The CEO of Polygon Labs announced the departure of sixty employees or 19% of the company.
The reductions are not motivated by a need for funds but rather by a strategic decision to improve performance efficiency. The release also emphasized Polygon Ventures’ transformation into P2 Ventures after its split from Polygon Labs at the end of 2023.
The Polygon ID division will also shortly become an independent organization. Marc Boiron, CEO of Polygon, stressed in the statement that the downsizing was implemented to improve performance rather than due to a need for financial relief.
Boiron also talked about the immediate effects on the impacted workers, saying that although the news was broken suddenly, individual letters would be sent out to provide clarifications, respond to inquiries, and express gratitude for their work.
For individuals in qualifying regions, the corporation has agreed to pay out two months’ worth of severance pay as well as ongoing health benefits through the end of February.
Polygon Labs has started a support network where affected employees can sign up for a directory and share their professional details with a network of hiring managers, venture capital talent partners, and recruiters for web3 projects.
Boiron provided updates on encouraging progress for the remaining team members in other announcements. All workers will receive a minimum 15% rise in their overall compensation, which includes basic salary and annual MATIC payments, retroactively starting on January 1st.
New hires will receive a 5% raise. To better acknowledge the worth of every team member equally and increase the company’s appeal to talent worldwide, a new leveling system will also be implemented, and previous geographic-based pay structures will be eliminated.
