 90%+ male. Lack of diversity. - Clearco is not a tech product, you are not selling technology. You are locking clients into revenue share agreements. The point below is not a fact but rather an accepted truth on the salesteam. - Shopify and Wayflyer are quickly taking significant marketshare. Offering better rates, more capital, and just generally better capital structures. This seems to be unnoticed by management as it was not mentioned on the last several townhalls. Shopify has gone so far as to build in an integration where they get notified when customers connect their accounts to Clearco, so that they can compete on the deals. Shopify can cross sell their products so this gives them significant leverage in the sales process.

2.0
26 Jan 2022
Recommend
CEO approval
Business outlook

Pros

Hardcore sales experience. This job is a grind like no other. If you're here to learn how to hustle, and get experience in sales, it will definitely make all other sales roles feel easier when you leave. It's good as a resume builder so you can leave for a job where they pay well, and support you. Some great people on the team. They will make your day-to-day much better. It's the camaraderie that will keep you around for a while until you realize you're being taken advantage of.

Cons

Under compensated for comparable tech sales roles. You simply will not hit your OTE because so much of the sale is luck and timing/ based on external circumstances (ex. supply chain pressures where the clients have no other choice). Managers change like the seasons, and they view the sales team as disposable. No love lost - when someone resigns, they deactivate your Slack, and redistribute your opportunities. You'll be luck if they tell the team you left. Most of the time you'll find out a friend quit when they stop replying to your messages. Run you into the ground, wait for you to burn out, and then hire another optimistic young professional as a replacement to repeat the cycle. They increased targets by 50%, but didn't improve a single factor that can help the reps hit those targets. OTE remained the same after increase to target (no salary bump to match inflation). I'd say roughly 15-25% of reps regularly hit their number month over month, before the targets were increased. Sales leaders also introduced a floor to earning commission that was not there prior to hiring. It's equated to constructive dismissal. Clearco has a hyper-political culture where favourites are picked, and promoted. The AE team is sometimes coached by BDR Managers/Team Leads who have never sold the product themselves (laughable). Clearco positions itself as a "tech company" wanting to steer away from the loan shark image, but the software is built on shaky ground. Leading to frequent server errors. Nothing is more embarrassing than walking a client through the signup process to have the server crash 4-5 times on a single sales call. Lastly, stop dodging the APR objection. The capital is VERY expensive, there's no two ways about it. Clearco trains their staff to navigate around those cost objections vs. own up to them. We're taught to scratch our heads at the exact APR calculations that the more savvy CFO's and CEO's will flag. It's a terrible way to do business if you want to build a "100 year company" as Michele often says.

1.0
18 Feb 2021

Not For Everyone

Recommend
CEO approval
Business outlook

Pros

Good people that are talented to work with Advancement if you do well, lots of movement within sales

Cons

Lack of vision - product managers and executives do a poor job of explaining new products to the sales team Huge turnover - I think a high growing firm that wants to stay sustainable should invest in a sustainable corporate culture that will help drive success for the company Succeed or die - if you don't hit your goals you are out! Very tough sales organization to be a part of. There is zero ramp up time - it's go go go from day 1 Expect a very short leash - they don't train you to succeed, they preach getting 1% better everyday, but they won't care about progress if you can't hit your goals Upper management are disconnected from the "ground level" employees. There is zero pulse check - don't think that the fireside chats with Andrew & Michele do anything but be a song and dance to make it seem like the executives are engaged.

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Clearco Response
5y
Hi there, thank you for sharing your feedback with us! We understand that there are growing pains when it comes to scaling a hyper-growth company and welcome all feedback and suggestions. Clearco truly values transparency and authenticity and aims to ensure our employees feel heard. Would you be open to sharing additional context with us? Feel free to email us at feedback@clear.co.
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