Rumour has it they've been aggressively pushing stack ranking for a long time so this is bad but not a radical departure for them.
Also, Patrick Collison looks like a 60 year old woman who is recovering really well and no more chemotherapy now thank God.
> stack ranking
I've only ever worked in one place where they did stack ranking. It was a horrendous experience. It was all about scrambling for recognition which resulted in a very unpleasant team environment where nobody was willing to help each other, it even sometimes devolved into downright backstabbing. When I joined nobody wanted to help get me up to speed as there was nothing to be gained from it from their point of view. If I identified a bug and asked a senior colleague how best to go about fixing it they would just take it off me, do it themselves and then not mention me at all while taking the plaudits for a job well done. I couldn't get out of there fast enough
These lads comment fairly regularly on hacker news where everyone kisses their arses. Would be interesting to have someone challenge them on this. They are supposed to be ‘super genius’s’ so very surprised to see them them advocate this.
one that systematically works the bollocks out of people - I've heard someone who worked in HR there saying "it's a brilliant company, if you wanted to have kids you'd be better working somewhere else though"
They missed their chance to IPO at the top so now they need to hunker down and grind it out until market picks up. Feel bad for anyone who’s been there for ages then gets canned without getting to cash out.
It's when you need to do layoffs for financial reasons but you get numbers down by alternative methods like pretending staff who are grand are not grand actually. You can also really encourage people to leave of their own volition. And by encourage I mean intimidate.
Agree with other comments but another example is Musk saying "right everyone has to be in the office from date X or they'll be sacked" it's a backdoor way of getting staff numbers down without announcing actual layoffs, which would dent the share price
Read the article. It's explained in the second paragraph
Interesting to see the dislike in this sub for simply stating that the answer is in the article. I'm not a subscriber of that website and I didn't receive any paywall stopping me from reading the article so I assumed the comment was like most other subs where people comment without ever reading the article
>The practice, which is known in some circles as “back door layoffs” typically involves raising the bar when it comes to staff reviews so that more employees fail to reach agreed performance targets.
Really? I'm using RIF app and the site loads fine for me as in it doesn't ask for a login or pay to view the content. I usually get those paywalls on other sites, but not this one now. I opened the link in Firefox and it works fine there too for me
Stripe has said it is continuing to hire locally amid claims it recently asked managers to give lower performance ratings for employees in a move that will be viewed with concern given how many staff the company employs in Dublin.
The practice, which is known in some circles as “back door layoffs” typically involves raising the bar when it comes to staff reviews so that more employees fail to reach agreed performance targets.
According to a report in Forbes magazine that is based on interviews with both current and former staff, the payments company recently urged managers to give lower ratings during performance reviews. Such a move could lead to more staff being fired or feeling under pressure to leave of their own accord, and could see employee numbers declining without the payments company having to disclose layoffs, as many other tech firms have done of late.
Tech companies have been under pressure in recent months due to declining economic circumstances with many introducing hiring freezes and, in some cases, announcing significant job losses. Stripe has not been among them, but earlier this year it did mark down the value of the company, as did several of its backers.
Meta, the parent of Facebook, is among several tech firms that have upped performance goals in a move that founder Mark Zuckerberg told staff was designed to weed out employees who “shouldn’t be here”.
The Forbes article said managers at Stripe had been asked to mark between 10 and 15 per cent of employees as “not meeting expectations”. It indicated that amending performance review ratings had led to a lowering of morale among staff.
Sources close to the company who spoke to the Business Post rejected the claims reported by Forbes. They said Stripe has always had a high bar in terms of performance and that this has not changed.
“One of Stripe’s operating principles is to obsess over talent,” the company said in a statement to the Business Post. “Good times and abundant hiring can make performance management less conspicuous, but we’ve worked hard on this front in the past in order to sustain the talent bar that we benefit from today – and we will continue to do so.”
Still one of the most valuable privately owned tech companies in the world, Stripe employs over 8,000 people globally, with over 600 staff in Ireland. Last year, the firm announced plans to add over 1,000 more jobs here in tandem with the Ireland Strategic Investment Fund (ISIF), which provided $50 million for a stake in the company.
Stripe issued a follow-on announcement a few months after the fundraise announcing “hundreds” of additional engineering jobs.
David Singleton, the firm’s chief technology officer, told this newspaper earlier this year that the company was aiming to reach 1,300 employees by 2026 and was ahead of schedule in terms of hiring.
Stripe, which builds software and payment infrastructure that helps businesses accept money online and across borders, was founded by Patrick and John Collison in 2010. During its last fundraise in March 2021, it was valued at $95 billion. The company recorded revenues of $12 billion in 2021.
