Coinbase, the major US cryptocurrency exchange, will give its employees a week off every quarter in 2022 to recharge after “long days and long weeks” of intense work.
In a blog post on Monday, Coinbase Chief People Officer LJ Brock said “almost the entire company will be shutting down” for four separate weeks this year as part of an experiment to allow workers to recover after completing intense workloads. Brook said stock exchange employees are not necessarily limited to 40 hours a week and may have to “pivot at any moment,” seemingly creating the potential for burnout.
“We realized in 2020 that many employees did not take enough time to recharge, either because they did not want to force their teammates to cover up or because they did not want to be late for their work,” Brooke said. . “We knew this wasn’t sustainable, so we set a week to recharge at the end of 2020 and two weeks to recharge in 2021, when almost the entire business will shut down. […] Subsequent employee surveys explained: Recharge workweeks.
“Four weeks of coordinated recharge time may seem like a lot of downtime for a hyper-growth company, but given the intensity of our work throughout the year, we believe this is the best way to ensure our pace is sustainable in the long term.”
The announcement comes as many American workers are grappling with unfavorable working conditions, often resulting in changing careers or quitting without a specific plan – a trend many are beginning to call “the Great Resignation.” Cointelegraph reported in September that jobs requiring crypto and blockchain expertise increased in 2021, with many companies now offering crypto payments to take advantage of the space’s growing popularity and attract new workers.
Related: Survey Finds Low-Wage Workers Leaving Their Jobs Thanks to Crypto Earnings
At the start of the pandemic, Coinbase changed its policy to allow employees to work remotely from their homes, with CEO Brian Armstrong saying the company would continue to offer the option once “quarantine restrictions are over.” In May, the cryptocurrency exchange announced that it plans to shut down its San Francisco headquarters completely sometime in 2022 as part of its commitment to “being remote first.”
Coinbase is committed to being remote first. We announced that we no longer have headquarters and as a next step we will be closing our SF office (our former headquarters) in 2022.
– Coinbase News (@CoinbaseNews) May 5, 2021
Although not based in the US, major crypto exchange Binance has taken a similar stance on having physical offices. The stock exchange has no official headquarters, but its holding company is registered in the Cayman Islands, and it has previous links with China, Japan, Malta and the Seychelles. The CEO, Changpeng Zhao, or CZ, is said to live in Singapore, and several Binance employees are spread out around the world.