The Irish founders of Stripe acknowledged they have overhired staff as the tech corporation seeks to lay off 14% of its existing workforce.
The online payment company confirmed that redundancies would commence in an email sent round to its existing workforce. The company currently employs 8,000 people worldwide, 600 of whom are based in Dublin alone.
Patrick and John Collison admitted to staff they had been overly optimistic about the internet’s economic growth across 2022 and 2023. They outlined several measures that would be in place to help assist staff following job losses.
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The staff communication read: “There’s no good way to do a layoff, but we’re going to do our best to treat everyone leaving as respectfully as possible and to do whatever we can to help.”
Employees made redundant from the company will be entitled to 14 weeks of severance pay, which will carry over until the 21 February 2023. Staff will also receive their annual bonus for this year regardless of their date of departure, although the payment will be prorated for employees hired in 2022.
The co-founders were not able to confirm the amount of Irish staff that would be impacted by the decision. They confirmed that the job losses would not be distributed evenly across its global workforce, meaning that some countries could experience more lay -offs than others.
The news emerges as Twitter employees in Dublin await news of large scale redundancies. The social media company is anticipating the loss of 50% of its staff worldwide following the takeover of billionaire Elon Musk.
Twitter staff will be given an update on their employment status through a company wide email to be sent out at 4pm today. The unsettling move could affect a significant percentage of Dublin’s 500 Twitter employees. Twitter advised its employees not to come into the office today until they had received their email.
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