Polygon Labs announces 19% reduction in staff to streamline operations

Polygon Labs has announced a 19% simplification successful its workforce, impacting 60 employees crossed assorted departments.

The decision, announced by CEO Marc Boiron successful an internal memo connected Feb. 1, is portion of the company’s broader strategy to realign its absorption connected halfway projects and accelerate its ngo successful the web3 ecosystem.

Staff cuts

Despite the company’s success, Boiron said that accelerated enlargement during the past bull marketplace led to accrued bureaucracy, diluting the agility and absorption needed to prosecute its ambitious goals.

Boiron said the layoffs are not motivated by fiscal concerns, and the determination was influenced by the request for strategical resizing to bolster performance. He regretted the layoffs and said it was a “difficult but indispensable decision.”

The CEO added that the institution is committed to supporting the affected employees, who will person 2 months of severance and continued wellness benefits, alongside enactment for uncovering caller opportunities wrong the web3 space. Polygon Labs is facilitating this modulation by sharing nonrecreational profiles of affected employees with its web based connected idiosyncratic consent.

Silver linings

In summation to the unit cuts, Polygon Labs announced affirmative changes for the remaining squad members, including a minimum 15% summation successful full compensation retroactive to Jan.1, 2024, and the instauration of a streamlined leveling strategy to destruct accepted geo-pay models. These measures purpose to admit the worth of each worker and pull apical endowment globally.

The restructuring extends beyond unit changes. Polygon Ventures and Polygon ID, 2 pivotal arms of the organization, are transitioning into autarkic entities. This strategical determination is designed to sharpen the absorption of Polygon Labs connected halfway protocol improvement portion allowing these offshoots to thrive with dedicated resources and specialized teams.

Boiron remains optimistic astir the future, emphasizing the endowment and committedness of the Polygon Labs squad and the broader community’s support. He highlighted the strategical absorption connected processing interconnected networks and contracts to heighten blockchain usage cases.

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