I really hate to leave on such a bad note, and part of this is an attempt to validate my old self, so I'm leaving a handful of positives. I genuinely like the Collison bothers. They're nice and incontestably sharp. We all know that they're under immense pressure, so good on them for always, ostensibly, showing up and fielding the good and bad. Also, Stripe's products are cool and useful. Plugging into Stripe is a great way for burgeoning businesses to start collecting payments and many people agree.
Before I joined, Stripe was touted as the most highly-valued private company in the world on the verge of a blockbuster IPO that was sure to seat it alongside the tech giants of our day. This isn't quite how it played out... Scaling: It had to happen, but boy, was it a mess. The unvarnished truth is that the company scaled too quickly, and with that, never had much of a coherent plan as to how to do it. So naturally, the company grew lopsidedly and at a rate it couldn't manage. Hubris, fueling the fire, led the company to dole out of some of the largest comp packages in the industry, pushing OpEx to dangerous levels and forcing the eventual 14% RIF. Disappointingly, the admittance of a misfire never truly surfaced. Of course, things are always easier said than done, but there are strategies. Performance: There's an aura of crypticness that clouds Stripe's performance review process. And, it appears I'm not alone in thinking this: I've heard first-line managers hint at the fact that they didn't quite grasp all the details. Not acceptable. You can't build a successful company this way, at least one that doesn't leave long-lasting scars—which is, capitalism be damned, the point. I've seen ICs carve out days, if not weeks, to prepare their self-evaluations, latching desperately to the idea that this might be the year they're duly recognized—only to be met with a “Wellll… you did x and y, but what about z.” Well, you just killed your As, and the Bs are following suit. Leadership: Lower-ranking managers have way too much latitude. Managers can easily transition out of their positions, start new teams, and promote other managers—all without questioning. There isn’t a rigid system of checks and balances like there is at other well-established companies. Look, this kind of freewheeling decision making is (maybe) okay as a startup, but this company is pushing 15 years! This might fly over the heads of leadership, but all of this movement deeply affects the frontline as they’re forced to continuously navigate managerial changes, and the directional shifts that come with it.
Even the layoff handling was close to perfection. 1) 14 weeks severance pay ( minimum ) 2) PTO unused will be paid 3) rsu vesting allowed for next 14 weeks 4) 6 months of Medical premium paid in cash 5) Help to find a new job in other companies 6) Immigration help to people on work visa 7) Eligib...Read more
Saw a couple posts on LinkedIn stating that Stripe did their second round of layoffs. Is this true?
In the works, be prepared. Severance will be offered, but the logistics are still being worked on and may not be as generous as Nov-2022. Salute to all Stripe employees, especially those who end up being affected🫡 Source: E-level
Have an ex-colleague at the senior leadership level who was saying that layoffs will happen sometime in the next quarter (Q3). I trust this source, just be cautious if you wish to proceed with an offer from Stripe. TC: 460k
Just heard from a reliable source that Stripe is preparing for another massive batch of layoffs. The CEO is thinking of reducing the company by 40%. Stripe mates, stay safe out there.
https://stripe.com/newsroom/news/ceo-patrick-collisons-email-to-stripe-employees
Looks like layoffs at Stripe. I’m seeing a few Stripe employees now posting that they’re open to work Or maybe soft layoffs via PiP? @stripe
Heard there is stripe layoffs in Aug/Sept as they over hired last year. Fintech isn’t doing great as well so layoff is expected. I think hiring was paused so any new joiners please be careful.
I've heard a few stories about larger tech companies outsourcing more and stopping hiring in the US to cut costs. My company already froze US hiring except for staff and important roles over the last year. We just experienced the subtle layoffs in my company (not splunk, more prestigious) this week...Read more
https://stripe.com/newsroom/news/ceo-patrick-collisons-email-to-stripe-employees
Stripe was pretty known to not have the best WLB. With the lay offs, do you think the WLB will get even worse? Would most employees be able to cope? #stripe
Has Stripe flirted with the idea of layoffs? Should new hires or people currently interviewing fear for their lives?
Good move? https://techcrunch.com/2020/04/16/stripe-raises-600m-at-36b-valuation-in-series-g-extension-says-it-has-2b-on-its-balance-sheet/