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Stripe laying off around 14% of workforce

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Re: Stripe laying off around 14% of workforce

#401

Post by tasuki »

jtaft wrote: post #102
jesuscript wrote: post #38

Earlier quoted context omitted.

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…

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 Stop" title, I was not able to understand why the use of the r-word needs to stop. Would you mind to elaborate?

Re: Stripe laying off around 14% of workforce

#402

Post by jchonphoenix »

Stripe has barely trimmed their internal valuation. Their best public comp, Square, has lost 80% of it's market cap since the peak. Stripe on the other hand, has trimmed theirs 22%. The people most hurt by this are employees at refresher and offer time given their yearly vest schedule.

Re: Stripe laying off around 14% of workforce

#403

Post by ghaff »

adamsmith143 wrote: post #361
nsxwolf wrote: post #130

Earlier quoted context omitted.

The last time I got laid off, my severance was basically enough to buy a bus ticket to the unemployment office. What they're doing here is incredible. (Almost felt compelled to name names here but took a breath)

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

They take the hit but the payouts eventually end. What’s described would not have been that uncommon for big companies back in the day. They take a financial in a quarter and they hope they can move on with a lower cost structure. Often doesn’t play out well of course.

Re: Stripe laying off around 14% of workforce

#404

Post by jedberg »

whimsicalism wrote: post #387
jedberg wrote: post #378

Earlier quoted context omitted.

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…

> 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.

If you keep someone on board with the intention of letting them go later, you do them a disservice by making them think they have a steady job. It stops them from looking for something else and missing possible opportunities.

If you tell them you will fire them, then you do them a disservice wasting their time if you don't expect them to work anyway.

That's why a severance payment makes sense. Pay them what they would have been paid but don't make them work.

Re: Stripe laying off around 14% of workforce

#406

Post by Simon_O_Rourke »

eganist wrote: 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…

Unless you're new to this game, you quickly realize that with statements like that, consequences are things that happen to other people.

Re: Stripe laying off around 14% of workforce

#408

Post by thatwasunusual »

disgruntledphd2 wrote: post #186
esel2k wrote: post #148

Earlier quoted context omitted.

As a European the severance for a large company doesn’t sound all to different to what I am used to. Normally you have 3 months by contract plus some add a month per year tenure. Healthcare costs, career support etc is normal for larger/successful companies. Then certain countries (not the company) will pay 80percent of your salary for 2 years to find a new job. Happy that some companies also start to do this in the…

> As a European the severance for a large company doesn’t sound all to different to what I am used to Note that Europe is a big place, and laws are not standard for layoffs/redundancy. I got laid off this year, and basically got one week's severance pay, plus my two weeks notice. In Ireland, I believe the standard amongst larger companies is one month per year served, but the cap is very low so generally tech compani…

For Norway it's usually three months both ways. For bigger layoffs it can be "anything" from three months and up. I was outsourceed once, and got nine months pay from day 1.

So I got doubly paid as soon as I found a new job. Good times. :)

Re: Stripe laying off around 14% of workforce

#409

Post by nsxwolf »

gaws wrote: post #346
nsxwolf wrote: post #130

Earlier quoted context omitted.

The last time I got laid off, my severance was basically enough to buy a bus ticket to the unemployment office. What they're doing here is incredible. (Almost felt compelled to name names here but took a breath)

> (Almost felt compelled to name names here but took a breath) You should still do it.

I probably signed a non-disparagement agreement to get the little bit I got.

Re: Stripe laying off around 14% of workforce

#410

Post by BoorishBears »

whimsicalism wrote: post #387
jedberg wrote: post #378

Earlier quoted context omitted.

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…

> 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.

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