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Stripe is On a Hiring Spree. But It's Also Rescinding Job Offers and Angering Engineers. (protocol.com) 102

The prevailing narrative about tech workers assumes that they have more power than ever before. This even has a term -- the Great Resignation. But at the booming, much-revered payments company Stripe, some applicants have found themselves accepting job offers only to learn they have been rescinded without warning. From a report: Protocol spoke with two Stripe candidates who received either verbal or written offers from the company and then had those offers revoked because of "shifting business priorities." (We reviewed their communications with Stripe recruiters, including the offer letter, to confirm the candidates' stories). Protocol also spoke with a former Stripe recruiter who described the company as embracing a "hire and fire" mentality and constantly shifting priorities and reorganizing staff. All three of these sources were granted anonymity for fear of repercussions by their current and potential future employers. Protocol also reviewed multiple online complaints detailing similar rescinded offers; the most prominent of these complaints was posted on Hacker News and received a rousing defense of Stripe from Coinbase CEO Brian Armstrong.

"We want everyone who interacts with Stripe during a recruiting process to be treated professionally and with respect. We value feedback and are always looking for ways to improve our recruiting experience," a Stripe spokesperson wrote to Protocol. Stripe, which has the highest valuation of any private, venture-backed tech company in the U.S., has grown so rapidly over the last few years that many engineers and other tech workers see it as one of the most desirable, successful places to work. The former recruiter interviewed by Protocol said that she chose the job over offers at Google and two other tech companies, in part because of the extremely positive and enthusiastic way the company was sold to her and because of Stripe's reputation in the industry.

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Stripe is On a Hiring Spree. But It's Also Rescinding Job Offers and Angering Engineers.

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  • Short Sighted (Score:4, Insightful)

    by SuperKendall ( 25149 ) on Wednesday December 01, 2021 @04:14PM (#62037081)

    I can see logically why they might want to do this, but it seems extremely short-sighted as either fewer pole willl be looking for jobs there henceforth, or possibly someone might continue looking even after getting an acceptance message from Stripe...

    I wonder how Stripe would feel about candidates who had accepted a job offer reversing that because before they actually started they found a better position. Seems like they are now in no position to complain if that happens.

    • Re:Short Sighted (Score:5, Informative)

      by splutty ( 43475 ) on Wednesday December 01, 2021 @04:20PM (#62037111)

      And there are plenty countries where this is illegal. A job offer being tendered can not be retracted by the offering party unless for damn good reasons.

      "Change of plans" is not a reason.

      "Applicant is a murdered" however is.

      • "Applicant is a murdered" however is.

        Well...yeah...if they were murdered, that would mean they would be dead, and generally, a company isn't expected to employ the dead...

        • Ah. But think of the tax breaks you could get and tax sheltering you could do if you did actually employ the dead. If it's not already being done somewhere, then someone's gonna do it pretty soon.

          The average Active Directory setup in a medium sized business has at least a dozen or so lingering accounts that someone forgot to term 6-12 years ago. The larger the business, the more zombie accounts that are probably still sitting around.

          • by Anonymous Coward
            "Sir, we may have a problem with this application." 'Really? Who's it from?' "A Mr. Hotblack Desiato..."
          • Re: Short Sighted (Score:4, Interesting)

            by flyingfsck ( 986395 ) on Wednesday December 01, 2021 @06:48PM (#62037673)
            Well an Australian bank recently got heavily fined for charging dead people millions of Dollars for services not rendered. So doing business with dead people is risky indeed.
          • by Megane ( 129182 )

            think of the tax breaks you could get and tax sheltering you could do if you did actually employ the dead

            Especially if they were registered as Democrats!

        • generally, a company isn't expected to employ the dead

          Is that true? Trump led me to believe that dead people were being employed by all manner of Dem campaigns to overthrow America.

    • Re: (Score:2, Funny)

      by PPH ( 736903 )

      fewer pole willl be looking for jobs there

      But the Swedes are lined up out the door.

    • That reminded me of this recent article about applicant no-shows for interviews, or after being hired for the first day of work.

      "It takes, in our case, about 10 applicants to get one who's really interested," he told Insider. Of these, between 60% and 70% of candidates didn't show up for interviews, he said.

      "It's shocking how many of them no-show on the first day," Beggs said

      https://www.businessinsider.co... [businessinsider.com]

      Overall, business/employee relations seem to be growing ever-more transactional and less commit

      • For people who accept but don't show, I would put them on a black list within the company. If they ever reapply, they don't even get considered.

        I would also talk with others in the field and let them know.

