Coinbase Is Giving Its Employees 4 Weeks Off Each Year
Coinbase – one of the biggest and most popular cryptocurrency exchanges in the world – has announced it will be giving each of its employees approximately four weeks each year (one per quarter) to fully recharge and rest up, as executives realize the workplace can be quite stressful.
Coinbase Is Handing Out a Lot of PTO
Coinbase chief people officer L.J. Brock explained in a company blog:
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. 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.
The digital exchange acknowledges that the workload can get rather intense for employees and that it operates in one of the most competitive markets in the world. In addition, crypto volatility can also make things extremely hard for workers. The company mentioned in a statement:
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… That’s the only way we can stay ahead.
Not long ago, Coinbase switched to a remote work setting as a way of making things easier for employees. Realizing how demanding the space can be, the firm established a work model that allows employees to either choose an office location or home location – whatever works best for them. Executives are hoping this will enable employees to take full responsibility for the company’s goals and work hard to accomplish them.
The remote policies instilled by Coinbase have been hugely successful and popular and have resulted in several positive reviews for the company. Continuing its statement, Coinbase mentioned:
Most employees don’t need to accrue time off before using it or worry about hitting an annual limit.
Brock also added:
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.
Coinbase clearly realized there was a need for some flexibility in the workplace and is seeing some solid results due to the changes it’s made. Thus far, the company has expanded into new markets and “tripled its headcount.” It is also trading on the Nasdaq and has established new innovative products for customers to enjoy.
Keeping the Workplace Stress-Free
Brock concluded with:
We still feel we’re just getting started. As we say in our culture doc, ‘We are optimistic about the future and determined to get there.’
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