Coinbase, Crypocurrency tech co, is rescinding already accepted job offers

[Demovictory9]

Coinbase, the cryptocurrency exchange founded (and, up until recently, based) in San Francisco, is now rescinding job offers that were already accepted as headwinds continue to impact the tech and crypto industries at large.

In a letter sent to employees and made public Thursday, Coinbase’s chief people officer L.J. Brock said that the company would take back “a number of accepted offers” and “outstanding offers” — just weeks after the company announced that it would be pausing hiring. (That halt will continue “for the foreseeable future,” he added.) Brock did not specify how many offers would be rescinded.

“As these discussions have evolved, it’s become evident that we need to take more stringent measures to slow our headcount growth,” Brock wrote in the letter.

Affected new hires were informed Thursday, Brock said, via email. An internal email leaked on the anonymous job forum Blind allegedly assured incoming hires that their offers would not be rescinded, even if they had not signed the offers yet.

https://www.sfgate.com/bayarea/article/Coinbase-rescinds-accepted-job-offers-17217989.php?IPID=SFGate-HP-CP-Spotlight

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[greenjar_01]

1. "stringent measures to slow our headcount growth"

Ooooof.

[dalton99a]

2. They're getting one month's pay

[TexasTowelie]

3. I have mixed thoughts about this news.

I do empathize for the people who have their lives disrupted by this news. I also hope that they have backup plans so that they can recover quickly. Fortunately the labor market is tight so they probably won't have too many difficulties finding other employment.

However, I also question the wisdom of someone who would work for a cryptocurrency company--it isn't much different than an investor putting 100% of one's assets in cryptocurrency. Anyone working for those companies should consider their employment status as volatile with low job security. Building a career working in the fake money industry probably isn't viewed favorably by most legitimate employers so it may be a liability to list that employer on a resumé. As someone who has sat in meetings to hire new employees, it would prompt me to ask a few questions and also factor into my decision of whether that applicant would get the job.

[roamer65]

4. This is really, really shitty.

It’s like taking employee morale out back and shooting it in the head.

Their turnover is going to go sky high.

[Backseat Driver]

5. And you think "accepted offers" are set in stone?

While it might be irresponsible, it isn't the first or the last time this sort of thing happens to work-force wage/salary slaves, especially in IT career opportunities. It's just a part of the GOP wealth redistribution strategy. I have known victims left with signed leases, newly closed mortgages and utility security deposits made, and all other sorts of dashed dreams beneath the "opportunity" of a new steady paycheck. While I am not amused and sympathize with the "victims," having experienced this "irresponsibility" ourselves years ago by and for both private/public corporate entities and by a branch of the Federal government benefiting from a multi-million dollar contract (T4), neither am I surprised that some corporate and government entities have done this same thing for years - those folks should probably count themselves lucky they got sloughed out of the tangled web of corruption those deceiving HR departments/hiring managers were involved in perpetuating. They should just be added to the "SH*& HAPPENS Club!

More curious was the time some mysterious entity headhunter claimed their client wanted DH to even commit to "stop looking for a new job" months before DH would actually receive an offer letter or be on-boarded for their client's project; ...just getting their victims of churn committed to becoming more desperate (sitting ducks) in advance of some purported real job...Yeah, right...