In 2022, Coinbase, a major US cryptocurrency exchange, will give its employees one week off every quarter. This is in order for them to recharge after “long days and long weeks” of intense work.
“We believe this is the greatest way to ensure our development is long-term, given the effect of our work throughout the year,” said L.J. Brock, chief people officer.
In a Monday blog post, Coinbase chief people officer L.J. Brock stated that “nearly the entire company will shut down” for four weeks this year. It is as part of an experiment to allow workers to recover after completing intense workloads. Brock stated that employees at the exchange aren’t necessarily limited to 40-hour work weeks. It may be required to “pivot at a moment’s notice,” implying the possibility of burnout.
“By 2020, we realized that many employees weren’t taking enough time off to recharge. Either because they didn’t want to burden their teammates with covering for them or because they didn’t want to fall behind on their work,” Brock explained. “We knew this couldn’t go on. So we planned a recharge week at the end of 2020 and two recharge weeks in 2021. It is when nearly the entire company would shut down. Subsequent employee polls confirmed this: “Recharge weeks of work.”
The announcement comes at a time when many American workers are fighting back against unfavorable working conditions. This often leads to changing careers or quitting without a plan. A trend that many have dubbed “the Great Resignation.” Positions needing expertise in crypto and blockchain will expand in 2021, according to Cointelegraph. With many organizations now accepting crypto payments to benefit from the space’s apparent growing popularity and recruit new workers.
Coinbase Work Policy for Employees
Coinbase changed its policy at the start of the pandemic to allow employees to work remotely from their homes. CEO Brian Armstrong stated that the company would continue to offer the option once “they lift restrictions of quarantine.” As part of its commitment to “being remote-first,” the crypto exchange announced in May that it would close its San Francisco headquarters entirely in 2022.
Despite the fact that it is not based in the United States, major cryptocurrency exchange Binance has adopted a similar stance on having physical offices. Although the exchange does not have formal headquarters, its parent company is based in the Cayman Islands. It has previously been linked to China, Japan, Malta, and Seychelles. Changpeng Zhao, or CZ, the company’s CEO, is claimed to be based in Singapore, while many of Binance’s staff are based all over the world.
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