first one of these I’ve seen that included an alumni email account
Stripe laying off around 14% of workforce
121–130 of 1001 posts
Re: Stripe laying off around 14% of workforce
#122Earlier quoted context omitted.
Unless they were planning on growing transaction volume more
I'm British, so I appreciate that there's a difference in approach across the pond, but I still think this is a shitty thing to do. They are still growing (and setting records it would seem). Just hold on to the staff and swallow the small dent in opex.
Corporations have fiduciary duty to the their investors, not their employees.
Re: Stripe laying off around 14% of workforce
#123I mean it’s a pretty damn generous package. Hell, I’ll take it and chill for a month or two before jumping into another job. I’d love to get laid off with a quarter+ of a year paid for.
It’s a little different when everyone is cutting staff at the same time and there’s lots of competition for a limited number of “good” jobs
IDK, there seem to be plenty of big tech jobs still open. I just got one. Overall, there are about 1.9 open jobs in the US for every person unemployed.
Re: Stripe laying off around 14% of workforce
#124Hey pc, if you're around: > John and I are fully responsible for the decisions leading up to it. What are the two of you doing to show accountability? Are you slashing your own future stock grants, cutting your own salaries, diluting your positions with stock grants to everyone else? What's the consequence for this decision on your end that shows you're accountable for what happened, not just responsible for it? Sinc…
That's in the email: Severance pay. We will pay 14 weeks of severance for all departing employees, and more for those with longer tenure. That is, those departing will be paid until at least February 21st 2023. Bonus. We will pay our 2022 annual bonus for all departing employees, regardless of their departure date. (It will be prorated for people hired in 2022.) PTO. We’ll pay for all unused PTO time (including in re…
Goodness, I’d voluntarily take that deal anyday. 3.5 months of paid vacation at the salaries Stripe pays? Yes please.
I just read the rest. On top of 3.5 months pay, they get accelerated vesting, cash payment for healthcare benefits, all unused PTO paid, and more. That’s incredible.
Re: Stripe laying off around 14% of workforce
#125Hey pc, if you're around: > John and I are fully responsible for the decisions leading up to it. What are the two of you doing to show accountability? Are you slashing your own future stock grants, cutting your own salaries, diluting your positions with stock grants to everyone else? What's the consequence for this decision on your end that shows you're accountable for what happened, not just responsible for it? Sinc…
i hate this trend of ceos saying they take responsibility. Reminds me of lord farquuad, "some of you may die, but that is a price i'm willing to pay"
I read it as "this was our decision" as opposed to "this is our fault". Basically they are saying not to blame and middle managers, investors, board members or whatever.
Re: Stripe laying off around 14% of workforce
#12614% translates to what number here? Anyone knows their approximate headcount?
> which will return us to our February headcount of almost 7,000 people
I guess about 8,150 employees and 1,150 are being laid-off.
Re: Stripe laying off around 14% of workforce
#127Earlier quoted context omitted.
That first point is key, and I think they're being... less than honest. The reality is there's very little evidence for an actual "broader slowdown". GDP growth in the US was decent in the last quarter despite a huge decline in home sales and headwinds from inflation, and unemployment remains at record lows. There's certainly some signs for concern, but the only real, persistent decline has been in the stock market (…
> But, Stripe can't admit they made a major strategic blunder They quite literally say that? “In our view, we made two very consequential mistakes, and we want to highlight them here since they’re important: We were much too optimistic about the internet economy’s near-term growth in 2022 and 2023 and underestimated both the likelihood and impact of a broader slowdown. We grew operating costs too quickly. Buoyed by t…
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Re: Stripe laying off around 14% of workforce
#128Hey pc, if you're around: > John and I are fully responsible for the decisions leading up to it. What are the two of you doing to show accountability? Are you slashing your own future stock grants, cutting your own salaries, diluting your positions with stock grants to everyone else? What's the consequence for this decision on your end that shows you're accountable for what happened, not just responsible for it? Sinc…
There are rarely if ever any serious consequences to top execs screwing up wealthy companies. Such execs are usually already so wealthy that they never have to work another day in their life, no matter what happens or how much they screw up. They can always find other prestigious, high paid jobs, and sometimes even get rewarded with huge amounts of money from the very companies they screwed over.
What did they screw up, though?
Their psychic abilities failed? A coin flip came up tails but they bet on heads?
Re: Stripe laying off around 14% of workforce
#129Grew tx volume 3x since the pandemic, but using the macro environment as an excuse to shave the bottom 14%. Just come out and say it.
That's literally what the letter is saying.
Re: Stripe laying off around 14% of workforce
#130Hey pc, if you're around: > John and I are fully responsible for the decisions leading up to it. What are the two of you doing to show accountability? Are you slashing your own future stock grants, cutting your own salaries, diluting your positions with stock grants to everyone else? What's the consequence for this decision on your end that shows you're accountable for what happened, not just responsible for it? Sinc…
That's in the email: Severance pay. We will pay 14 weeks of severance for all departing employees, and more for those with longer tenure. That is, those departing will be paid until at least February 21st 2023. Bonus. We will pay our 2022 annual bonus for all departing employees, regardless of their departure date. (It will be prorated for people hired in 2022.) PTO. We’ll pay for all unused PTO time (including in re…
The last time I got laid off, my severance was basically enough to buy a bus ticket to the unemployment office. What they're doing here is incredible. (Almost felt compelled to name names here but took a breath)