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Coinbase announces four weeks of company-wide shutdown in 2022 to avoid employee burnout



Coinbase, a leading crypto exchange in the US, has said that it will provide one week each quarter to its employees in 2022 to replenish and recharge after “long days and long weeks” of intense work. Coinbase Chief People Officer LJ Brock wrote in a company blog post that this year “almost the entire company will shut down” for four weeks to allow workers to recover from the heavy workload. Brock further added that Coinbase employees are not limited to a 40-hour work week.

“We realized in 2020 that many employees were not taking enough time to recharge, either because they did not want to force their peers to cover for them or because they did not want to be left behind in their work, Brock said. “We knew this was not sustainable, so we scheduled one recharge week at the end of 2020 and two recharge weeks in 2021, when almost the entire company would shut down. Subsequent employee surveys made it clear: recharge weeks work. “

“Four weeks of coordinated recharge time may seem like a lot of time for a company in hypergrowth, but given the intensity of our work throughout the year, we think it’s the best way to ensure our momentum is sustainable over the long term.” durable,” Brock said.

The announcement comes as many US workers fight against harsh working conditions, which have often led to career moves or resignations without any plans – a trend referred to by netizens as the “Great Resignation”.

coinbase created change your policy to allow workers to work remotely from their homes at the start of the pandemic, and CEO Brian Armstrong said the company would continue to do so once “quarantine restrictions” are lifted. The crypto exchange said in May as part of its mission to be “remote-first” that it intends to completely shut down its San Francisco headquarters in 2022.

The exchange also tried “Recharge Week” in 2020, which helped more than half the workforce recover according to an internal survey. However, Brock wrote in his blog post that despite adding “recharge weeks”, a substantial portion of the workforce was not able to schedule holidays for those weeks due to workloads.

Scheduling a week here and there is not a completely new concept though. Many advertising agencies in the US offer employees a full week off around Labor Day. Whereas, LinkedIn, Hootsuite and Twitch offered employees extended breaks at other times.

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