Payments Giant Stripe Saw Major Uptake of Staff Offer To Move With 10% Pay Cut

Stripe saw 'major uptake' of the unusual offer it made to staff during the pandemic: Leave high-cost cities like New York and San Francisco and take a $20,000 bonus to boot. The catch? Workers had to consent to a 10% cut to their base compensation. From a report: 'We saw pretty major uptake,' John Collison, Stripe's co-founder and president, said Tuesday on Bloomberg Television. 'There were a lot of people where they took advantage of all the remote working that was going on last year to be able to move to be closer to their families, to somewhere they wanted to move previously.' Stripe -- dually headquartered in Dublin and San Francisco -- has long been considered a leader among Silicon Valley firms in its embrace of remote work. It began hiring engineers who work from home as early as 2013 and six years later opened a fully remote engineering hub. 'We have not come to our ultimate stance or ultimate decision of what the exact mix of in-office versus remote will be,' Collison said. 'Everyone has been working remotely during a pandemic but I think that's going to be very different from the steady state of working remotely.'

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