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 give attention to core tasks and speed up its mission within the web3 ecosystem.
Workers cuts
Regardless of the corporate’s success, Boiron mentioned that speedy enlargement over the last bull market led to elevated paperwork, diluting the agility and focus wanted to pursue its bold objectives.
Boiron mentioned the layoffs will not be motivated by monetary issues, and the choice was influenced by the necessity for strategic resizing to bolster efficiency. He regretted the layoffs and mentioned it was a “troublesome however vital 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 inside 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 optimistic adjustments for the remaining staff members, together with a minimal 15% improve in whole 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 appeal to prime expertise globally.
The restructuring extends past personnel adjustments. Polygon Ventures and Polygon ID, two pivotal arms of the group, are transitioning into impartial entities. This strategic transfer is designed to sharpen the main target of Polygon Labs on core protocol growth whereas permitting these offshoots to thrive with devoted sources and specialised groups.
Boiron stays optimistic in regards to the future, emphasizing the expertise and dedication of the Polygon Labs staff and the broader group’s help. He highlighted the strategic give attention to creating interconnected networks and contracts to reinforce blockchain use circumstances.
