ConsenSys To Layoff 13% Of Its Staff, Employees Comment On The Issue

It has been recently revealed that blockchain firm, ConsenSys has decided to layoff 13 percent of its staff (of 1200 employees). A Town Hall consisting of chatlogs between the CEO, Joseph Lubin and admin as well as employees was shared in a Coin Desk report and many mixed reactions have since been expressed (https://www.coindesk.com/consensys-town-hall-shows-staff-shaken-at-ethereums-largest-startup).

According to Lubin, the decision to make such a move reflects the need for “restructuring priorities” of the company.

Some of the comments that employees have since expressed either question how much time they have left or interestingly, whether it is okay to give up their jobs to recover the lost jobs of colleagues who the former consider as being an appropriate fit.

While employees continue to question the admin, it seems like the responses are kept covered on their latter’s end to ensure that the current issue is dealt internally. As for the startups that will see cuts, it remains unclear which are for the moment, but it has been shared by Lubin that a key deciding factor will be “financial stability.”

Scanning through the comments, it was evident that employees expected something of this sort to happen, considering the speed at which ConsenSys grew over time. An employee commented:

“At some point this needed to happen, but we didn’t expect the change so fast, adding that this could have been driven by the current ETH price, which is at approximately USD$88 per piece.”

Another possible reason for the layoffs has been deemed as the possible outflow of money in the form of revenues and not so much coming in as revenues.

For the time being, there seems to be a discomfort formed between the employer and employees and it’s clear that it is due to the lack of communication!

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