“Given the intensity of our work throughout the year, we believe that this is the best way to ensure that our pace is sustainable throughout the year. long term,” said personnel director LJ Brock.
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The main cryptocurrency exchange in the United States, Coinbase will give its employees a week off each quarter in 2022 to replenish themselves after “long days and long weeks” of intense work.
In a blog entry on Monday, the Coinbase Chief People Officer, LJ Brock, said that “almost the entire company that will be closed” for four different weeks this year as part of an experiment to allow workers to recover after completing intense workloads. Brock said that exchange employees are not necessarily limited to 40-hour workweeks and may have to “pivot in a moment,” which apparently creates the potential for burnout.
“We realized in 2020 that many employees were not taking enough time off to recharge, either because they didn’t want to force their colleagues to cover for them or because they didn’t want to be late on their work”, said Brock. “We knew this was unsustainable, so we scheduled one week of recharging at the end of 2020 and two weeks of recharging in 2021, when almost the entire company would close. Post-employee surveys made it clear: top-up weeks work.”
Coinbase added:
“Four weeks of coordinated recharge time may sound like a lot of free time for a hyper-growth company, but given the intensity of our work throughout the year, we believe it is the best way to ensure that our pace is sustainable in the long term.”
The announcement comes at a time when many American workers are opposed to unfavorable working conditions, which often translates in a career change or resignation without a definite plan, a trend that many have begun to call “the Great Resignation” . Cointelegraph reported in September that positions that require crypto and blockchain experience increased in 2021, with many companies that now offer payments in cryptocurrencies to capitalize on the apparent growing popularity of the space and attract new workers.
At the start of the pandemic, Coinbase changed its policy to allow employees to work remotely from their homes, with CEO Brian Armstrong saying the company would continue to offer the option once “quarantine restrictions are lifted”. In May, the cryptocurrency exchange announced that it planned to to shut down completely its headquarters in San Francisco sometime in 2022 as part of its commitment to “go remote first”.
Coinbase is committed to being remote first. We announced we no longer have an HQ and as a next step, we’re closing our SF office (our former HQ) in 2022.
— Coinbase News (@CoinbaseNews) May 5, 2021
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Although it does not have headquartered in the United States, the major cryptocurrency exchange Binance has taken a similar stance in terms of having physical offices. The exchange does not have a formal headquarters, but its holding company is registered in the Cayman Islands, with prior connections to China, Japan, Malta and Seychelles. CEO Changpeng Zhao, or CZ, reportedly lives in Singapore, and many of Binance’s employees are spread around the world .
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