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A comment on Robinhood lays off 23% of staff. Parent comment

Re:Robinhood lays off 23% of staff by drc500free on Tuesday August 02, 2022 @06:57PM (#32325364)
I worked at a startup that tried that. Within 4 months, a good chunk of the best tech people were gone. Within 12 months they had gone under.

Maybe for an economy-wide recession where your workers have no other options. But if it's just startup risk that are making you founder, you're basically guaranteeing a death spiral. There is some chance if you make it a fixed-term paycut with a payback with interest, but you better have a real cult leader as CEO to get people onboard with something complicated instead of just getting a job at Google.

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Re:Robinhood lays off 23% of staff by yuan43 on Tuesday August 02, 2022 @07:46PM (#32325818)
What were the prevailing job market conditions when the pay cut was tried?
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Re:Robinhood lays off 23% of staff by drc500free on Tuesday August 02, 2022 @08:35PM (#32326224)
It was the beginning of covid and we were in the travel industry. It was messaged well and the executives took a bigger % paycut than everyone else, so no one was angry about it.

The best people went to FAANG (immediate comp) or one particular fintech startup (good shot at an exit).

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