Coinbase announces that in 2022 there will be a one-week break every quarter. That’s exactly four separate weeks in the year when“almost the entire company will shut down”,a way to recharge workersoverwhelmed by the high intensity and volume of work.
- Coinbase in 2022: a deliberate recharge time for workers
- Why is the company taking this step?
- Coinbase’s plans in 2022
- Coinbase shut four weeklong breaks this may be caused by held packages
- Coinbase shut four weeklong breaks this-
- Coinbase’s Plan Of Action This Year
- Coinbase closes its San Francisco office
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Coinbase in 2022: a deliberate recharge time for workers
Coinbase, the US-based crypto exchange,said on Mondaythat it will give its employeesa one-week break every quarter 2022, a deliberation of recharge time for workers stressed by the hard and intense workload.
Coinbase chief people officerL.J. Brocksaid thus:
“This year, we’re experimenting with four recharge weeks (roughly one per quarter), when nearly the entire company will shut down so we can all enjoy downtime without work piling up.
The company officials noticed that employees weren’t taking much time off work, and therefore they had applied this same policy in 2020 and 2021 as well. Those years it was for 1 week and 2 weeks respectively.
And in a customer survey, they found that employees also think this works for them. So, on a positive note, Coinbase is taking it one step further but implementing the same for 4 weeks in 2022.
Why is the company taking this step?
One of the main reasons for this is the current uprising of US employees against job conditions that aren’t suitable for work. Coinbase also fears that if such a thing happens with them, the chance of falling behind as a company is really high.
Coinbase is the largest crypto exchange in the US. They have seen exponential growth in the past 1-2 years, and this has put a lot of pressure on the company’s workforce. While the growth has been good for the company, it isn’t sustainable for employees to work non-stop. And this is the reason that Coinbase will shut down for 1 week every quarter in 2022.
This will help rejuvenate the workers and bring them back fully recharged, ready to work with full dedication and productivity.
Coinbase’s plans in 2022
The company Chief people officer talked about their plans to shut down the company for 4 separate weeks throughout the year. This is one of their experiments to see if the employees perform better after such breaks. In typical companies, the working hours are limited to 40-hours a week with limited overtime.
Coinbase shut four weeklong breaks this may be caused by held packages
This policy has been hugely successful, enabling us to hire top talent from around the world and earning positive reviews from our employees.
We also empower employees to take charge of their well-being through our flexible time off (FTO) policy (in eligible countries), which means most employees don’t need to accrue time off before using it or worry about hitting an annual limit.
Despite our FTO policy for most employees, 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.
Coinbase shut four weeklong breaks this-
But if you want to work at the cutting edge of crypto and tech — and if you’re excited about pushing your skills to the limit while knowing you’ll have regular opportunities to recharge — there’s no better place to be. An all-in environment
Why is Coinbase so intense? Because the massive opportunity in front of us demands the best from each of us, every day.
We’re upfront about this in our culture doc, but it’s worth emphasizing: “We are a winning team, not a family, and have high expectations for performance and delivering results…. We have an intense work culture, and are regularly pushed out of our comfort zones.”
What’s this mean in practice?
It means we don’t promise 9 a.m.
— 5 p.m.
Seeing explosive growth in the last two years, Coinbase – a leading cryptocurrency platform worldwide and the largest cryto exchange in the US – is a company that’s been on the grind ever since 2020. As the American organization pointed out on a Monday blog post, “The bottom line: We work incredibly hard at Coinbase — for most of us, Coinbase is the most intense place we’ve ever worked. That intensity is only magnified by the current moment in crypto, and it often results in long days and long weeks.”
So, mindful of the issue, Coinbase recently declared that it is planning to provide one recharge week per quarter to its employees throughout 2022, and during this break period “nearly the entire company will shut down.” This is to allow all employees some down time without work piling up, the company stated.
Chief People Officer L.J.
We’re laser-focused on achieving our mission of increasing economic freedom in the world, and we encourage our teams to set “uncomfortably ambitious” goals. That’s the only way we can stay ahead. An ‘act like an owner’ mentality
One of our cultural tenets is “act like an owner.” We expect our employees to take 100% responsibility for achieving our mission, but we also empower them to work in the way that’s best for them, and to rest and recharge between their sprints.
We do this in part through our remote-first stance, which enables almost all employees to choose whether to work from an office, from home, or through a hybrid approach — whatever works best for them and their families.
Four weeks of coordinated recharge time might sound like a lot of time off for a company in hypergrowth, but given the intensity of our work throughout the year, we think this is the best way to ensure our pace is sustainable for the long term”.
Brock also said it has been adoptingthe FTO or flexible time off policy for years in the countries where it is eligible. This means that most employees do not have to accumulate time off before using it or worry about reaching an annual limit.
In spite of the FTO, in 2020 the company itself noticed that employees, due to the amount of work, never took enough free time. So at the end of 2020, Coinbase would schedule a single week’s recharge for all workers, and two weeks in 2021.
In fact, 52% of employees said recharge days and weeks were the primary tool that helped them rest and recover in 2021.
That feedback — and our expectation that this year will be just as intense as last year — prompted us to schedule four recharge weeks for 2022, roughly one per quarter. We have no expectation we’ll continue with four recharge weeks beyond 2022 — we’ll evaluate as we go — but we’re confident this is the right approach for us this year.
Even though we’ve scheduled four recharge weeks for 2022, we didn’t make any changes to our FTO policy — we’ve encouraged employees to schedule vacations during our recharge weeks when they can, but we know that’s not always possible, and that’s OK.
We also know that, despite our best intentions, there are times when some employees need to work through a recharge week.
Brock also elaborated on this matter on 11 Jan by saying, “Four weeks of coordinated recharge time might sound like a lot of time off for a company in hypergrowth, but given the intensity of our work throughout the year, we think this is the best way to ensure our pace is sustainable for the long term.”
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Coinbase’s Plan Of Action This Year
Along with ‘recharge weeks’ and annual leave, Coinbase has encouraged employees to schedule vacations to coincide with them, The Block notes.
It should be noted that this isn’t the first time a week off has been scheduled in the incorporation either. After observing that a majority of the employees weren’t taking enough time off their work in 2020, the company arranged for a recharge week at the end of that year.
Coinbase closes its San Francisco office
The present decision of the digital and crypto-asset exchange platform is the result of an evolution already announced last May 2021.
In fact, in addition to smart-working which, due to the global pandemic has become the solution to continue working, Coinbase had alreadyannouncedthatin 2022 it would officially close its headquarters in San Francisco.
A way to become a“remote first” company in its own rightand demonstrate their“decentralized workforce”, where no location is more important than the others.
The closure of the San Francisco office, in fact, would aim tooffer a network of smaller officeswhere employees can go to work if they want to, without having the headquarters and a few locations scattered in a limited number of cities.
We work incredibly hard at Coinbase — for most of us, Coinbase is the most intense place we’ve ever worked. That intensity is only magnified by the current moment in crypto, and it often results in long days and long weeks.
However, because of that intensity, we’re also deliberate about finding time to recover between sprints. How deliberate? This year, we’re experimenting with four recharge weeks (roughly one per quarter), when nearly the entire company will shut down so we can all enjoy downtime without work piling up.
Four weeks of coordinated recharge time might sound like a lot of time off for a company in hypergrowth, but given the intensity of our work throughout the year, we think this is the best way to ensure our pace is sustainable for the long term.
We know this approach wouldn’t work for every company, and we also know Coinbase isn’t for everyone.