It has been less than 4 four months since Dapper Labs parted with about 22% of their full-time employees. This week, Dapper Labs’ CEO Roham Gharegozlou announced in a blog post that the company would be parting ways with another 20% of full-time employees.
Dapper Labs’ CEO Roham Gharegozlou succinctly mentioned that they were parting with some of their employees. According to the CEO, it was part of their restructuring efforts at the company. He said, "As shared earlier today, we are restructuring the Dapper Labs organization to improve our focus and efficiency, strengthening our position in the market and better serving our communities. As part of this restructure, we made the difficult decision to part ways with 20% of full time employees. We have already spoken to everyone affected and our team is engaging to support in every way. If you have not already received a notification, you are not impacted."
After the Dapper Labs layoffs, the CEO also mentioned that they had created some layoff benefits for those affected by the crypto layoffs. The CEO said," The team worked hard to create a package of benefits to help support every individual, including generous compensation, health continuation benefits, extended exercise windows for equity stock options and mental health benefits, as well as job search support."
Since 2022, it has been difficult for crypto workers as many crypto layoffs have been happening in the industry. There's hardly a month that passes by since 2022 without a crypto firm announcing a layoff. The major causes of these crypto layoffs are the increasing rate of global economic decline. With inflation coming up, many crypto firms had to restructure, just like the Dapper Labs layoffs.
Those Affected Receive Mouthwatering Compensation
Although many people were affected by the Dapper Labs layoffs, the company was kind enough to provide a benefits package for those affected. They provided a range of benefits to be enjoyed by the affected employees for a certain period.
They had a general compensation package, a "three months severance for full-time employees and C1 contractors" The affected employees were also provided with what looked like health insurance. The company will provide "six months of COBRA for US team members and comparable benefits for Canadian full-time employees.
Mental health support will also be available, according to the company. They said, " at minimum every outgoing employee will have access to four months of digital mental health support." Other benefits that will be enjoyed by those affected by this Dapper Labs layoffs are talent support, stock support, alumni support, and career coaching. The company says," We have engaged an external professional services provider (GetFive) that has already been ramped up and is ready to support outgoing team members at every step of their search and candidate journey."
During his broadcast, Dapper Labs’ CEO Roham Gharegozlou also discussed the company's current financial situation. According to them, they are still in a strong cash position, just that they needed to restructure their firm for long-term growth.
"Dapper Labs remains in a strong cash position with no outstanding debt. We are committed to our flagship products, tremendously excited about several major launches coming up this year, and more confident than ever that Web3 will remake digital life for the better for billions of people, over time," Dapper Labs’ CEO Roham Gharegozlou said.