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Stripe Remote Work

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Last Updated: 01 December 2020

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Stripe, fast-growing fintech payments company, has an interesting deal for its employees. They could pay 20 000 to relocate from high-price cities to lower-cost locations. Sounds good, right? Heres catchthe workers who take up the offer will have to take a 10 % cut to their compensation. The COVID-19 pandemic has forced companies to rethink the way people work. Before the virus outbreak, it was understood that the vast majority of employees would work within the confines of a traditional office setting. There were people who work from home, but it was a relatively smaller number and many of those still continue to spend at least some days at the office. To stem the spread of disease, companies recognize the need to decentralize their staff. Working from home has become the new standard. One major corporation after another announce their plans for remote work. As time progress, it seems that they start outdoing each other, offering extended remote options until summer of 2021. Some companies, such as Twitter, provide a chance for staff to work remotely forever. In light of the challenging economy and uncertainty about the future, executives know that they have to worry about managing their corporate finances. Maintaining large office spaces in cities, such as New York and San Francisco, is extremely expensive and taxes are astronomical. Having people work from their own homes or in lower-cost cities is an attractive option for chief financial officers to shave off large expenditures and save money. In addition to Stripe, other companies have made similar-type offers. VMwarea, California-base publicly traded software company that provides cloud computing and virtualization software and services, announced that employees who work remotely will get a pay cut if they move out of Silicon Valley to live in less-costly cities. According to Bloomberg, employees who work at VMwares Palo Alto, California, headquarters and go to Denver, for example, must accept an 18 % salary reduction. Leaving Silicon Valley for Los Angeles or San Diego means relinquishing 8 % of their annual pay. Rich Lang, VMwares senior vice president of human resources, offers a positive alternative. When a person relocates and works remotely, they could get a raise if they choose to move to a larger or more expensive city. Facebook CEO Mark Zuckerberg vowed to allow his employees to continue working remotely. Zuckerberg say, were going to be the most forward-leaning company on remote work at our scale. Employees will have to tell their bosses if they are moving to a different location. Zuckerberg forewarns his personnel, saying those who flee to lower-cost cities may have their compensation adjusted based on their new locations. The Chief executive add, Well, adjust salary to your location at that point. Therell be severe ramifications for people who are not honest about this. Just as there is heated debate over reopening the economy too quickly, there are contradicting actions of leading corporations that reflect reticence to fully embracing the work-from-home revolution. Google, Amazon and Facebook have recently lease, built or purchased corporate real estate, bucking remote movement.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

We are increasing our investment

The COVID pandemic has upended the world's economy. But for stripe and digital economy, virus was somewhat of an opportunity: Shelter-in-place and social distancing measures sparked a shift to online commerce that otherwise would have taken years. There has been a very sharp move from the offline economy to the online economy, John Collison, co-founder and president of Stripe, told CNBC's squawk Box in an interview this week. We're seeing the creation of new businesses, or businesses that previously traded solely offline,startingtomove online. San Francisco-base Stripe makes software that lets businesses accept payments online, with the mission of increasing the GDP of internet. Stripe's payments software brings in early investments from PayPal alumni Peter Thiel and Elon Musk. Its valuation has soared to 36 billion, with Stripe topping the list of Silicon Valley's most valuable companies. On Tuesday, the company snared top spot on CNBC's 2020 Disruptor 50 list. More from Disruptor 50: Meet 2020 CNBC Disruptor 50 companies coronavirus-fuel tech trends that will continue to dominate daily life. Coupang has crushed Amazon to become South Korea's biggest online retailer even without global pandemic, company has seen enormous growth in recent years. Thousands of companies, including Lyft, Amazon, Slack, Glossier, Shopify, and Airbnb use Stripe's software tools to accept payments. They've made payment acceptance and now card issuance easier than ever and transformed business into technology decision, says Ryan Gilbert, fintech investor and General partner at Propel Venture Partners.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

