TennisandSales profile picture
TennisandSales profile picture

TennisandSales

Head Of Sales

Politicker
Acclaimed Answer
Executive
+9

Stripe Lay offs: CEO Sends an Email

So Stripe is laying of 14% of its workforce.....damn.


The CEO sent an EMAIL letting ppl know.......seriously??


But then i read the email, and to be honest, i think they founders did a pretty good job with how they worded it.


You should read it and see the severance packages they are offering! and the help for ppl on Visa's.


They seem to take ownership and are doing everything they can.


Did a company finally handle layoff the right way???

https://stripe.com/newsroom/news/ceo-patrick-collisons-email-to-stripe-employees?
๐Ÿฑ Off-Topic
๐Ÿ™ Mental Wellness
โ˜‚๏ธ Layoffs
34

41 comment

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SaaSam
Politicker
10
Account Executive
All I expect from leadership in those situations is accountability. This is the first time that was handled so well. Hope other companies take note as there are likely much more to come.
TennisandSales
Politicker
1
Head Of Sales
for sure! im sure these guys saw allllll the mistakes other companies made and actually learned from it haha
jefe
Arsonist
7
๐Ÿ
Email is almost as bad as a text. If they're distributed though they probably wanted to control the message and let everyone know at once.
TennisandSales
Politicker
3
Head Of Sales
my thought as well. at first i was like, oh great another email notification? But then i thought, if they are all over the place, how else are they going to do it?

they could make a mandatory Zoom call, that might work. but that could get hectic.
jefe
Arsonist
2
๐Ÿ
One of those situations, I think, where there's really not a good choice.
Corpslovechild
Politicker
1
Inbound Sales Manager
Facts, it's like getting dumped via emial.
jefe
Arsonist
0
๐Ÿ
Exactly.
Arzola
Valued Contributor
0
Business administration
hahaha so true!
braintank
Politicker
4
Enterprise Account Executive
This is one of the better handled layoff announcements of late
TennisandSales
Politicker
1
Head Of Sales
for sure! i cant imagine if I was on a work visa and i got laid off. DAMN!
Nairobi
Politicker
4
AE
I think this should be the standard for all companies. I can only give props to the leadership team on that one. Like 14 weeks of pay + keeping most of their benefits?? Most companies offer like a month of pay and goodbyes to benefits on the spot. Don't think there could have been a better way to handle this.
SaaSsy
Politicker
3
AE
I definitely appreciate the message behind the email, the fact that they took fault right away and the detailed reasons behind why. Always sucks and I think a call is better than an e-mail but it's difficult to control instant communication at a company, so I get it.
TennisandSales
Politicker
1
Head Of Sales
yeah very true! i would hope that they would have a call with the folks that are getting let go.
Sunbunny31
Politicker
2
Sr Sales Executive ๐Ÿฐ
The fact that it's compassionate in addition to explaining the reasons for the layoffs is a huge positive here. Also that everything is transparent, out in the open, and has clear directives and steps is refreshing.
TennisandSales
Politicker
1
Head Of Sales
yes!! they ownership of saying "Hey.....we over hired, and thats on us" i thought was solid. and the fact that there were very clear next steps and resources was cool
Diablo
Politicker
2
Sr. AE
Loved the transparency and empathy here. I am sure people will have enough time to get a new job and this severance package will keep them boosted.
TennisandSales
Politicker
2
Head Of Sales
me too! i thought it was really well done. and the extent of the severance is very generous. Especially on the equity and bonus side of things.
CuriousFox
WR Officer
2
๐ŸฆŠ
Damn. I was just reading about the Twitter layoffs too.
Sunbunny31
Politicker
2
Sr Sales Executive ๐Ÿฐ
Such a contrast. One handled by rumor and capriciousness, and the other handled with concern and as much clarity as possible.
HappyGilmore
Politicker
2
Account Executive
Zero way to tell a massive group of people they're being laid off, but I think they handled it well and were very transparent and empathetic. I do like the fact they're wanting to help as much as they can in a variety of ways.
Gasty
Notable Contributor
2
War Room Community Manager
After a long time, Iโ€™m seeing a layoff email using the word โ€œlayoffโ€ in the email.
bandabanda
Tycoon
2
Senior AE Mid Market
I heard Stripe did it pretty well. Of course, it sucks that it had to happen. But if you have to do it, do it with the utmost integrity. I thought they met with people individually first? Could be wrong.
TennisandSales
Politicker
1
Head Of Sales
idk if they did or not but the email i read was still pretty solid.
SaaSyBee
Politicker
1
Founder
Wow, they really did. Thank you for sharing. While there are still some parts of the messaging that are a little off, the severance and the transparency are great.
TennisandSales
Politicker
1
Head Of Sales
ii was super impressed by the severance. Paying medical premiums and the way they handled equity vesting was impressive.
LightingLeader
Politicker
1
Specification Sales
Lot of layoffs lately, in technical roles and sales. I think they see a recession coming. Lyft also had layoffs, twitter, several others
TennisandSales
Politicker
1
Head Of Sales
I think twitter is a bit different hahah
LightingLeader
Politicker
1
Specification Sales
Lol I know itโ€™s just one that came to mind
TennisandSales
Politicker
1
Head Of Sales
For sure!
Justatitle
Big Shot
1
Account Executive
Thereโ€™s no right way to handle a layoff, that said, stripe did the best they could do with the size of the layoff and showing why they need to do it, also really glad I didnโ€™t get the role there nowโ€ฆ
TennisandSales
Politicker
0
Head Of Sales
Hahah yes!
Corpslovechild
Politicker
1
Inbound Sales Manager
Sounds like a baby back bitch.
TennisandSales
Politicker
0
Head Of Sales
hahaha and this is actually one of the better ones!
mastersfan
Opinionated
1
Account Executive
With all these layoffs, I have such little empathy for these executives or companies. The arrogance that they're smarter and know better than so many people because of some stupid start up they worked at one time or they went to Stanford. If you were that good, you wouldn't be laying people off. F*%^king idiots.
TennisandSales
Politicker
1
Head Of Sales
oh for sure. the only ppl i feel bad for are the ppl being laid off.

the executives will ALL be fine.
ABell
Good Citizen
1
sales recruiter
Email is never a great way to deliver bad news!
TennisandSales
Politicker
0
Head Of Sales
I agree but is there really a better way? if everyone was on a zoom meeting, would that have helped?
finboi
Notorious Answer
1
Fi-nance
Layoffs suck. Hard to do it at scale when you have information spreading in real time. Once you get to like 5% of the company you need to use some technology be it Zoom, phone calls, or emails.

Is there a software out there to do mass layoffs????!
TennisandSales
Politicker
0
Head Of Sales
hahah omg!! there for sure will be SOMEONE trying to create a solution to make mass layoffs easier ๐Ÿ˜‚๐Ÿ˜‚๐Ÿ˜‚
IYNFYL
Politicker
1
Enterprise SaaS AE
Must be why I got a follow up email if we are no longer to fill this role a few weeks ago
fcmf
Valued Contributor
0
RSM
Crazy

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