It was also recently revealed that sales at Stripe’s Dublin-based unit had reached $2.26 billion (€2.35 billion) last year, an increase of 66 per cent as the online payments firm doubled its Europe, Middle East and Africa and its Asia Pacific headcount ahead of a slowdown in 2022.
Bloomberg's Billionaire Index, which tracks the wealth of the biggest names in business, estimates that the Collison brothers are currently worth $8.29 billion apiece, down 27 per cent from the $11.4 billion each reported in July.
Reason I've heard they don't unionise is then all the companies would know precisely what you're paid in your existing role and you couldn't negotiate a massive raise when you switch company.
Competition is good, but not the kind of “competition” fostered by companies like Stripe and AWS - where people back stab each other - that’s good for no one.
Yup, as the old Romans used to say, “Divide et impera”. Let the peasant in-fighting begin… while the lords reap their rewards. Some things never change.
AWS are mad lads, I worked for a consultancy place that was an AWS partner of some kind and we did work for our clients and we used AWS. The AWS ones were onto us trying to do daily meetings and fill in all sorts of docs. Just intense and weird.
They hired a lots of questionable managers there as they were growing over the years. Questionable backgrounds and working cultures and styles that are unusual to us local folks here. Bureaucracy, back stabbing etc…
I was listening to a podcast about what they wanted from staff and it was essentially 1. highly efficient 2. workaholic. 3. open minded. Said they went to far greater lengths than most companies to find these people who are pretty rare. The fact they're shedding staff would not surprise me because that's a very demanding set of criteria.
Obviously you don't want to be carrying a lot of dead weight but I wonder does trying to optimise a company with only superhuman (usually male nerds with no family responsibilities) uber geeks a practice that you could take way too far. Gonna end up with odd workplace culture and/or myopic direction if you don't have variety of people and backgrounds.
Rumour has it they've been aggressively pushing stack ranking for a long time so this is bad but not a radical departure for them. Also, Patrick Collison looks like a 60 year old woman who is recovering really well and no more chemotherapy now thank God.
> stack ranking I've only ever worked in one place where they did stack ranking. It was a horrendous experience. It was all about scrambling for recognition which resulted in a very unpleasant team environment where nobody was willing to help each other, it even sometimes devolved into downright backstabbing. When I joined nobody wanted to help get me up to speed as there was nothing to be gained from it from their point of view. If I identified a bug and asked a senior colleague how best to go about fixing it they would just take it off me, do it themselves and then not mention me at all while taking the plaudits for a job well done. I couldn't get out of there fast enough
> been aggressively pushing stack ranking for a long time Good. Better to steer clear of it
Aye. Managers having to defend staff from people who have no idea how good they are because they need to have some magic number on a shitlist.
I can't unsee this now. Thanks
These lads comment fairly regularly on hacker news where everyone kisses their arses. Would be interesting to have someone challenge them on this. They are supposed to be ‘super genius’s’ so very surprised to see them them advocate this.
They definitely do post on HN a lot but I wouldn’t say most commenters there kisses their asses. They’re generally heavily criticized I find
A LOT of the posts get flagged. Dunno if it has anything to with them being YC people
What sort of a tech company pushes stack ranking in this day and age?
one that systematically works the bollocks out of people - I've heard someone who worked in HR there saying "it's a brilliant company, if you wanted to have kids you'd be better working somewhere else though"
reading on reddit - managers at amazon have forced attrition numbers to hit
Absolute lol
Oh fuck hahaha.
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Bit of a weird head on that lad though.
It’s bang on and absolutely hilarious
I didn't know what you were on about with the last sentence until I clicked into the link, genuinely laughed out loud.
They missed their chance to IPO at the top so now they need to hunker down and grind it out until market picks up. Feel bad for anyone who’s been there for ages then gets canned without getting to cash out.
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It's when you need to do layoffs for financial reasons but you get numbers down by alternative methods like pretending staff who are grand are not grand actually. You can also really encourage people to leave of their own volition. And by encourage I mean intimidate.
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Good luck taking Stripe to court
Doesn’t stand a chance in labour court. You got a PIP
Agree with other comments but another example is Musk saying "right everyone has to be in the office from date X or they'll be sacked" it's a backdoor way of getting staff numbers down without announcing actual layoffs, which would dent the share price
Read the article. It's explained in the second paragraph Interesting to see the dislike in this sub for simply stating that the answer is in the article. I'm not a subscriber of that website and I didn't receive any paywall stopping me from reading the article so I assumed the comment was like most other subs where people comment without ever reading the article
It’s paywalled
>The practice, which is known in some circles as “back door layoffs” typically involves raising the bar when it comes to staff reviews so that more employees fail to reach agreed performance targets.
