Like a breath of fresh air to the heat from growing pressures, Coinbase has announced to its 2700+ workers that they would get a week-long break at every quarter of the year 2022 to help them cope with work.
L.J.Brock, the Chief People Officer (CPO) for Coinbase, disclosed this in a blog post on Monday, adding that the initiative will help staff recharge after extended periods of intense work.
“We realize 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.”
Right at the nick of ‘the great resignation’ — a coinage for the mass exodus of American workers from their jobs, which began after the 2020 global lockdown — Coinbase, by these incentives, is hoping to keep its workers and reduce the prospects of talent poaching which have rocked the crypto sector over the last fifteen months.
The Brian Armstrong-led company wants to become a trailblazer in remote work. In-person restrictions during the pandemic period had taught many companies like Coinbase how possible it is to have workers work efficiently from home. Coinbase is looking to continue the practice beyond 2022 by shutting down its San-Francisco headquarters this year.
Many believe, however, that the company is only basking in the shadows of Binance, the world’s biggest exchange, and its biggest contender. Binance, to date, has no physical headquarters and only operates with a pocket of offices spread across continents on the globe.
The Race To Meet Demand
While Coinbase grapples with ways to keep workers happy, it is also faced with the pressures of satisfying a growing customer base. Over 17 million new customers have been added since 2020, bringing the total verified customers to 73 million.
Earlier this week, a fraction of users had complained through a Reddit channel of their inability to send or receive Cardano ($ADA). The issue which took Coinbase 72hours to fix left users without an official explanation of the issue.
After falling behind the expected $1.57 billion Q3:2021 revenue by $33 million, its price share in the stock market has continued to witness a downward trend. NASDAQ:COIN is currently trading at $240.23 per share — approximately 50% decline from its twelve-month high of $429.
The company is now focused on “investing in long-term growth”, and may have only recently realized how much employee rest is essential for growth.