Polygon Labs’ CEO has made the decision to reduce the company’s workforce by 19%, resulting in the departure of 60 staff members. In order to support the remaining team, compensation has been increased.
Strategic Downsizing for Efficiency
In a recent announcement, the CEO of Polygon Labs disclosed that 60 employees, which constitutes 19% of the total workforce, have been let go. This move is part of a strategic initiative to enhance operational efficiency within the company. According to the CEO, this decision was not propelled by financial constraints but was a calculated step to streamline the organization’s functions for optimal performance.
Evolution of Corporate Structure
The announcement also shed light on the rebranding of Polygon Ventures to P2 Ventures, following its separation from Polygon Labs at the close of the previous year. Moreover, the Polygon ID division is preparing to operate as an independent entity, signaling a significant shift in the company’s structure.
Support for Affected Employees
Although the staff reduction was sudden, Polygon Labs is committed to personal outreach to the affected employees to provide explanations and answer any questions. The company has pledged two months of severance pay and the continuation of health benefits until the end of February for those in eligible locations.
Creating a Support Network
As part of its efforts to assist the displaced employees, Polygon Labs has initiated a support network. The laid-off staff have the opportunity to join a directory that shares their professional information with a network comprising web3 project recruiters, venture capital talent partners, and hiring managers, facilitating their transition to new opportunities.
Boosting Morale with Compensation Increases
For the remaining team members at Polygon Labs, there’s a silver lining. Starting retroactively from January 1, all employees are set to receive a minimum of a 15% increase in their total compensation package. This package includes both the base salary and annual MATIC payments. Newer employees will benefit from a 5% raise. In addition, the company is introducing a new leveling system and doing away with the traditional geographic-based pay models to value each team member equally and attract international talent.
Follow us for more updates on how tech companies are navigating the changing dynamics of the workforce within the cryptocurrency and AI industries.
English