I have a good friend who has just graduated from college and is affected by this. It's extremely stressful for her and a very rude entry into the professional workforce, it's already rough enough for her. I'm not sure yet if they will/have rescinded her offer or not.
It's very disappointing to see a company treat employees like this. There are ways to plan better, especially at huge corps like this.
If you're in a position making decisions like this in your organization, please remember that decisions like this affect real people and have a serious impact on their wellbeing in numerous ways.
"There are ways to plan better, especially at huge corps like this."
Not really true for crypto. The crypto crash of the last 2 months was extreme and sudden, not an ordinary "bear market". It puts the company as a whole into an existential mode. And not just this company, most of tech companies.
Also, Coinbase was getting into all kinds of side projects, like an NFT marketplace. Due to market conditions, NFTs all of a sudden are dead. People pull out their liquidity and trading stops.
Say they had offers for 10 NFT experts. Now they need none. What are they to do, hire them anyway?
I do feel for your friend. Tell her what my dad always tells me: don't worry, they didn't take away your hands or brain. You'll be fine.
It's not like all the offers that were rescinded were made before the crash. This is not exucable with the market crash, it's simply poor form and bad planning. They simply should've not made those offers.
Her offer was rescinded and she's devastated about it. She received her offer in the past couple of weeks, well after the stock lost a lot of its value and they announced a hiring "slow down":
The upside is that Coinbase is very clearly trending towards substantial layoffs if the market doesn’t recover, and if she did join now, she’d have been straight back out the door in the first layoff. Therefore, while this is painful for her now, it’ll hopefully be for the greater good long term: being at a company, like Coinbase, during a downturn, is an awful experience that would be more harmful to her longterm career than this situation. Hopefully she’s able to find another opportunity with a company that isn’t facing economic crisis, and a few months from now, she’ll be thankful to have dodged a Coinbase shaped bullet.
"I'm not sure yet if they will/have rescinded her offer or not."
In the meanwhile, the timeline got clarified? Anyway, I agree with you if the offer was made when the downturn was already obvious.
It's a shitty situation, and it will be followed by much more of it, cross industry. The music stopped playing. Don't waste time wondering why it stopped, find a chair.
Yes; when I first read the post I didn't know yet if her offer was rescinded. By the time of the second comment I called her and found out that it was indeed rescinded.
You know what is rude?... to have lived in a world where everyone knew everyone so much that people were afraid to be laid off a company, because the world would know it. 30 years ago - the world of IT.
It is really difficult for me to see how XXXXX going into pieces fails your global career.
It's very disappointing to see a company treat employees like this. There are ways to plan better, especially at huge corps like this.
If you're in a position making decisions like this in your organization, please remember that decisions like this affect real people and have a serious impact on their wellbeing in numerous ways.