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Stripe laying off around 14% of workforce

stripe.com

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Re: Stripe laying off around 14% of workforce

#961

Post by someotherperson »

ddyevf635372 wrote: post #850
jcadam wrote: post #677

Earlier quoted context omitted.

I was laid off at the beginning of October and still can’t find anything. It’s definitely a buyer’s market for senior level engineering talent.

It is time to apply jobs in New Zealand. Economy is strong, easy pathway to be permanent resident. Oh, and it is a beautiful country with super friendly people. https://www.immigration.govt.nz/new-zealand-visas/apply-for-...

> Oh, and it is a beautiful country with super friendly people

Yeah despite the rampant, unrelenting racism, of course. Perhaps this should be prefaced with "If you're a white European with an English name"

Re: Stripe laying off around 14% of workforce

#962

Post by tinglymintyfrsh »

Speaking of layoffs: Meta needs to layoff 12% because they hired a lot of non-value-add, low-skilled, nontechnical employees just to meet DEI goals. They hangout in vast, empty offices and chat like they're on vacation and have nothing better to do. It's difficult to tell what most people do because they hired way too many people too fast without a clear understanding of how they're supposed to map to building the business. They need to cut 80% of building leases and 50% of CapEx spend too.

Re: Stripe laying off around 14% of workforce

#963

Post by creakingstairs »

RowanH wrote: post #945
ddyevf635372 wrote: post #850

Earlier quoted context omitted.

It is time to apply jobs in New Zealand. Economy is strong, easy pathway to be permanent resident. Oh, and it is a beautiful country with super friendly people. https://www.immigration.govt.nz/new-zealand-visas/apply-for-...

The economy is anything but strong. Housing skyrocketed across 20/21/22 in particular, and now coming back down with a thump, combined with big cost of living hikes things are looking grim for your average salaried worker (especially if they have a big/recent mortgage, there's some negative equity love to be had). The only thing that might save us this summer from a very dark outlook is finally the tourists are comin…

Oh man, I remember people were almost panic buying houses because it just kept going up. I briefly looked around but gave up after finding that some shitty cottage in Island Bay was selling for 800k.

At the time, almost every conversation at work kept devolving into property (oh and crypto lol) which was annoying. And what was even more annoying were people who bought that were _convinced_ that they had got a good deal, lecturing me I should buy as well.

I ended up leaving the country for better pay, lower housing cost and good amount of savings to last me a while . I hope in 2 or so years when we go back, the prices are more reasonable.

Re: Stripe laying off around 14% of workforce

#964

Post by likeabbas »

striper123 wrote: post #889
throway20221103 wrote: post #635

Throwaway because of obvious reasons, This process as Stripe reads as exceptionally cold and distanced to me. There's an ongoing downsizing at my workplace as well right now, and it's going a little like this: * Change in strategy and its consequences announced together in all-hands * Company strategy changed to focus less on rapid growth (something we'd been structured for) due to major changes in capital markets *…

I just went through it and I think they did it properly. Effectively the process went like this: At 9am PST we received the email, a minute or 2 later we received another email, "If your role is being impacted you will receive an email in the next 15 minutes." Then, 15 minutes later, we received another email "If you haven't received an email, you haven't been impacted." There was only 15 minutes of uncertainty for e…

I was impacted in a different manner. A small group of people were logged out of everything, including email, around 8am ET. This was before Patrick’s email went out. I thought I wasn’t going to get to say goodbye to my coworkers. It was not fun.

Re: Stripe laying off around 14% of workforce

#965

Post by iwiser »

Folks from Stipe and other companies! I know that layoffs are brutal. We are primarily at tech-winter.

At the same time, we, Wise (formerly TransferWise) - actively looking for engineers, product managers, and engineering managers, designers. Many roles are open, and we are growing quite a lot! We have a product our customers love, and we care about our employees a lot! We are pretty good financially and have a clear vision of which one we are executing. If you are interested - you can browse the list of open roles here: https://grnh.se/1f3d39a91us and apply for them. You can write me directly, and I will try to answer anything as much as possible.

Re: Stripe laying off around 14% of workforce

#966

Post by refurb »

creakingstairs wrote: post #963
RowanH wrote: post #945

Earlier quoted context omitted.

