421–430 of 1001 posts
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There’s also no lack of buyers for stripe on secondary markets.
whether you can sell on secondary markets is restricted by the company. pretty sure Stripe has not let most employees sell on secondary markets. personally have not seen them solicited on Forge or EquityZen myself.
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> keeping that person around doesn't help anyone, including that person. Seems to me it obviously helps that person, but I generally don't understand corporate-speak so I might be missing something.
You'd rather stay at a dead-end position until a lack of money forces you to be laid off by a broke company that can't afford cushy terms? The alternative is being fired early, given several months of pay, months of free healthcare, early grants, help if you're an H1B holder, and help from your old company in getting a new job... There are bad layoffs and there are ok layoffs, I'd say this is an ok one.
And good luck finding another job if you are a recruiter right now.
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I find it interesting that they're saying they're doing so bad financially they need to cut 14% of their workforce but are also doing well enough they can pay 14% of their payroll for 3.5 months of no work + Bonuses + PTO + Stock + 6 Months of Healthcare? Doesn't seem to add up
How much do you think 14% of their workforce costs to keep employed for another year vs 3.5 months + bonuses + pto + stock + 6 months healthcare? Do you think their doing it for shits and giggles? Or do you think that they've actually done the math?
How did Stripe end up with expenses they need to reduce if they did the maths? Yes, their world changed, but at some point they made choices that were incorrect.
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> keeping that person around doesn't help anyone, including that person. Seems to me it obviously helps that person, but I generally don't understand corporate-speak so I might be missing something.
It’s better to get generous severance than to have to come in and do bullshit made-up work.
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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…
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.
That 3.5 months and healthcare buys them some time to start interviewing and line up new work. However, they're competing with everyone else that's been laid off recently. There's another article on HN right now about Lyft laying off staff. Meta is getting pummeled in the stock market right now and Google has recently had hiring freezes. I'm not sure now is a good time to be looking for tech work in SF.
Unused PTO should be paid out. That was already earned by the employees.
Accelerated vesting is only good if you can afford to use it. How long do they have to exercise their options? What's the secondary market like right now for Stripe stock? Are they allowed to sell stock currently or required to hold it? In a worst case scenario, people could be unable to exercise their options because they don't have the savings to cover the tax bill and want to hold onto cash because they're unemployed and need the liquidity.
As for healthcare benefits, that's a result of a very broken system in the US and not something that should be celebrated.
I feel bad for employees that have waited a decade to cash out. No reason why Stripe couldn’t have gone public in 2020-2021 at a huge valuation but from past interviews it sounds like the decision to remain private was just a founder preference thing because “focus” or something. Now the IPO market is completely frozen and its valuation is likely cut in half from peak, at least.
For anyone that has been there anywhere near a decade, there's been opportunities to cash out partially, at very good valuations. You'll see that a vast majority of early employees have departed, and they didn't do that by giving away their early options, or getting crushed by AMT by exercising without liquidity. While it might have been nicer to IPO by now, early employees are doing extremely well.
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They know what accountability is. That's why they never use the word. Yeah we know you're responsible for it, but how are you being held accountable for it? No one will remember in two years time, but my hope is it'll factor into candidates' decisions around whether to pursue a career with Stripe. If I've got senior executives without accountability, it's a distraction to my ability to deliver the product as well as…
Do you have an example handy of a CEO who has provided acceptable accountability in a situation like this?
https://www.fastcompany.com/3056662/she-created-netflixs-cul...
Remember, “companies don’t exist to make you happy. You know that, right? The business doesn’t exist to serve you. The business exists to serve your customers,” reminds McCord.
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.
Ya'll are hyper focusing on the nights and weekends. That was my personal decision, not part of the culture.
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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.
What is wrong with using the word "retarded"? It means slowed down. I could understand your objections if jesuscript called something/someone retarded, but they explicitly wrote "But you see, Stripe isn’t retarded." I think that whether a word is offensive or not depends on the context in which it is used. About the article you linked... perhaps I'm mentally disabled, but despite its "Why Use of the R-Word Needs to S…
https://www.pacer.org/bullying/info/students-with-disabiliti...
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Isn’t it mandatory to pay holiday accrued? Because it’s been, well, accrued…
It depends and some places go to "unlimited" for this reason, or combine sick and PTO and other stuff. The smart businesses would just actually bank the dollar amounts and not worry about it, but those are rare.