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Stripe laying off around 14% of workforce

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Re: Stripe laying off around 14% of workforce

#261

Post by schnebbau »

jtaft wrote: post #102
jesuscript wrote: post #38

Earlier quoted context omitted.

They are doing what any company does whether the slow down in the economy impacts them or not. They lie and say it impacts them and use it to do a purge. I worked at companies that were in no way impacted by the 2008 financial crisis (in fact, business was booming). Leadership managed to use it as an excuse to do a hiring freeze and plead with existing employees that they are the lucky ones and they need to work hard…

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.

He could say stupid, but that would offend stupid people. He could say crazy, but that would offend crazy people. How about insane? The expression is all the same.

There are lots of injustices happening in this world that deserve your attention. Policing the use of a word is not one of them.

Re: Stripe laying off around 14% of workforce

#262

Post by throwaway9191aa »

scarface74 wrote: post #226
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…

This is what I hate about the internet rage machine. No research was done by people automatically assuming that the company was just going to send the employees packing with “thoughts and prayers”. That’s very generous severance and the company doing right by its employees. I don’t know how long the process is for non US citizens. But in my over 25 year career, and changing jobs eight times as a software developer, i…

I had "trouble" finding work over the summer. But the actual details are that I was asking for $275k and $300k at two companies. Both gave me a verbal offers, but hiring froze. The third company, gasp, wanted me to come into their office (20 minutes down the street).

I also lived through 2001 and 2008. I think the last 12 years of perpetual growth have created some amazing expectations from people. I can only hope that, once I get laid off, I'll have to "settle" for some $175k job in an office after my 3 months of severance runs dry.

Re: Stripe laying off around 14% of workforce

#263

Post by YPCrumble »

zug_zug wrote: post #244
eganist wrote: post #47

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…

> Are you slashing your own future stock grants, cutting your own salaries, diluting your positions with stock grants to everyone else? 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 thousa…

> the thrust of the remark is to put some sort of public "shame" on companies that perform layoffs

I don't think that's what he meant. He is asking whether the CEO is just blowing hot air when they say "we take full responsibility..." or whether there are consequences to their bad decisions, i.e., responsibility for those decisions.

Re: Stripe laying off around 14% of workforce

#264

Post by onion2k »

rexreed wrote: post #245

Stripe stresses me out. I really cringe worrying about having too many financial eggs in the Stripe basket. But Paypal is no alternative and traditional CC processors are awful. How does one hedge their bets with Stripe? I worry one day we'll hit some transaction "trigger" and then all our money will get locked up in Stripe with no customer support recourse. I fear being "too successful" with no recourse if I depend…

How does one hedge their bets with Stripe?

Build your business in a way that doesn't lock you into Stripe where it's reasonable to, and accept that it'll be painful in places where you can't.

...then all our money will get locked up in Stripe with no customer support recourse.

Don't leave all your money in Stripe.

Re: Stripe laying off around 14% of workforce

#265

Post by joenot443 »

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?

I don’t think I’ve ever seen anyone here express the sentiment that execs and CEOs are geniuses for leading a profitable company. If anything, it seems like it’s us engineers who like to consider ourselves brilliant, and that the simple-minded management should be so lucky to have us.

Re: Stripe laying off around 14% of workforce

#266

Post by onion2k »

benjaminwootton wrote: post #18

“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.

If you think you're going to suffer pain in the future, using your current success to reduce the impact of it seems quite sensible.

Re: Stripe laying off around 14% of workforce

#267

Post by oceanplexian »

lefstathiou wrote: post #134
eganist wrote: post #111

Earlier quoted context omitted.

That's how they're supporting their employees, but this would've already been accounted for anyway (the vesting, potential bonuses, pay through Feb 2023, etc), so this isn't accountability so much as it's "we'll, we won't see the immediate benefit until March" Would've been a different story for instance if pc/jc were diluted with new grants to departing and existing employees.

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…

It's not out of the goodness of their heart. Stripe has to retain its existing employees and still attract talent, and the economic situation we're experiencing is only temporary. If they screw people over as they are leaving, they are shooting themselves in the foot.

Re: Stripe laying off around 14% of workforce

#268

Post by anon14132 »

rootusrootus wrote: post #175
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…

> some companies also start to do this in the US This is pretty normal in my experience. Having experienced layoffs (never as a target, always from the side) for the last 25 years. There are probably edge cases, but some amount of severance (based on time with the company, typicall), healthcare coverage, bonus acceleration, etc, is all completely normal. On HN, of course, you're mostly only going to see the edge case…

Yeah I have been laid off once, at Fortune 15 company. We got, at least, 2 month of severance pay. And 2 weeks extra for each year with company after first 4 years. It wasn't a tech company, so I always assumed that this is pretty common in mass lay offs.

Re: Stripe laying off around 14% of workforce

#269

Post by roflyear »

tempsy wrote: post #139
Xeoncross wrote: post #123

Earlier quoted context omitted.

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.

Tech jobs follow a bimodal distribution. Only a few pay the $400k-$500k Google level salaries you hear about for mid level employees. It might be relatively easy to find a $120k job but that doesn’t mean every laid off person can now walk into Google with ease when even big tech is laying people off or freezing hiring.

Not everyone needs to make $500k? I don't understand this argument. Many companies are hiring seniors right now for $200k base. Small, medium, and large companies. That is a great salary.

Don't compare yourself to the .1% of software devs.

Re: Stripe laying off around 14% of workforce

#270

Post by bluGill »

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.

There are lots of tech companies hiring too. The hard part is finding them, and convincing them you are the one. Most of the resumes I see for a "senior" programmer don't have the experience.
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