Polygon Labs Trims Team While Web3 Job Market Welcomes New Talent

9 months ago 4

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In a decisive move reflecting the dynamic nature of the web3 sector, Polygon Labs announced a significant layoff of its team. The decision, aimed at enhancing operational efficiency, sees the organization bidding farewell to 60 team members, approximately 19% of its workforce.

This move highlights the difficulties and urgent needs in the fast-changing crypto realm.

Why Polygon Labs Decided to Bid Farewell to 60 Employees

Polygon Labs CEO Marc Boiron says the changes aim to make operations leaner. Moreover, they want to cut down on red tape and build a nimbler, more focused team.

“When I started the role of CEO, I pledged to make you all the happiest employees in the world. While that goal will never cease to be my North Star, it pains me that I failed to make that happen for many of our teammates,” Boiron said, addressing the PolygonLabs team.

Nonetheless, Polygon Labs has extended a support package for those affected by the layoffs. It includes two months of severance and continued health benefits through February in regions where such benefits are provided. Furthermore, the organization has taken steps to assist the departing employees in finding new opportunities within the web3 space.

Alongside the restructuring, Polygon Labs announced benefits for the remaining staff. They will get at least a 15% raise in total pay from January 1, 2024.

Despite the Polygon Labs layoffs, the demand for skilled professionals in the web3 job market continues to soar. Platforms like the BeInCrypto Jobs Board are bustling with new opportunities offering competitive salaries.