Coinbase, the largest U.S. crypto exchange, has announced that it will be implementing an almost-total company shutdown for four weeks out of the year in order to allow its employees time to rest and recharge, reports CoinTelegraph.
The popular crypto exchange often has what it describes as “long days and long weeks” of work that can be very demanding and change at the drop of a hat. In order to combat negative effects on employees, Coinbase will be shutting down for a week each quarter to give employees a chance to recover in an experiment to see if it helps stave off the potential for burnout.
“We realized in 2020 that many employees weren’t taking enough time off to recharge, either because they didn’t want to force their teammates to cover for them or because they didn’t want to fall behind on their work,” said L.J. Brock, chief people officer for Coinbase. “We knew this was unsustainable, so we scheduled a recharge week at the end of 2020 and two recharge weeks in 2021, when nearly the entire company would shut down. […] Subsequent employee surveys made it clear: Recharge weeks work.”
Coinbase’s experimental time off for employees comes in the midst of the “Great Resignation,” in which record numbers of employees are leaving their jobs and fighting back against unfavorable working conditions.
Coinbase has been on the front edge of employee care in the pandemic, announcing at the beginning of the pandemic that employees could work from home and would be able to continue doing so after the pandemic. The company has gone as far as to close its headquarters last year and will be closing its San Francisco office as it moves to pushing for remote work as the primary means of labor.
“Four weeks of coordinated recharge time might sound like a lot of time off for a company in hypergrowth, but given the intensity of our work throughout the year, we think this is the best way to ensure our pace is sustainable for the long term,” Coinbase writes in its blog.
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