Polygon Labs Announces Staff Departure and Strategic Adjustments
Polygon Labs, the blockchain technology company, has revealed that 60 employees, representing 19% of its workforce, will be leaving the company. The decision to downsize is not financially driven but aims to streamline operations for better performance.
Evolution of Polygon Ventures and Polygon ID
Polygon Ventures has undergone a transformation into P2 Ventures after separating from Polygon Labs. Additionally, the Polygon ID division will soon become an independent entity.
Personal Communication and Support for Affected Employees
Polygon CEO Marc Boiron assured affected employees that personal communication would follow the abrupt announcement. The company is committed to providing two months of severance pay and continued health benefits until the end of February for eligible employees.
Support Network and Positive Developments
Polygon Labs has established a support network where impacted staff can connect with web3 project recruiters, venture capital talent partners, and hiring managers. In positive news for remaining team members, all employees will receive a minimum 15% increase in total compensation starting from January 1. A new leveling system will also be introduced to recognize each team member’s value equally.
Hot Take: Polygon Labs’ Strategic Adjustment to Drive Performance Efficiency
Polygon Labs’ recent announcement regarding staff departures and strategic adjustments reflects their commitment to enhancing performance efficiency. By streamlining operations and implementing changes such as increased compensation and abolishing geographic-based pay models, Polygon Labs aims to attract international talent and strengthen its position in the blockchain industry.
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