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Coinbase is rescinding already-accepted job offers

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Re: Coinbase is rescinding already-accepted job offers

#171

Post by filoleg »

erehweb wrote: post #89

LinkedIn should set up a code of practice that bans this. Rescind offers? Then you can't advertise on LinkedIn for the next 5 years, and we won't host your job posts either. That would change the calculations at these companies and make the jobs marketplace better, at little cost to LinkedIn.

Would you be ok if they let recruiters have similar tools on linkedin, to filter out candidates who rescinded offers before? I am not trying to elicit some sympathy for coinbase here, I absolutely don't care about them or companies in general, but I don't think you've thought this proposal through.

Let's imagine the issue i mentioned above doesn't exist. Linkedin figured out a perfect way to figure out and filter out companies that rescinded offers. If that became a problem for companies, then a company would just hire someone and then lay them off immediately. Same result, but larger administrative/accounting overhead, so no severences for rescinded people, most likely. How would Linkedin track that? What's the time period cutoff for which laying someone off/firing them is considered "just a loophole around rescinding an offer"? A week? A month? How will you be able tell the difference between an instance of someone being fired within a short period of time after starting as a loophole around rescinding an offer vs. someone genuinely being fired within a month for whatever legitimate reason?

Imo i dont see how the current situation with coinbase/meta is a reason for such a major outrage. I could have understood it, if they were habitually known for rescinding offers as a part of their regular practice. But they don't, they all did it exactly once, at the same time, due to a very legitimate reason of a strong economic downturn affecting their survival/livelihood very badly. Imagine your spouse was having serious health problems, and you just found out you will need to take care of them for a year, right after you just accepted an offer from a company a few days ago. I think it is more than reasonable for that person to rescind their offer and tell the company they have something that's more important and that matters to their survival.

And that's not even mentioning that coinbase is paying severance worth 2 months of work (as well as provides job search assistance services, whatever that means) to those whose offers they rescinded. So those people essentially are paid for 2 months of job searching. Still sucks to deal with job search, don't get me wrong. But that severance package wasn't expected and feels pretty fair.

Re: Coinbase is rescinding already-accepted job offers

#172

Post by claytonjy »

erehweb wrote: post #89

LinkedIn should set up a code of practice that bans this. Rescind offers? Then you can't advertise on LinkedIn for the next 5 years, and we won't host your job posts either. That would change the calculations at these companies and make the jobs marketplace better, at little cost to LinkedIn.

Is LinkedIn a successful way to advertise jobs? I know it seems like they're all on there, but the last two times I hired, the LI crowd was by far the lowest quality. I got 700 applicants in a couple days (and 1000+ in a week) for a data science posting at a startup in 2019, almost all were entry-level applicants for a senior-level role. I don't blame the applicants, but it was basically impossible to wade through so many as a two-person team (me and the VP of Eng I was reporting to). I think LinkedIn is partially to blame in making it too easy to shoot off another application with near-zero marginal cost. We had much better luck with applicants direct to our jobs page.

I'm sure a company like Coinbase with their HR/recruiting resources has a rather different experience, though.

Re: Coinbase is rescinding already-accepted job offers

#173

Post by deckeraa »

bigmattystyles wrote: post #152
hallway_monitor wrote: post #107

Earlier quoted context omitted.

This is literally my only request from management. If you know I'm going to lose my job don't wait until my last day to tell me. Give me some time to set up other options.

It’s so tough though - with large layoffs, you want to avoid revenge actions from people who are being let go. Immediate termination / cutoff of access is really the only way to do it. But I agree, it’s not humane. Don’t ever buy companies that talk about being a family. They want you to treat them like family but they will turn around and do what they deem necessary to self-preserve.

The best way for a company to handle layoffs in the case where immediate termination is needed for security reasons is for the company to pay 2-6 additional weeks of salary beyond the termination date -- that way the employee has time to find new work without having a sudden, unexpected gap in income.

Re: Coinbase is rescinding already-accepted job offers

#174

Post by yojo »

adw wrote: post #149
yojo wrote: post #125

Earlier quoted context omitted.

This is meaningful and deserves more prominent placement. If you’re going to rug pull someone paying out $10k+ certainly takes some of the sting out. I would love to have an offer rescinded with pay. If the company’s prospects are really that dim I wouldn’t want to join anyway. Getting a cash bonus to go somewhere else is even better.

