Polygon Labs announces 19% reduction in staff to streamline operations

Polygon Labs has announced a 19% reduction in its physique of workers, impacting 60 employees across more than a number of departments.

The option, announced by CEO Marc Boiron in an inner memo on Feb. 1, is an component of the firm’s broader approach to realign its focal point on core tasks and waddle its mission within the web3 ecosystem.

Group cuts

Despite the firm’s success, Boiron said that instant growth at some stage within the final bull market ended in increased paperwork, diluting the agility and focal point mandatory to pursue its ambitious targets.

Boiron said the layoffs are no longer motivated by monetary considerations, and the option modified into once influenced by the necessity for strategic resizing to bolster performance. He regretted the layoffs and said it modified into once a “anxious but mandatory option.”

The CEO added that the firm is dedicated to supporting the affected employees, who will receive two months of severance and continued nicely being advantages, alongside enhance for locating unique opportunities inner the web3 set. Polygon Labs is facilitating this transition by sharing expert profiles of affected employees with its network per particular particular person consent.

Silver linings

As well to the staff cuts, Polygon Labs announced sure changes for the final physique of workers contributors, collectively with a minimal 15% receive bigger in total compensation retroactive to Jan.1, 2024, and the introduction of a streamlined leveling machine to put off conventional geo-pay units. These measures procedure to ogle the worth of every employee and attract top skill globally.

The restructuring extends beyond personnel changes. Polygon Ventures and Polygon ID, two pivotal fingers of the group, are transitioning into neutral entities. This strategic transfer is designed to sharpen the point of pastime of Polygon Labs on core protocol pattern whereas allowing these offshoots to thrive with devoted sources and specialised groups.

Boiron stays optimistic referring to the future, emphasizing the skill and commitment of the Polygon Labs physique of workers and the broader community’s enhance. He highlighted the strategic focal point on setting up interconnected networks and contracts to enhance blockchain exhaust cases.