The economy is anything but strong. Housing skyrocketed across 20/21/22 in particular, and now coming back down with a thump, combined with big cost of living hikes things are looking grim for your average salaried worker (especially if they have a big/recent mortgage, there's some negative equity love to be had). The only thing that might save us this summer from a very dark outlook is finally the tourists are comin…

Oh man, I remember people were almost panic buying houses because it just kept going up. I briefly looked around but gave up after finding that some shitty cottage in Island Bay was selling for 800k. At the time, almost every conversation at work kept devolving into property (oh and crypto lol) which was annoying. And what was even more annoying were people who bought that were _convinced_ that they had got a good de…

Sounds just like Canada. Prices doubled during Covid and were already stupid high before that.

Plenty of people bought in during Covid, at the peak, at 1.X variable rates that are now north of 4% and rising.

Lots of Reddit posts from people asking “why is my pay off period 89 years now?”

It’s going to be interesting.

Re: Stripe laying off around 14% of workforce

#967

Post by Gareth321 »

ddyevf635372 wrote: post #850
jcadam wrote: post #677

Earlier quoted context omitted.

I was laid off at the beginning of October and still can’t find anything. It’s definitely a buyer’s market for senior level engineering talent.

It is time to apply jobs in New Zealand. Economy is strong, easy pathway to be permanent resident. Oh, and it is a beautiful country with super friendly people. https://www.immigration.govt.nz/new-zealand-visas/apply-for-...

As a Kiwi who left NZ, I strongly suggest looking elsewhere. Wages are just terrible for an OECD nation and unlikely to improve any time soon. This is exacerbated by system issues to cost of living. Everything from food to housing will shock you. I could go on at length about other issues, but I would recommend Australia LONG before NZ.

Re: Stripe laying off around 14% of workforce

#968

Post by hnbad »

MichaelZuo wrote: post #166
hnbad wrote: post #49

Earlier quoted context omitted.

I've seen a company's culture effectively be killed overnight because one "low performer" was cut off. Not every impact an employee has is directly represented in their own bottom line. The company in question was able to stomach this because it would go on to undergo significant structural changes anway but it basically had to start building a new company culture from scratch and doing it top-down is much harder tha…

The dynamics of a low 2 digit employee company is very different from the dynamics of a company with many thousands. In the latter case it's simply impossible for a single person, not in middle-management or exec level, to be in a critical 'social glue' position. Dunbar's number, etc.,

That is true at a company level but if you want to have an authentic company culture, you need more glue, not less. Managers can fulfill that function to some degree but the key difference is that managers are in a position of power towards the rest of the team, which changes the social dynamics and makes it harder for them to create cohesion within the team the same way someone at the team's level can. This is also extremely difficult to hire for.

So what you usually end up at 3 or 4 digit companies is astroturf and mandatory fun days. The adhesion to the company will be fueled by sales and marketing, the cohesion within teams will be imposed by team building techniques. It's all very artificial and superficial because you can't grow social bonds top-down.

It can be profitable and when you've grown this large employee churn will likely be less of a problem (see Meta) but it's a much less pleasant environment to exist in as a human being.

Re: Stripe laying off around 14% of workforce

#969

Post by atraac »

jcadam wrote: post #864
DeathArrow wrote: post #736

Earlier quoted context omitted.

Me too. I was laid off at the beginning of October. I got three good offers, picked the best and signed the contract. I went through about 15 interviews and applied to maybe 50 positions.

If I were at 5-10 years experience, I'd probably have much better luck. That seems to be the sweet spot.

I have 6 years of experience and it took two months of active recruiting(since July) for me for Senior/upper Regular positions in non-faang companies. I ended up getting a pretty decent but boring project in a small company that pays really well. I applied to dozens of companies, had actual response from maybe a third of them, more than half of those offered heavily under-market salaries or ghosted me. Ended up with ~5 actual tech interviews, with three offers. Only one of them was actually interesting but they tried to undercut what I wanted by 20% after two months long recruitment process which I found disrespectful, especially since they knew what I asked for since the beginning. Chose the 'stable boring thing' in the end. So it's not that much different with 5-10 years of experience, sadly.

Re: Stripe laying off around 14% of workforce

#970

Post by neilparikh »

wanderingmind wrote: post #847

The hypocrisy of HN is mindblowing. I have seen thread after thread people vouching they won't hire candidates who jump multiple times to optimize their paycheck and benefits, but have no problem with mass layoffs in name of optimisation. You can't have two different scales for the two sides.

Are we reading the same thread? I see tons of comments here criticizing Stripe for this layoff.
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