Cryptocurrency exchange Coinbase (Currency) It gives its employees four weeks of coordinated recharge time, in an effort to avoid employee fatigue, in another intense year for the company.
“This year, we’re trying four weeks to recharge (roughly a week every quarter), when the company shuts down almost completely so we can all enjoy our downtime without a backlog,” Chief Staff Officer LJ Brock wrote in a company blog post. Posted earlier this week.
Coinbase went public through a direct listing on the Nasdaq Stock Exchange in April of last year. Coinbase stock is down 5.87% since the beginning of the year, according to data from Marketwatch.
The company added that while this “may seem like a long time for a company in a hyper-growth state, given the intensity of our work throughout the year, we believe this is the best way to ensure the sustainability of our pace over the long term.”
In 2020, Coinbase said its employees didn’t take enough time to restart, either because they didn’t want to force their teammates to cover up or because they didn’t want to be late for their work.
“We knew this was unsustainable, so we set a recharge week at the end of 2020 and two weeks for recharges in 2021,” the company said.
It worked. The company added that 52% of Coinbase employees said that days and weeks of recharging were the primary tool that helped them rest and recover in 2021.
why does it matter
Coinbase operates as a remote company first, with no physical headquarters.
The new holiday policy comes at a time when interest in cryptocurrency investment is at an all-time high, amid price volatility and a broader sell-off in the market.
“For most of us, Coinbase is the most intense place we’ve ever worked. This intensity is only amplified by the current moment in crypto, often resulting in long days and long weeks,” the company wrote.
Coinbase is among a growing list of companies giving more time to try to keep employees happy, to avoid burnout and prevent mass exodus during the ongoing pandemic. LinkedIn gave the entire company a week off in April last year, and the popular dating app Bumble (BMBL) – Get a Class A report from Bumble Corporation He did the same in June.
Burnout is said to be one of the contributors to the “Great Resignation” over the past several months, during which a record number of people have left their jobs.