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Stripe laying off around 14% of workforce
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Re: Stripe laying off around 14% of workforce
#182Hey 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…
Ya know.... Founders and CEO's are responsible every day. They created the business for people to have jobs, they have to deal with it when the business cannot support the jobs. When things in the macro economy change, sometimes the business can't operate at the same level it was before. People like to on CEO's & leaders in good times, but employees often forget that while the employee can just go get another job, th…
Stripe is large enough that the founders/CEO can retire anytime.
It's not like startup founders who haven't been taking a salary (or been taking a below-market salary).
Re: Stripe laying off around 14% of workforce
#183Hey 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…
That's not the founders taking personal responsibility unless they are paying for those benefits themselves. That's the company taking care of the employees, which is great. What GP was asking is how are the founders demonstrating accountability.
Re: Stripe laying off around 14% of workforce
#184Earlier 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 (…
>The reality is there's very little evidence for an actual "broader slowdown". I'm not sure about 'broader slowdown' but in the industry I'm in we've seen a massive slowdown in signups and expansions in the existing customers. When we speak with our customers, especially banks, they are seeing massive slowdowns on their side. Someone has bad metrics here, and when most of our customers across a wide range of industri…
I always wonder if the chicken or egg comes first. Maybe I'm living in a bubble, but I didn't see any broad slowdown until companies started laying off, saying there's this broad slowdown that's totally coming soon. Now, with people being laid off and tightening their spending, leading to an actual slowdown, the prophecy is fulfilled!
The last recession had a pretty clear cause you could point your finger at: The collapse of subprime mortgages. This one (presumably we're about to experience one) and the first dot-com crash didn't seem to be caused by anything besides a critical mass of businessmen agreeing "Well look at that, we're headed into an economic slowdown!"
Re: Stripe laying off around 14% of workforce
#185Earlier quoted context omitted.
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 think whatever a leader does which isn’t ritual suicide when announcing layoffs is going to get criticism. People in power hired when expecting an uptick and fired when expecting a downtick.
Layoff seppuku, if the CEO can't do it then the CFO must decapitate them. It's in all the standard corporate by-laws.
Re: Stripe laying off around 14% of workforce
#186Earlier quoted context omitted.
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)
As a European the severance for a large company doesn’t sound all to different to what I am used to. Normally you have 3 months by contract plus some add a month per year tenure. Healthcare costs, career support etc is normal for larger/successful companies. Then certain countries (not the company) will pay 80percent of your salary for 2 years to find a new job. Happy that some companies also start to do this in the…
> As a European the severance for a large company doesn’t sound all to different to what I am used to
Note that Europe is a big place, and laws are not standard for layoffs/redundancy. I got laid off this year, and basically got one week's severance pay, plus my two weeks notice.
In Ireland, I believe the standard amongst larger companies is one month per year served, but the cap is very low so generally tech companies will make much of the payout conditional on an NDA.
Re: Stripe laying off around 14% of workforce
#187Earlier quoted context omitted.
Quoted post unavailable.
For what it's worth, when I was a kid, I objected to the idea that I was legally compelled to attend public school, I did and do believe it is unconstitutional on a number of grounds and thus I refused to participate. In retaliation they placed me in special education classes and I spent my time in school being called a retard by the other kids on a daily basis. I'm not offended.
It seems like you're saying "people used to incorrectly think I was part of a marginalized community, but I wasn't, so it doesn't really bother me".
Re: Stripe laying off around 14% of workforce
#188Earlier quoted context omitted.
>The reality is there's very little evidence for an actual "broader slowdown". I'm not sure about 'broader slowdown' but in the industry I'm in we've seen a massive slowdown in signups and expansions in the existing customers. When we speak with our customers, especially banks, they are seeing massive slowdowns on their side. Someone has bad metrics here, and when most of our customers across a wide range of industri…
I always wonder if the chicken or egg comes first. Maybe I'm living in a bubble, but I didn't see any broad slowdown until companies started laying off, saying there's this broad slowdown that's totally coming soon. Now, with people being laid off and tightening their spending, leading to an actual slowdown, the prophecy is fulfilled! The last recession had a pretty clear cause you could point your finger at: The col…
Inflation came first. Then the controls to slow Inflation raise the cost of borrowing money. We're seeing the fallout of that now.
Re: Stripe laying off around 14% of workforce
#189> If you are among those impacted, you will receive a notification email within the next 15 minutes.
That seems very cold.
Re: Stripe laying off around 14% of workforce
#190Layoffs are not an indication of failure. Not on those who get laid off, those that remain, or senior leadership.
The universe is a dynamic, changing place. People [should] move in and out of jobs and industries in response to those changes in the world. This is a good thing, and much better than blindly doing the same thing forever, in the face of changes.
I don't know the specifics of Stripe's business at all, but they may have been correct to hire a lot early in the pandemic, and then correct again to lay off many people now.