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Plaid Layoffs

plaid.com

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Re: Plaid Layoffs

#211

Post by bink »

dimmke wrote: post #144
monero-xmr wrote: post #19

Dear Floofernistas, This is the hardest thing I have ever done. The market changed - I thought we would make more money, now I think we will make less money. Therefore we have discovered that we don't need all of you. If you aren't needed, here is some money. I hope this is enough money that the internet isn't too mad at me. Remaining Floofernistas, please be kind to the ex-Floofernistas, and help them. Again, I am s…

I hate Plaid as a company and I chortled at this. The next tech boom may not include any sort of unionizing, but I feel like we should all agree that tech companies don't get to pick "fun" names to call their employees and make that the line we draw in the sand.

Out of curiousity, why do you have Plaid? They were pretty aggressively recruiting over the past year and while I didn't respond I was tempted to at least look into them.

Re: Plaid Layoffs

#212

Post by twelve40 »

vkou wrote: post #164
game_the0ry wrote: post #61

Earlier quoted context omitted.

In the chimpanzee world, this would be handled differently. In chimp world, when alpha chimp causes chaos that brings down the community, a group of beta chimps will tear apart alpha chimp limb-by-limb, then they elect a new alpha from the group of beta subversives. This also how the organized crime works - leaders get a lot of benefits, but they also get the downside accountability when they fuck up ("skin in the ga…

Overhiring right before a recession/tightening of the money supply is not exactly 'bringing chaos to the community'. With the 20/20 benefit of hindsight, its a mistake, but its not a malicious mistake. Also, I'll remind you that the Fed is actively trying to increase unemployment. Do you think that's going to happen without people... Losing their jobs?

I don't understand the concept of overhiring tbh. Especially for pretty level-headed services like Plaid or Stripe who have very concrete products and do not engage in pie-in-the-sky metaverses. Surely well-run fintechs can plan their work better without wasteful and dramatic swings?

Re: Plaid Layoffs

#213

Post by dehrmann »

The equity grant part is nice, but it's also tricky. For RSUs, it's a tax liability for an illiquid asset at a time when you have less/no income. For options, it gives you the option to hand money over to the company, making layoffs a fundraising round. And this is in a company that's struggling and you're not inclined to believe in right now.

Re: Plaid Layoffs

#214

Post by dragonwriter »

erehweb wrote: post #6

16 weeks of base pay - perhaps this is becoming industry standard for big company layoffs? (influenced by CA WARN act?) Interesting they are paying the cash equivalent of 6 months of healthcare, rather than just extending healthcare for 6 months.

CA WARN Act is 60 days notice, and does not allow pay-in-lieu (you can keep people on payroll with full benefits but bo duties for the notice period, but that’s different than pay-in-lieu.)

> Interesting they are paying the cash equivalent of 6 months of healthcare, rather than just extending healthcare for 6 months

Given COBRA, that is practically the same thing, but gives the employee more choice (it also provides finality to the employer, who doesn’t keep a declining liability on the balance sheet, doesn’t risk having to deal with problems for the ex-employees payments after the one lump sum exit check, etc.)

Re: Plaid Layoffs

#215

Post by Shindi »

boringg wrote: post #70

I get that layoffs seriously are terrible but a lot of these tech companies are providing some pretty seriously nice exit packages. I fail to understand the amount of acid in the comment thread? Layoffs suck, corporate speak is always cringey. What would people want as alternatives outside perfectly executed business plans that don't have layoffs? Handheld individual exit goodbye packages? Im seriously asking for leg…

16 weeks pay on a $200k/yr salary (ie excluding equity acceleration) is $64k. That's a decent first check into a startup. I know people have families, visa issues, but if you're young and scrappy and already into startups, this is an amazing opportunity to build something new.

Re: Plaid Layoffs

#217

Post by peanuty1 »

matsemann wrote: post #45

> For Plaids in the UK and Europe, you will receive an email outlining how the process will work in accordance with your local employment laws. My company also did layoffs recently. I'm quite happy about how it works here in the EU, can't just fire people on the spot. It's a whole process where you need to map out what roles you need going forward, and then which people should fill those roles, so can't just at rando…

I think I would much prefer the American policy of getting 4 mos of severance and accelerated vesting.

Re: Plaid Layoffs

#218

Post by [deleted] »

monero-xmr wrote: post #19

Dear Floofernistas, This is the hardest thing I have ever done. The market changed - I thought we would make more money, now I think we will make less money. Therefore we have discovered that we don't need all of you. If you aren't needed, here is some money. I hope this is enough money that the internet isn't too mad at me. Remaining Floofernistas, please be kind to the ex-Floofernistas, and help them. Again, I am s…

[deleted]

Re: Plaid Layoffs

#219

Post by game_the0ry »

jdnffjvnv wrote: post #128
game_the0ry wrote: post #61

Earlier quoted context omitted.

In the chimpanzee world, this would be handled differently. In chimp world, when alpha chimp causes chaos that brings down the community, a group of beta chimps will tear apart alpha chimp limb-by-limb, then they elect a new alpha from the group of beta subversives. This also how the organized crime works - leaders get a lot of benefits, but they also get the downside accountability when they fuck up ("skin in the ga…

Are you advocating for mob violence against CEOs for laying people off?

I am advocating for accountability.

Understand: accountability has a way of manifesting itself one way or another. Today, we complain on the internet. Next week, we see more riots where people tag walls with "eat the rich." Next year, the guillotines come out. [1]

[1] This is a loose analogy that is not meant to be taken literally.

Re: Plaid Layoffs

#220

Post by x0x0 »

boringg wrote: post #70

I get that layoffs seriously are terrible but a lot of these tech companies are providing some pretty seriously nice exit packages. I fail to understand the amount of acid in the comment thread? Layoffs suck, corporate speak is always cringey. What would people want as alternatives outside perfectly executed business plans that don't have layoffs? Handheld individual exit goodbye packages? Im seriously asking for leg…

To have stopped recruiting as soon as the first layoff plan (which was developed at least 3 months ago, repeatedly workshopped, and run by the board) was built.

Also, give people more lead. 4 months salary is fine, but if you're on a visa, you're still pretty fucked. December 7 to Jan 5 is dead for recruiting, so realistically, you have < 30 days in which to find a new gig.

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