Very interesting!! Cutting nearly 20% of your staff but not giving any opportunity for workload transitions take place.
Very interesting!! Cutting nearly 20% of your staff but not giving any opportunity for workload transitions take place.
Coinbase is probably still mostly remote, so it's about the same thing as shuffling everyone into a conference room and turning off access.
Suddenly cutting off an employee from a company, with no way to even say goodbye to their former colleagues, is despicable. It really shows who you are. Let's hope they will have a hard time hiring back anyone in the future.
Edit: as pointed out in many comments in this thread, this is apparently "normal" in the US. Point taken. (But if it is, then it's a little strange that the CEO felt the need to justify it.)
What Coinbase is giving in severance is quite generous. They don’t have to do that but it’s really nice and I’d say it improves their reputation. These types of things (layoffs) happen and they’re taking care of their ex-employees.
Not saying it’s great, but this policy is the result of historical sabotage other problems of prolonged layoffs.
Most will pay you your two weeks or whatever in cash, the risk of an employee using their access to do harm is considered too great.
For many other types of jobs, including potentially software development, the risk is considered minor (all code is backed up, everything is in Git, transitions need to happen, etc).
Really? I assume you're in the USA, and in finance that could be several thousand dollars of cash you're handed.
Everywhere I've worked (UK/EU) would pay you in the same way as they were already paying you, i.e. electronically, or decades ago by cheque. Isn't this much easier?
They don't literally hand you a stack of hundreds, though that may happen in some manual labor jobs.
And generally if it’s in question they’ll just give people 8+ weeks or more severance. Here Coinbase is giving 14 or more…
Effectively, they are still employed, just not being given any work to do.