Author Ray Wang and FOX Business’ Susan Li discuss the exodus of Gen Z workers from long-term jobs on ‘Cavuto: Coast to Coast.’
Stripe laid off 14% of its workforce on Thursday as it looks to cut costs in preparation for a "different economic climate."
"The world is now shifting again," Stripe CEO Patrick Collison wrote in an email to staff. "We are facing stubborn inflation, energy shocks, higher interest rates, reduced investment budgets, and sparser startup funding."
While Collison said that Stripe's business is "fundamentally well-positioned to weather harsh circumstances", he claimed that the firm was "much too optimistic about the internet economy’s near-term growth" in 2022 and 2023 and "grew operating costs too quickly."
FORGET ‘QUIET QUITTING’: NOW WORKERS ARE STRESSING OUT COLLEAGUES WITH ‘QUIET CONSTRAINT’
The financial services giant's layoffs will reduce its headcount to a total of almost 7,000 people. Though multiple divisions will be impacted, Collison said that recruiting would be heavily hit as the company plans to hire fewer people next year.
Impacted employees will receive 14 weeks of severance, their annual bonus for 2022, payment for unused PTO, the cash equivalent of 6 months of existing healthcare premiums or healthcare continuation, and career and immigration support. Additionally, departing employees who have already reached their one-year restricted stock unit vesting cliff will be accelerated to a February 2023 vesting date.