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Stripe laying off around 14% of workforce

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Re: Stripe laying off around 14% of workforce

#551

Post by phoe18 »

abeppu wrote: post #525

I know this isn't new or unique to Stripe, but the language used in these announcements to distance leadership from their choices is always so slimy. "We're not 'firing' or 'terminating' anyone; some people are just 'impacted' by our announcement that we have to 'say goodbye'." It makes repeated mentions of those who are "leaving" (the subject is the former employee) and avoids active verbs where the founders are the…

This reminds me of George Carlin's Euphemisms bit: https://youtu.be/vuEQixrBKCc

Re: Stripe laying off around 14% of workforce

#552

Post by radu_floricica »

abeppu wrote: post #525

I know this isn't new or unique to Stripe, but the language used in these announcements to distance leadership from their choices is always so slimy. "We're not 'firing' or 'terminating' anyone; some people are just 'impacted' by our announcement that we have to 'say goodbye'." It makes repeated mentions of those who are "leaving" (the subject is the former employee) and avoids active verbs where the founders are the…

No offence, but they're not putting anybody in the electric chair. They're letting people go with pay until almost March - if you can't find a new job in 4 months, it's on you, and maybe they weren't wrong to give you up.

A dynamic job market includes hiring and firings. At most they have to apologize for some disruption, and they more than made up for that with the severance packages.

And about the language - "fire" has a connotation of it being your fault. Being terminated or let go suggests a business decision first, and your performance second. They used the right word.

Re: Stripe laying off around 14% of workforce

#553

Post by [deleted] »

naasking wrote: post #546
cldellow wrote: post #529

Earlier quoted context omitted.

Some possible reasons: You may not get the number of volunteers you need, so you still have to do layoffs. Except now, more people have been stressing about it for a longer period of time. The "low performers" who will have a hard time finding a new job elsewhere are unlikely to voluntarily leave. So you offer a buyout package to derisk the decision for them. But then the "high performers" who you'd rather retain mig…

Yes, there's stress associated with possible layoffs, but buyout packages and knowing it's not going to happen for, say 6 months, means there's loads of time to make the necessary adjustments. I think a big part of the stress is the suddenness of it all. Something like 50% of people are living paycheque to paycheque, so of course a sudden round of layoffs would be crazy stressful because there's a chance that your li…

[deleted]

Re: Stripe laying off around 14% of workforce

#554

Post by mengibar10 »

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.

Speak volumes for the character of the people who are managing the company. Lay off people who helped you get where you are the moment you feel you won't need them in the future.

What avenues have they exhausted before laying off workers?

For example my company during COVID chose to make a temporary 3% reduction to salaries rather than laying off the people. That was that year's minimum salary increase. Basically they took what they gave that year.

Many companies are very disloyal to their workers, vice versa.

Re: Stripe laying off around 14% of workforce

#555

Post by RRL »

TorKlingberg wrote: post #418
thunkle wrote: post #298

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.

> Sucks because my manager was only told this morning As a manager I find their really curious. I guess they were trying to avoid leaks. I wonder how they chose who to lay off. Most recent performance rating? Next level managers impression?

The layoff was leaked on Blind 24-48hrs ago

Re: Stripe laying off around 14% of workforce

#556

Post by mengibar10 »

jesuscript wrote: post #38
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.

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…

Speak volumes for the character of the people who are managing the company. Lay off people who helped you get where you are the moment you feel you won't need them in the future.

What avenues have they exhausted before laying off workers?

For example my company during COVID chose to make a temporary 3% reduction to salaries rather than laying off the people. That was that year's minimum salary increase. Basically they took what they gave that year.

Many companies are very disloyal to their workers, vice versa.

Re: Stripe laying off around 14% of workforce

#557

Post by skybrian »

abeppu wrote: post #525

I know this isn't new or unique to Stripe, but the language used in these announcements to distance leadership from their choices is always so slimy. "We're not 'firing' or 'terminating' anyone; some people are just 'impacted' by our announcement that we have to 'say goodbye'." It makes repeated mentions of those who are "leaving" (the subject is the former employee) and avoids active verbs where the founders are the…

"Firing" would just be the wrong word, since it normally implies that the employee wasn't doing something right. It's a layoff. They're not saying anyone (other than them) did anything wrong.

Re: Stripe laying off around 14% of workforce

#558

Post by jgoodhcg »

radu_floricica wrote: post #552
abeppu wrote: post #525

I know this isn't new or unique to Stripe, but the language used in these announcements to distance leadership from their choices is always so slimy. "We're not 'firing' or 'terminating' anyone; some people are just 'impacted' by our announcement that we have to 'say goodbye'." It makes repeated mentions of those who are "leaving" (the subject is the former employee) and avoids active verbs where the founders are the…

No offence, but they're not putting anybody in the electric chair. They're letting people go with pay until almost March - if you can't find a new job in 4 months, it's on you, and maybe they weren't wrong to give you up. A dynamic job market includes hiring and firings. At most they have to apologize for some disruption, and they more than made up for that with the severance packages. And about the language - "fire"…

4 months is relatively generous but...

> if you can't find a new job in 4 months, it's on you,

This statement feels _wrong_. We are all subject to macro trends that we don't have control over. They impact our lives. Even the well off tech people but especially people in other industries.

Re: Stripe laying off around 14% of workforce

#559

Post by seydor »

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 is PayPal no alternative? Stripe is the alternative to Paypal. Or are things different in the US?

Re: Stripe laying off around 14% of workforce

#560

Post by mengibar10 »

radu_floricica wrote: post #552
abeppu wrote: post #525

I know this isn't new or unique to Stripe, but the language used in these announcements to distance leadership from their choices is always so slimy. "We're not 'firing' or 'terminating' anyone; some people are just 'impacted' by our announcement that we have to 'say goodbye'." It makes repeated mentions of those who are "leaving" (the subject is the former employee) and avoids active verbs where the founders are the…

No offence, but they're not putting anybody in the electric chair. They're letting people go with pay until almost March - if you can't find a new job in 4 months, it's on you, and maybe they weren't wrong to give you up. A dynamic job market includes hiring and firings. At most they have to apologize for some disruption, and they more than made up for that with the severance packages. And about the language - "fire"…

If a well position and well oiled company is in fear of losing business and firing people how come you expect to find jobs let alone stable jobs.

You give your 4-5 years to a company and the company dumps you at the first sight of hardship.

I think Stripe made a bad choice when firing people. They should have decreased salaries, percentage wise more at the management level and try to keep their workers. I wouldn't want to work such company ever.

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