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Stripe laying off around 14% of workforce

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Re: Stripe laying off around 14% of workforce

#371
post #202

This is the part I don't like. Stripe is a hugely successful company and they have no urgent material need to let people go. This is an optimization effort. I actually do believe that 'pruning' is a healthy thing for organizations, to enable them to be nimble and dynamic - however - obviously this comes at great social cost. The benefits of 'pruning' come at the cost of externalizing regular, creating real human chal…

> Stripe is a hugely successful company and they have no urgent material need to let people go

Indirectly, what you are suggesting is that the company string people along for as long as possible and give them busy work. So people would get the money, but not their time.

What Stripe did with their severance package is give employees both the money and their time back. Few people would likely prefer still having to go to a pointless job.

(And of course Stripe had an urgent need to let people go, they wouldn't have the money to pay such significant, if any, severance.)

There is no "zero costs" way to operate an economy. If we increase the long-term responsibilities of a company to their employees - as opposed to giving the same amount of safety net via public means - it will have a significant impact on willingness to hire.

Stripe's severance package, which is as generous or more so than the most advanced democratic socialist countries, is about as good as one can hope or should hope to get from a company.

If longer benefits are desired, the voters of California would need to come together on that and figure out how to finance it. But conflating the LA homeless / drug crisis with the 14-week severance packages for high skilled workers doesn't add up.

(Side notes: the perception of job loss in Japan is drastically different than in the U.S. and the Bank of Japan has been lending money at near zero rates for decades. The result has been a plethora of zombie companies.)

Re: Stripe laying off around 14% of workforce

#372

It is far better to be a massive underperformer at three jobs than be a good employee at one. Layoffs that are large usually have nothing to do with performance as if they did, word would leak. This is why I feel no guilt over letting my teams down repeatedly. It doesn't matter unless you are bad enough to fire.

No amount of money would make the stress of 3 jobs worth it to me. To constantly be letting down people around me would be depressing, don't care if I'm making 500k/yr.

Re: Stripe laying off around 14% of workforce

#373
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…

My guess is something like this: https://youtu.be/15HTd4Um1m4

Re: Stripe laying off around 14% of workforce

#374

It is far better to be a massive underperformer at three jobs than be a good employee at one. Layoffs that are large usually have nothing to do with performance as if they did, word would leak. This is why I feel no guilt over letting my teams down repeatedly. It doesn't matter unless you are bad enough to fire.

No amount of money would make the stress of 3 jobs worth it to me. To constantly be letting down people around me would be depressing, don't care if I'm making 500k/yr.

They don't care about you. Don't make the error of caring about them.

Re: Stripe laying off around 14% of workforce

#375
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 (…

>GDP growth in the US was decent in the last quarter......and unemployment remains at record lows.

That is correct. However, I work as a consultant and deal with a lot of senior execs at large companies (mostly non-tech) and I can tell you that they are all in a panic right now and expect an absolute economic bloodbath next year. It's going to become a self-fulfilling prophecy. It really feels like Wile E Coyote after he's run off a ledge but hasn't realized it or started falling yet. Very weird.

Re: Stripe laying off around 14% of workforce

#376
post #316

I work for Stripe and got laid off this morning. Sucks because my manager was only told this morning, and didn't have a chance to talk about how well I was doing or take any part in the decision making. We'll at least I'll get a break. I worked nights and weekends all of October.

> I worked nights and weekends all of October. Sorry to hear that. Why were you working nights and weekends?

[deleted]

Re: Stripe laying off around 14% of workforce

#377
post #202

This is the part I don't like. Stripe is a hugely successful company and they have no urgent material need to let people go. This is an optimization effort. I actually do believe that 'pruning' is a healthy thing for organizations, to enable them to be nimble and dynamic - however - obviously this comes at great social cost. The benefits of 'pruning' come at the cost of externalizing regular, creating real human chal…

What’s so bad about optimization efforts? I would prefer normalizing layoffs with 12 weeks severance package to normalizing developers who code 10 hours a week and whose cost the companies inevitably pass on to their consumers.

Re: Stripe laying off around 14% of workforce

#378
post #202

This is the part I don't like. Stripe is a hugely successful company and they have no urgent material need to let people go. This is an optimization effort. I actually do believe that 'pruning' is a healthy thing for organizations, to enable them to be nimble and dynamic - however - obviously this comes at great social cost. The benefits of 'pruning' come at the cost of externalizing regular, creating real human chal…

The problem with that is that in some cases there's really nothing else someone can do. If they are a recruiter, and the company is no longer hiring, keeping that person around doesn't help anyone, including that person.

Honestly the way Stripe is handling this seems pretty good. They are telling you now that you have until March to find a new job. They are essentially doing what you suggest, without making them come to work, by essentially paying them until March.

And some of them will probably get rehired as Stripe opens up new recs. Chances are the former employees will have a fast track into the new positions as they open up.

What you suggest is basically to just drag out the inevitable to the detriment of both the company and the employee.

Re: Stripe laying off around 14% of workforce

#379

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…

doesn't stripe do daily payouts? i don't wat to say losing a day of revenue would be fine, but it shouldn't be a real existential risk to your business.

Re: Stripe laying off around 14% of workforce

#380

Earlier quoted context omitted.

Yes. Find three remote jobs. It is what I do.

You contribute to anti-remote work sentiment by doing this.

In a tragedy of the commons, one should race to exploit the commons.
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