The largest crypto holding exchange in the world has had a big 2021 as it became the first digital currency exchange to go public and plans a complete Coinbase shutdown in 2022. No worries, nothing wrong, just the exchange is looking to boost the morale of its workers with a considerable holiday package.
The popular cryptocurrency exchange has announced a complete platform shutdown for a total of four separate weeks in the current calendar year. The 4 whole weeks of Coinbase shutdown in 2022 maybe sounds irrational – but it an work. The announcement itself was made by Chief People Officer L.J Brock who stated that almost the entire company will shut down during this time.
“We realized in 2020 that many employees weren’t taking enough time off to recharge, either because they didn’t want to force their teammates to cover for them or because they didn’t want to fall behind on their work…., We knew this was unsustainable, so we scheduled a recharge week at the end of 2020 and two recharge weeks in 2021, when nearly the entire company would shut down […] Subsequent employee surveys made it clear: Recharge weeks work.”
While four weeks total leaves in an entire calendar year is quite generous overall, normally what happens is that only a percentage of the employees is at leave at a certain point. With the new policy in place, the company will now have almost entire company mandatory shutdown for at least four weeks throughout the calendar year.
There is no clear indication why Coinbase chose to pursue with this line but it may be a result of increased labour movements across the world for better working conditions. Many of the tech companies are known for overexerting a lot of their employees that result in a lot of cases of depression and other mental diseases. Coinbase is taking a much needed step here but it may want to get some employee feedback because many of them prefer to do vacations at their own time and this idea of a complete Coinbase company shutdown may cause some inconveniences to them as well.
As we already reported in May, Coinbase went completely remote and closed the San Francisco Head offices. The company is also aggressively moving towards a remote-based working model along with a host of other tech firms. The whole idea of this model is to minimize running costs of business and use the gig economy to a good effect. Many of the new job opportunities are now gig-based in the company.
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