10k doesn’t cover search costs. What about health insurance, for example?

I personally always line up multiple offers when job hunting. Much better for negotiations.

In all cases I’m sure one of the companies I turned down would take me back if my first choice turned out to be a dud.

YMMV, but it seems like there’s more incentive than ever right now to make sure you’ve got more than one offer when job hopping.

Re: Coinbase is rescinding already-accepted job offers

#175

Post by claytonjy »

tarellel wrote: post #160
was_a_dev wrote: post #99

Earlier quoted context omitted.

Is LinkedIn really that large of a recruitment source? They certainly don't have a monopoly on it

I'd think so, I get dozens of recruiters reaching out every week. My current position I started a few months ago from a recruiter show reached out to me through LinkedIn as well.

A recruiter reaching out directly (warm leads) is very different from a LinkedIn job posting applicants apply to themselves (cold lead), and much harder to prevent. Of the recruiters I hear from, almost none of them point me to a LinkedIn job posting.

Re: Coinbase is rescinding already-accepted job offers

#176

Post by rococode »

The cruelest part of this:

https://twitter.com/TeamBlind/status/1532769735393169410

2 weeks ago they sent out emails saying "we will not be rescinding the offers of any employees who have already signed or have received an offer from us".

They then proceeded to rescind offers from people who received this assurance.

2 weeks is long enough that people signed leases, resigned from jobs, moved cities. And yet it's also short enough that Coinbase leadership was certainly already preparing to make this decision.

Re: Coinbase is rescinding already-accepted job offers

#177

Post by saiya-jin »

bigmattystyles wrote: post #152
hallway_monitor wrote: post #107

Earlier quoted context omitted.

This is literally my only request from management. If you know I'm going to lose my job don't wait until my last day to tell me. Give me some time to set up other options.

It’s so tough though - with large layoffs, you want to avoid revenge actions from people who are being let go. Immediate termination / cutoff of access is really the only way to do it. But I agree, it’s not humane. Don’t ever buy companies that talk about being a family. They want you to treat them like family but they will turn around and do what they deem necessary to self-preserve.

This is how ie banking works. Nobody smart/experienced enough even pretends its about more than next paycheck.

Sounds soulless, and for some it is, but there is no place for drama when the day comes.

Being good hearted will eventually backfire - that one employee who feels its very unfair to him, with right access can do so much damage to already faltering company it can even bring it down.

So its a precaution, because 1 (or 5) percent of people are vengeful assholes, and you often find out only when right buttons are pressed.

Severance package is always generous, ie my bank gives in such case 1 salary for every year worked, on top of mandatory 3 ones mandated by Swiss laws.

Re: Coinbase is rescinding already-accepted job offers

#178

Post by cortesoft »

bigmattystyles wrote: post #152
hallway_monitor wrote: post #107

Earlier quoted context omitted.

This is literally my only request from management. If you know I'm going to lose my job don't wait until my last day to tell me. Give me some time to set up other options.

It’s so tough though - with large layoffs, you want to avoid revenge actions from people who are being let go. Immediate termination / cutoff of access is really the only way to do it. But I agree, it’s not humane. Don’t ever buy companies that talk about being a family. They want you to treat them like family but they will turn around and do what they deem necessary to self-preserve.

If you think your employees will take revenge action after being let go, you need to do a lot better job at hiring people.

I can't imagine many professionals would do something damaging to their employer on the way out. Facing legal troubles right when you are looking for a new job seems very shortsighted.

Also, if you treat the people you are letting go as humans, they will be less likely to retaliate. Ironically, trying to prevent retaliation by treating them like they will retaliate is more likely to cause them to do so.

Re: Coinbase is rescinding already-accepted job offers

#179

Post by rvz »

paraph1n wrote: post #94
mlyle wrote: post #42

Earlier quoted context omitted.

Yah. I think distributed ledgers are here to stay, as are some tokens of stored value. But I don't think the insane bidding up of many tokens will ever happen again.

> I think distributed ledgers are here to stay What exactly makes you think that? As far as I can tell, it's still unclear if distributed ledgers are really effective tools for much of anything. What real problems have they solved?

I don't know, maybe Stripe, Moneygram, TransferGo, Namecheap, Porkbun, etc seem to think otherwise?

These distributed ledgers are here to stay in fact. Unless in less than 5 years or so, they are all going to go away 100% totally guaranteed?

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