I Hear Charlottes Nice

If you were a 25-year-old Developer, would you take Stripe deal? That 20 000 would go a long way toward setting up a nice lifestyle in a mid-market city. Or in some little towns in the mountains. As long as the wifi works. A lower salary might give pause, but it's likely to BE easily offset by the lower cost of living. For example, rent for a one-bedroom apartment in San Francisco is 3 600 per month. You could move to Charlotte and get what is, no doubt, a much larger One-bedroom for just 1 330. Stripe ie reportedly cutting pay by up to 10 % in exchange for 20 000 and hightailing it elsewhere. So let's say Stripe employee making 100 000 take deal and moves from San Francisco to Charlotte. They would easily come out ahead financially.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

Hollowed Out Cities?

Ever since the pandemic spurred mass Remote-work poli c ies, white-collar workers have started fleeing expensive cities their employers are based in. A recent survey commissioned by Manhattan Institute found that 44 % of NYC residents earning six figures or more have considered leaving the city since the pandemic begin, and 37 % say it was at least somewhat likely they would not be living in the city in the next two years. Many have already move: August Report from Zillow indicates that home values in Manhattan and SAN FRANCISCO dropped by 4. 2 % and 4. 9 % relative to last year, with both markets flooded with new listings. When the pandemic hit, Facebook was among the first companies to encourage its employees to work remotely, even stating in May that it plans to more actively hire remote workers. But shortly thereafter Come catch: Come January 2021, employees will see their salaries adjusted depending on their geographic location. This kicked off furious debate, with the likes of Basecamp co-founder David Heinemeier Hansson denouncing the salary-by-location policy as barbaric, and Facebook countering criticism by arguing that this was simply an extension of its existing market-base pay practices. Other companies have followed Facebook's lead. Slack decided on a similar policy in June, and now Stripe, which appears to be trying to soften the blow of location-base salary cut with a one-time moving bonus. We may never know what calculations Stripes HR team does to get to the 20 000 figure, but if other companies start offering similar bonuses, expect to see those Manhattan and SAN FRANCISCO home values drop even further. Heres free product idea: calculator that helps employees weigh trade-offs of permanently going Remote.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

Capabilities

F or CEO Sid Sijbrandij, GitLabs all-remote model was less decision and more natural evolution. After Y Combinator, we start out with nine of us in the house, but people just stop showing up. There was no need to be in person, and it saved us commuting time. Only a few years earlier, that may not have been true, but improvements in tools like Slack, Zoom, Google Docs, along with more reliable internet service, were making remote work easier than ever. Plus, hiring outside of San Francisco adds valuable perspectives to the team. GitLab found that hiring remotely is just more affordable for company, it also gives them greater opportunity for build more diverse team. Gusto was at similar headcount when conversations began about hiring outside San Francisco. But for co-founder and Head of Engineering Eddie Kim, timing was more about speed than size. Though Gusto does have a few remote workers in various North American cities, they are primarily former on-site team members who move but stay on. Kim and his colleagues prefer to maximize co-location especially for fast-growing Customer Experience team, which work closely with Engineering. There are a lot of benefits to actually sitting together, from the culture and camaraderie you can build, to how you navigate difficult conversations, he say. So instead of major remote expansion, they decided on a different approach: HQ2. Like GitLab and Gusto, strip approach to remote work has evolved over time. In 2015, for example, with 30 % of the team already distribute, Stripe decided to temporarily pause further remote growth. At the time, we were scaling some operational groups that Engineering needed to collaborate with, explain CTO David Singleton. We want them to be co-locate while we figure those things out. As workflows and relationships have developed and as technologies have improved, Stripe has again begun to grow its remote team. Last year, it adopted a new remote hub, modelled after companies ' Engineering hubs in San Francisco, Seattle, Dublin, and Singapore. We think a lot about what makes a new office successful that we deliberate about connecting it with the rest of the company, that leaders travel there frequently, that we do events with the local community, Singleton say. To support remote team, they reason, they should create as many direct analogs as they can.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

Sources

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

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