Polygon Labs has introduced a 19% discount in its workforce, impacting 60 workers throughout numerous departments.
The choice, introduced by CEO Marc Boiron in an inner memo on Feb. 1, is a part of the corporate’s broader technique to realign its concentrate on core initiatives and speed up its mission within the web3 ecosystem.
Workers cuts
Regardless of the corporate’s success, Boiron stated that speedy growth over the last bull market led to elevated forms, diluting the agility and focus wanted to pursue its bold targets.
Boiron stated the layoffs usually are not motivated by monetary considerations, and the choice was influenced by the necessity for strategic resizing to bolster efficiency. He regretted the layoffs and stated it was a “tough however mandatory choice.”
The CEO added that the corporate is dedicated to supporting the affected workers, who will obtain two months of severance and continued well being advantages, alongside help for locating new alternatives throughout the web3 house. Polygon Labs is facilitating this transition by sharing skilled profiles of affected workers with its community primarily based on particular person consent.
Silver linings
Along with the workers cuts, Polygon Labs introduced constructive adjustments for the remaining staff members, together with a minimal 15% improve in complete compensation retroactive to Jan.1, 2024, and the introduction of a streamlined leveling system to remove conventional geo-pay fashions. These measures purpose to acknowledge the worth of every worker and entice prime expertise globally.
The restructuring extends past personnel adjustments. Polygon Ventures and Polygon ID, two pivotal arms of the group, are transitioning into unbiased entities. This strategic transfer is designed to sharpen the main focus of Polygon Labs on core protocol growth whereas permitting these offshoots to thrive with devoted assets and specialised groups.
Boiron stays optimistic concerning the future, emphasizing the expertise and dedication of the Polygon Labs staff and the broader neighborhood’s help. He highlighted the strategic concentrate on creating interconnected networks and contracts to boost blockchain use circumstances.
