241–250 of 1001 posts
Earlier quoted context omitted.
What did they screw up, though? Their psychic abilities failed? A coin flip came up tails but they bet on heads?
"Their psychic abilities failed? A coin flip came up tails but they bet on heads?" Isn't it interesting how we want to absolve execs of all blame when they bet wrong and get unlucky, but declare them geniuses and masters of business when they bet right and get lucky?
“On Tuesday we set a new record for total daily transaction volume processed.” How does a company breaking records 36 hours ago conclude they need to lay off 14% of the workforce? Even with economic storm clouds on the horizon that seems very jumpy.
Overstaffed in the support department. They realized that they could have just one person watching Hacker News for people having problems.
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High performers on redundant teams would almost certainly be transferred, assuming there isn't some odd middle management infighting going on.
That's a pretty big assumption :) There's always management infighting, especially in lean times.
If it's just some folks getting miffed because someone from another department stepped on their toes or made some unkind comments about their team, then that shouldn't be too serious.
I'm assuming it's mostly the latter at Stripe...
Hey 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…
This sounds a bit emotional to me. Layoffs can be an emotional topic, but let's reflect for a moment.
I guess the thrust of the remark is to put some sort of public "shame" on companies that perform layoffs (especially such fast ones) for the major inconvenience they cause for thousands of people. I suppose the fear is that without any "Shame" these companies will hire and fire spuriously without repercussion?
Relatively speaking I think Stripe handled this well. Yes it was a mistake to hire these people, but now that you're here it would be a bigger mistake to keep people you don't need.
I wonder if every company would be so forthright about this or whether many would just "cut" "low performers" at an accelerated rate over a year with no severance.
I fear being "too successful" with no recourse if I depend on Stripe too much.
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What more do you want? They are paying out millions in cash ("out of the goodness in their heart"... ie they don't have to and people shouldnt expect) which is directly reducing the value of the equity, which impacts them more than anyone else by a huge proportion. Handing out equity grants makes no little sense to me and is unlikely what these employees want... "hey you're fired, here's some stock at our latest valu…
I think the issue comes from the idea that in tough times, good leaders take their lumps before they expect it from their team. There's lots of colloquialisms that seem to fit this: "Leaders eat last" "We cut the fat starting at the top" "Leaders need to have endurance beyond their troops" I have no skin in the game either. The severance packages are commendable, but I don't think it actually answers the OP's questio…
Hey 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…
They don't owe you anything. Not an action. Not even an explanation. The world doesn't owe you anything either.
Earlier quoted context omitted.
"Their psychic abilities failed? A coin flip came up tails but they bet on heads?" Isn't it interesting how we want to absolve execs of all blame when they bet wrong and get unlucky, but declare them geniuses and masters of business when they bet right and get lucky?
Yes and we really should be crying for the software developers who worked for slave wages and had no opportunity to save.
Hey 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…
Scrounging on the web suggests that Stripe may be EBITDA-profitable but not GAAP-profitable. $60M (perhaps double that with all the other benefits laid out here) is easily enough to delay GAAP profitability by a quarter or two. That may not seem like much, but it has a huge impact on investor sentiment.
[1] 0.148000200000*14/52
Earlier quoted context omitted.
"Their psychic abilities failed? A coin flip came up tails but they bet on heads?" Isn't it interesting how we want to absolve execs of all blame when they bet wrong and get unlucky, but declare them geniuses and masters of business when they bet right and get lucky?
It's easy to get something wrong, but it's hard to get it right.