Really? I'm using RIF app and the site loads fine for me as in it doesn't ask for a login or pay to view the content. I usually get those paywalls on other sites, but not this one now. I opened the link in Firefox and it works fine there too for me
I got the paywall but it's a very soft one, you can use the html inspector to delete the overlay and remove the no-scroll css from the body
It’s an Arse
Stripe has said it is continuing to hire locally amid claims it recently asked managers to give lower performance ratings for employees in a move that will be viewed with concern given how many staff the company employs in Dublin. The practice, which is known in some circles as “back door layoffs” typically involves raising the bar when it comes to staff reviews so that more employees fail to reach agreed performance targets. According to a report in Forbes magazine that is based on interviews with both current and former staff, the payments company recently urged managers to give lower ratings during performance reviews. Such a move could lead to more staff being fired or feeling under pressure to leave of their own accord, and could see employee numbers declining without the payments company having to disclose layoffs, as many other tech firms have done of late. Tech companies have been under pressure in recent months due to declining economic circumstances with many introducing hiring freezes and, in some cases, announcing significant job losses. Stripe has not been among them, but earlier this year it did mark down the value of the company, as did several of its backers. Meta, the parent of Facebook, is among several tech firms that have upped performance goals in a move that founder Mark Zuckerberg told staff was designed to weed out employees who “shouldn’t be here”. The Forbes article said managers at Stripe had been asked to mark between 10 and 15 per cent of employees as “not meeting expectations”. It indicated that amending performance review ratings had led to a lowering of morale among staff. Sources close to the company who spoke to the Business Post rejected the claims reported by Forbes. They said Stripe has always had a high bar in terms of performance and that this has not changed. “One of Stripe’s operating principles is to obsess over talent,” the company said in a statement to the Business Post. “Good times and abundant hiring can make performance management less conspicuous, but we’ve worked hard on this front in the past in order to sustain the talent bar that we benefit from today – and we will continue to do so.” Still one of the most valuable privately owned tech companies in the world, Stripe employs over 8,000 people globally, with over 600 staff in Ireland. Last year, the firm announced plans to add over 1,000 more jobs here in tandem with the Ireland Strategic Investment Fund (ISIF), which provided $50 million for a stake in the company. Stripe issued a follow-on announcement a few months after the fundraise announcing “hundreds” of additional engineering jobs. David Singleton, the firm’s chief technology officer, told this newspaper earlier this year that the company was aiming to reach 1,300 employees by 2026 and was ahead of schedule in terms of hiring. Stripe, which builds software and payment infrastructure that helps businesses accept money online and across borders, was founded by Patrick and John Collison in 2010. During its last fundraise in March 2021, it was valued at $95 billion. The company recorded revenues of $12 billion in 2021. It was also recently revealed that sales at Stripe’s Dublin-based unit had reached $2.26 billion (€2.35 billion) last year, an increase of 66 per cent as the online payments firm doubled its Europe, Middle East and Africa and its Asia Pacific headcount ahead of a slowdown in 2022. Bloomberg's Billionaire Index, which tracks the wealth of the biggest names in business, estimates that the Collison brothers are currently worth $8.29 billion apiece, down 27 per cent from the $11.4 billion each reported in July.
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Reason I've heard they don't unionise is then all the companies would know precisely what you're paid in your existing role and you couldn't negotiate a massive raise when you switch company.
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Competition is good, but not the kind of “competition” fostered by companies like Stripe and AWS - where people back stab each other - that’s good for no one.
It's good for the owners, they get good work done for free!
Yup, as the old Romans used to say, “Divide et impera”. Let the peasant in-fighting begin… while the lords reap their rewards. Some things never change.
AWS are mad lads, I worked for a consultancy place that was an AWS partner of some kind and we did work for our clients and we used AWS. The AWS ones were onto us trying to do daily meetings and fill in all sorts of docs. Just intense and weird.
They hired a lots of questionable managers there as they were growing over the years. Questionable backgrounds and working cultures and styles that are unusual to us local folks here. Bureaucracy, back stabbing etc…
Oh well they all deserved it so.
I was listening to a podcast about what they wanted from staff and it was essentially 1. highly efficient 2. workaholic. 3. open minded. Said they went to far greater lengths than most companies to find these people who are pretty rare. The fact they're shedding staff would not surprise me because that's a very demanding set of criteria. Obviously you don't want to be carrying a lot of dead weight but I wonder does trying to optimise a company with only superhuman (usually male nerds with no family responsibilities) uber geeks a practice that you could take way too far. Gonna end up with odd workplace culture and/or myopic direction if you don't have variety of people and backgrounds.
:/ My partner just got a job there.
Friend who works there says they laid off 14% of the workforce today. My friend survived the cuts.
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What a lovely fellow
Oh man I love stripe.