        And before anyone starts jumping up and down and screaming, "That's illegal!", no, it's not. This would be no different than casinos who pass around information about people who've stolen from them, possible card counters (which in itself isn't illegal but since it's private property they set the rules),

        • by tragedy ( 27079 )

          This would be no different than casinos who pass around information about people who've stolen from them, possible card counters (which in itself isn't illegal but since it's private property they set the rules), and so on

          Of course, casinos banning card counters really should have always been illegal. The term "card counter" is a bit tricky here. I'm using to mean someone who is good at keeping track of what cards have been played and calculating the odds of what could be played next, what is in other players hands, etc. based on the same information that everyone else has (plus potentially private information about their own hand, but not any other players depending on the game). Other tricks like groups operating as a team

          • How many? All the people inside the casino enjoy being bilked.
          • by lsllll ( 830002 )
            Card counting is usually used in Blackjack and while in single deck keeping track of what cards have been played is useful, it's not what real card counters do. Card counting for blackjack involves keeping track of a number that is either incremented or decremented and when it has gone over a threshold, you make bets that you would normally not do. That's how they catch card counters. But they also have ways of offsetting the card counters by multiple decks (6 or 8) and leaving ample room at the end (abo
            • by tragedy ( 27079 )

              But they also have ways of offsetting the card counters by multiple decks (6 or 8) and leaving ample room at the end (about 1.5 deck for 6 deck or 2 decks for 8 deck) that won't be played because there'll be a shuffle by then.

              Thus removing the "flaw" in the game. If we're defining flaw as a talented player having a significant advantage.

      • by gweihir ( 88907 )

        Overall, business/employee relations seem to be growing ever-more transactional and less committed. The consensus is that businesses are to blame. But with the shoe on the other foot for the moment, would-be employees are happy to inflict some payback.

        The thing is, the better qualified and the more competent an employee is, the more of that they can do. At the same time, IT is getting more difficult to get right due to numerous pressures rising and things are ever getting more complex. Hence losing the people that really get it is a pretty stupid move.

        For example, I now see a 5 people team failing at stuff I did alone for a customer before (and not at 100%). Thing is this is an internal team now that barely grasps what they are doing. That cannot go well

    • Re: (Score:1, Troll)

      by geekmux ( 1040042 )

      I can see logically why they might want to do this, but it seems extremely short-sighted as either fewer pole willl be looking for jobs there henceforth, or possibly someone might continue looking even after getting an acceptance message from Stripe...

      Possibly someone might continue to look?

      If you were desperate enough to take a job with them, at least open your eyes and realize that shade of carpet you're standing on is called "Quicksand."

      Oh, and those who wish to remain anonymous, current and future employer blah blah? Fuck that and stand up. It's not like the (almost) employee was looking to fuck Stripe here. It was the other way around. You should not be the one hiding here.

      • Possibly someone might continue to look?

        I wouldn't do it and wouldn't respect anyone that did.

        It's just very sleazy to me to tell a company you are committing to work with them which they will start to expend resources to prepare for - all the whole you keep looking.

        • by djinn6 ( 1868030 )

          If you're accepted into a shady company, it's reasonable to keep looking until you get your first paycheck. I think the main surprise here is nobody thought Stripe is that kind of company. Reminds me of what happened with Zynga.

        • Possibly someone might continue to look?

          I wouldn't do it and wouldn't respect anyone that did.

          It's just very sleazy to me to tell a company you are committing to work with them which they will start to expend resources to prepare for - all the whole you keep looking.

          We hear people say all the time keep your resume up to date. You may not be looking for a job, but let's be honest; if your resume is online, you're basically always fishing for one. And given how corporations are allowed to treat you at the end of the day (right to work laws), a lot of people consider that wise advise, not a form of disrespect for even a new employer. Remember this is a business, not a friend-factory. They have no problem grabbing the FNG by the RIF and tossing them out the door on Chr

    • Was at one place where the CEO was essentially micromanaging everything. One monday we had three new hires who were told that they were now in professional services instead of development. All three quit that day and the CEO seemed baffled by that.

    • I wonder how Stripe would feel about candidates who had accepted a job offer reversing that because before they actually started they found a better position.

      What do you mean "would"? You don't do that?

    • by gweihir ( 88907 )

      I can see logically why they might want to do this, but it seems extremely short-sighted as either fewer pole willl be looking for jobs there henceforth, or possibly someone might continue looking even after getting an acceptance message from Stripe...

      Indeed. They now have a reputation as a place you do not want to work at. As such, they will lose access to the highly competent and the mediocre will also think twice before applying. As the pressure from attacks, regulation, data protection, etc. is rising, that may ultimately doom them. Stupid.

  • by RogueWarrior65 ( 678876 ) on Wednesday December 01, 2021 @04:15PM (#62037087)

    "grown so rapidly over the last few years that many engineers and other tech workers see it as one of the most desirable, successful places to work."

