Sunday, January 29

Coinbase closes its offices to give its employees a break

Coinbase, the main cryptocurrency exchange in the United States will provide its employees with four weeks off this 2022. In order to relieve them of work.

Specifically, it is implementing an annual rest model for its employees. In order to balance what he has called an “intense” work environment.

By the way, Coinbase assured, that it has a flexible policy on remote work. He often encourages his employees to set “uncomfortably ambitious” goals.

Also, the strict pace of work is justified as it allows Coinbase to meet its annual targets and stay “ahead”.

As a fun fact, Coinbase has been testing since 2020 with weeks off. For that year he tried one, and in 2021 he tried two.

So, surveys confirmed that Coinbase workers support the break-to-recharge model. «In fact, 52% of employees said recharge days and weeks were the number one tool helping them rest and recover in 2021».

Coinbase relieves the work of its employees

«We work incredibly hard at Coinbase. For most of us, Coinbase is the most intense place we have ever worked. That intensity is only magnified by the current moment in crypto, often resulting in long days and long weeks.».

According to The Block, employees of the cryptocurrency exchange will have four “top-up” weeks, in addition to their formal vacations. The measure seeks to balance the intense pace of work.

In this regard, the director of personnel of Coinbase, LJ Brock, published in the blog what it is like to work for one of the largest cryptocurrency exchanges in the world.

«Coinbase has an intense work culture. Which frequently pushes its employees out of their comfort zones. As a result, working hours may extend beyond 40 hours per week and not coincide with the usual office hours of 9am to 5pm.».

In addition, he added: «Many days and weeks are long. ‘Cause that’s what it takes to get the job done».

In fact, LJ Brock admitted that the atmosphere can be exhausting. And even not be sustainable in terms of labor efficiency in the long term.

What’s the plan?

Very importantly, Coinbase made this model, after noticing that their employees were not taking enough time off, because they did not want to fall behind with their work.

Due to this, the model will allow employees to take approximately one week off per quarter in 2022. Then, almost all the company will close, so that all its employees can enjoy the break without accumulating work.

«Four weeks of coordinated recharge time might sound like a lot of time off for a hyper-growth company. But, given the intensity of our work throughout the year, we believe that it is the best way to ensure that our rhythm is sustainable in the long term.».

Mainly, the recharge weeks will be in addition to the annual vacations. However, Coinbase has encouraged its employees to schedule vacations to coincide with weeks off.

Cryptocurrency exchange Coinbase, however, does not plan to maintain the four-week top-up model beyond 2022.

It is worth noting that during these recharge periods, teams with critical responsibilities will still be available 24/7. For example, customer service and security.

I close with this phrase from Ernest Hemingway: «The man who has begun to live seriously on the inside begins to live more simply on the outside.».