Polygon Labs cuts 19% of staff, increases compensation for remaining team

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Polygon Labs’ CEO introduced the departure of 60 employees members, representing 19% of its workforce.

The cuts are a part of a strategic adjustment geared toward bolstering efficiency effectivity slightly than being pushed by monetary necessity. As well as, the announcement highlighted the evolution of Polygon Ventures into P2 Ventures following its separation from Polygon Labs on the finish of 2023. Moreover, the Polygon ID division is about to grow to be an autonomous entity within the close to future.

Within the assertion, Polygon CEO Marc Boiron emphasised that the downsizing was enacted not out of monetary necessity however to streamline operations for higher efficiency.

Boiron additionally addressed the instant influence on the affected staff, noting that whereas the information was delivered abruptly, private communication would comply with to supply explanations, reply questions, and prolong thanks for his or her service. The corporate has dedicated to offering two months of severance pay and persevering with well being advantages till the tip of February for these in relevant areas.

Polygon Labs has initiated a help community, as impacted employees can be part of a listing, sharing skilled data with a community that features web3 undertaking recruiters, enterprise capital expertise companions, and hiring managers.

In additional bulletins, Boiron shared constructive developments for the remaining workforce members. Beginning retroactively on Jan. 1, all staff will see not less than a 15% enhance of their complete compensation, which incorporates base wage and annual MATIC funds, with current hires receiving a 5% increase.

Moreover, a brand new leveling system might be launched, and conventional geographic-based pay fashions might be abolished to acknowledge the worth of every workforce member equally and improve the corporate’s enchantment to worldwide expertise.

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