“Earlier today, Stripe CEO Patrick Collison sent the following note to Stripe employees. Today we’re announcing the hardest change we have had to make at Stripe to date. We’re reducing the size of our team by around 14% and saying goodbye to many talented Stripes in the process.” Sorry to all of you affected. This has been a very stressful year. Learn more here: https://stripe.com/en-au/newsroom/news/ceo-patrick-collisons-email-to-stripe-employees
If they have this much money why not just keep them on the payroll instead of layoffs 🤔
I never thought about it like this but I see what you’re saying. They’re getting a good amount of severance and lots of good stuff while headed out the door. What does the cost analysis look like on just keeping them?
Glad to see a lot of companies giving good severance. Twilio was another one with a good package and it cost between $70-90million. But the way things are in the world- watch us be out of a recession by the time they reap the benefits of that loss and they will be aggressively hiring again after just paying 90million to fire people
Likely investors pushed for it
Snowflake is still hiring, DM for referral
DM for Visa
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Incredible layoff package. Wish I got the same at CB!
For the curious: Severance pay. We will pay 14 weeks of severance for all departing employees, and more for those with longer tenure. That is, those departing will be paid until at least February 21st 2023. Bonus. We will pay our 2022 annual bonus for all departing employees, regardless of their departure date. (It will be prorated for people hired in 2022.) PTO. We’ll pay for all unused PTO time (including in regions where that’s not legally required). Healthcare. We’ll pay the cash equivalent of 6 months of existing healthcare premiums or healthcare continuation. RSU vesting. We’ll accelerate everyone who has already reached their one-year vesting cliff to the February 2023 vesting date (or longer, depending on departure date). For those who haven’t reached their vesting cliffs, we'll waive the cliff. Career support. We’ll cover career support, and do our best to connect departing employees with other companies. We’re also creating a new tier of extra large Stripe discounts for anyone who decides to start a new business now or in the future. Immigration support. We know that this situation is particularly tough if you’re a visa holder. We have extensive dedicated support lined up for those of you here on visas (you’ll receive an email setting up a consultation within a few hours), and we’ll be supporting transitions to non-employment visas wherever we can.
Wow what was CB?