Polygon Labs Axes 19% Staff, 60 Roles for Increased Efficiency

• Polygon Labs Streamlines Operations With Staff Reductions
• Guided by Performance, Not Finances
• Compensation Revision for Remaining Workforce
• Continuation of Previous Downsizing Measures
• Difficult Decisions for Future Success
• Related Post: Polygon Labs Eliminates 20% of Workforce, Nearly 100 Jobs

Polygon Labs Streamlines Operations With Staff Reductions

Polygon$0.967 -3.65% Labs, the pioneering firm that developed the Layer-2 rollup network, Polygon, disclosed a significant downsizing. The company has eliminated approximately 60 positions, equivalent to roughly 19% of its total workforce. The information was confirmed in a company blog post published last Thursday.

Guided by Performance, Not Finances

The company clarified that their downsizing strategy was a performance-driven decision, not a result of financial issues. Moreover, it was announced that the team responsible for Polygon ID would spin out of the company in the upcoming months.

Compensation Revision for Remaining Workforce

As for those unaffected by the layoffs, Polygon Labs assured that these staff members would witness at least a 15% increase in their total compensation. Alongside, the company would also cease the geo-pay models.

Continuation of Previous Downsizing Measures

This fresh wave of staff reductions follows a similar occurrence from less than a year ago. In February 2023, the company let go of 20% of its staff during a significant restructuring phase.

Difficult Decisions for Future Success

Marc Boiron, CEO of Polygon Labs, previously shared on X, Achieving our mission requires making challenging decisions, albeit difficult ones. However, we believe that moving forward in a considered manner provides us with the best opportunity for successful execution.

Related Post: Polygon Labs Eliminates 20% of Workforce, Nearly 100 Jobs

Edited by Jonathan Stoker