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They also successfully pressured over 60% of their staff into exchanging salary for twice the value in options. I've worked for dysfunctional companies, but I
by nkingsy 6y ago
They also successfully pressured over 60% of their staff into exchanging salary for twice the value in options.
I've worked for dysfunctional companies, but I guess I'm lucky I haven't run into management trying to steal from me.
- objclxt 6y agoAny time a company asks you to forgo cash compensation for stock you should start preparing an exit strategy: this is doubly true if the stock isn't liquid. I once worked at a unicorn that a week before bonuses were due to be paid changed them from cash to immediately vesting RSUs. Six months later they were filing for Chapter 11.
- technorally 6y agoGet this: before announcing the salary trade-off option, they already gave negative feedback to people in positions they were looking to cut. Then they announced the salary exchange option as an opt-in for the entire company, saying that if people trade at least 30% of salary across the board they wouldn't lay anyone off. You could opt to trade anywhere from 1% to your entire salary for 2x pre-Covid stock valuation. People who were concerned about getting laid off traded more as a result. Some of them were laid off anyways after working for reduced salary.