• Polygon Labs announced that it would reduce its team by 20%, resulting in 100 job cuts.
• The job cut comes shortly after the firm outlined plans to hire more employees at the end of 2022.
• Employees affected by the layoffs will be paid a three-month severance pay.
Polygon Labs Reduces Workforce with 100 Job Cuts
Polygon Labs has announced that it will reduce its team by 20%, resulting in 100 job cuts. This follows the company’s earlier announcement at the end of 2022 to increase headcount by 40%. Affected employees will receive a three-month severance pay, regardless of their level or tenure at Polygon Labs.
Why is Polygon Cuttting Jobs?
Polygon Labs stated that the decision was necessary for their journey and was made despite maintaining a robust treasury. It is important to note that this is part of wider industry trend as many other crypto organizations have undertaken similar measures since the start of last year’s bear market.
What About Plans to Hire More Employees?
It is worth noting that just four months ago, Polygon Labs spokesperson Bhumika Srivastava said that they were planning on adding 200 people to their workforce by the end of 2022 – representing a 40% expansion.
What Are the Implications?
The reduction in staff size could mean significant changes in how projects are managed internally and externally. It may also affect customer service and product development as fewer personnel means less capacity to carry out tasks quickly and efficiently.
Given the current state of affairs, organizations must ensure they are able to make difficult decisions while still protecting their workforce as much as possible – something which Polygon Labs appears to be doing with its severance payments for affected employees.