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Stripe laying off around 14% of workforce

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Re: Stripe laying off around 14% of workforce

#251

Post by [deleted] »

jesuscript wrote: post #84
BaseballPhysics wrote: post #64

Earlier 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 stock market didn’t really decline. There was a speculative play at the beginning of the pandemic that allowed the shitheads that run that game to do a reallocation of capital from “pandemic hit” industries to tech. That’s why tech ballooned to stupid levels. I say speculative because while it may have been right to reallocate away from, say, Airlines stocks, there was no good reason to run up tech to those absur…

[deleted]

Re: Stripe laying off around 14% of workforce

#252

Post by anon14132 »

bastardoperator wrote: post #191
esel2k wrote: post #148

Earlier quoted context omitted.

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…

I worked with a person that was laid off with 6 months severance that was not reported to the state. They immediately filed for unemployment, and then the company hired them back as a contractor 4 or 5 weeks later. We labelled him the triple dipper and he said getting laid off was the best thing that ever happened to him and that he's basically rolling around in money coupled with a one month paid sabbatical.

In Texas, severance pay has no bearing on unemployment insurance. I did same thing but told unemployment office about severance pay, since I was too worried about breaking any rules.

They told me I could win jackpot but they would still legally owe me unemployment pay. It is all about actually woking. If you work and then get paid for that work, that's when you cannot claim unemployment pay.

So, technically, if you do contract work and still claim unemployment, then you are breaking the law.

Re: Stripe laying off around 14% of workforce

#253

Post by gizmo »

pmoriarty wrote: post #228
ericb wrote: post #128

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?

Of course the stripe founders are not absolved of blame. They made the wrong call.

But overall Stripe has A+ execution -- of which very little was luck -- and the founders deserve credit for that.

Re: Stripe laying off around 14% of workforce

#255

Post by shuckles »

SpicyLemonZest wrote: post #229
shuckles wrote: post #203

Earlier quoted context omitted.

I don’t understand responses like this. They are returning to February headcount. The executive team also made the long term planning decisions which gave those people jobs for the last 9 months (and income for the next 3). Would the right thing to do have been not choosing to give more people a living for 13 months at least? Are companies to never speculatively invest in growth?

A lot of people would genuinely prefer for companies to never make risky investments in growth, yes. If you’ve ever wondered how the Japanese norm of lifetime employment can be sustained, this is why; many employees prefer it to a system where they might discover one day that their job was dependent on a speculative investment that didn’t pan out.

My understanding is that Japan is a really bad place to be a worker.

Re: Stripe laying off around 14% of workforce

#256

Post by [deleted] »

tempsy wrote: post #216
imnotreallynew wrote: post #124

Earlier quoted context omitted.

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.

Not sure if frantically interviewing for a new job during the holidays when lots of tech companies are also laying people off can be considered a vacation.

[deleted]

Re: Stripe laying off around 14% of workforce

#257

Post by meragrin_ »

BaseballPhysics wrote: post #64
pid-1 wrote: post #20

> In making these changes, you might reasonably wonder whether Stripe’s leadership made some errors of judgment. We’d go further than 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…

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 wish I could be in your bubble. In mine, people have been spending more on less month after month. Businesses are seeing slowdowns. Things are going to be even worse when the winter heating starts.

Re: Stripe laying off around 14% of workforce

#258

Post by joenot443 »

tempsy wrote: post #216
imnotreallynew wrote: post #124

Earlier quoted context omitted.

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.

Not sure if frantically interviewing for a new job during the holidays when lots of tech companies are also laying people off can be considered a vacation.

They have 3.5mos. I find it unlikely someone’s market value dropped enough that they could once be a Stripe employee but they’re now unemployable.

Re: Stripe laying off around 14% of workforce

#259

Post by mynameisvlad »

jesuscript wrote: post #112
jtaft wrote: post #102

Earlier quoted context omitted.

Many find the r word offensive. Can you please be kinder and express yourself differently? https://www.verywellfamily.com/what-is-the-r-word-3105651 Your post brings up interesting view points, thanks for sharing.

Quoted post unavailable.

No post body was provided.

Re: Stripe laying off around 14% of workforce

#260

Post by uncletammy »

Test0129 wrote: post #194
memish wrote: post #90

Earlier quoted context omitted.

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 is a remarkably generous severance package. My COVID severance when my company's local office went under was 2 weeks pay for 8 years of service. Healthcare terminated at the end of the month and they were sure to lay me off in the middle of the last week of the month. Well done stripe. Maybe others can follow your example.

Brutal
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