    Yeah? Never heard of this company until now and first impressions are the most lasting.

    • Well, you've heard of them now. And thanks to the Streisand Effect, many other potential employees are going to quickly hear about them... and choose to shop their resume around to someplace else, instead.
    • ... you've never heard of Stripe? Have you ever bought food at a food truck? Or a small boutique firm where they use an attachment to an iPhone or iPad to swipe your credit card? Hell even some Apple stores use Stripe in their physical locations.
      • In all fairness I doubt many people ask about the swiping mechanism when swiping their card. And on my credit card bill, I don't see "stripe", I see the vendor's name.

        • You can pay for food with a phone? What next, flying cars?

          (seriously though, I laughed when I first saw this, because lunch trucks were permanently stuck in my mind as "roach coaches" and something no self respecting hipster would visit, much less lunch trucks being run by hipsters.)

      • What you're describing sounds a lot more like Square than Stripe. Stripe does offer some POS systems these days, but they aren't nearly as ubiquitous as Square's in my experience (as in, I've never seen a Stripe one in the wild, but I've seen dozens and dozens of Square POS).

        Regardless, Stripe is fairly ubiquitous in online shopping. It's managed to steal a load of PayPal's thunder over the last several years. I'd guess that probably half the e-commerce sites I visit use Stripe under the hood (I have uMatri

        • Sigh. You're right. Posting here to eat a s*** burger and acknowledge my mistake :( Clearly it's quitting time so I don't post mental flops on Slashdot and go have a cold one.
      • by Knetzar ( 698216 )

        Most food trucks use Square, not Stripe, since Square's business model is about connecting to iPhones/iPads/etc...
        Stripe tends to focus on online stores.

        Check out this comparison: https://www.forbes.com/advisor... [forbes.com]

    • "grown so rapidly over the last few years that many engineers and other tech workers see it as one of the most desirable, successful places to work."

      Yeah? Never heard of this company until now and first impressions are the most lasting.

      Me either. I give them 2 years before they implode.

    • by PPH ( 736903 )

      From the Wikipedia page [wikipedia.org]:

      Stripe is an Irish-American financial services and software as a service company dual-headquartered in San Francisco, United States and Dublin, Ireland.

      For the purpose of income tax, can I select which location I'd like to be paid from?

    • Does this company actually produce anything?

    • Stripe, the relatively "new" kid on the block, handles approximately 15% of the global ecommerce transaction market share. PayPal plus its various subsidiaries, for comparison, accounts for about 34% according to a few Google searches.

      You've probably already used Stripe to purchase stuff without realizing it. Stripe has a lot of really nice features such as the ability for the merchant to never touch the credit card - that is, the card information is never sent to the merchant's web server. The card numb

      • Paypal was dropping too many of my customer's payments, with a meaningless error message. I tollerated that for a while, but then I went for stripe which seems to work fine, even if their invoicing system is a bit too Ajaxy and is too focused on customers rather than invoices.

        Stripe does provide excellent support, unlike Paypal.

    • by ccguy ( 1116865 )

      Yeah? Never heard of this company until now and first impressions are the most lasting.

      You might not have heard about them yet I'm sure you use their services indirectly all the time. Many important companies are like that.

      Most likely the great times to join Stripe are over. They pay well but you won't become a millionaire.

  • by bill_mcgonigle ( 4333 ) * on Wednesday December 01, 2021 @04:20PM (#62037109) Homepage Journal

    Is this one where they'll demand employee loyalty like a 3-piece IBM'er and then just kick them to the curb on a whim?

    If so just hire contractors and be done with it. Even an H1B has more security than an employee at some of these places.

    • Sounds like they are just incredibly disorganized.

      • From what I've heard most organically grown Silly Valley startups can't execute to save their lives. Not because they intrinsically can't, it's because they don't know to hire someone that knows how to structure the organization into something that _enables_ execution.
        • From what I've heard most organically grown Silly Valley startups can't execute to save their lives.

          This is kind of half true. When they are small, they can usually execute nicely. It's only when they scale up and the MBAs start to get involved, who have no respect for the people actually doing the work, that the execution drops off a cliff. I've seen it happen over and over.

  • Reneging offers. (Score:5, Insightful)

    by QuietLagoon ( 813062 ) on Wednesday December 01, 2021 @04:29PM (#62037151)
    I'd never take a verbal offer as a real offer, I would always want the job offer in writing. Having said that, reneging on a written job offer is, imo, a low-life action. To me it is a reflection of the type of management that Stripe has - poor. If Stripe's management cares that little about potential employees, what does Stripe management think of the actual employees?
    • by d0ran$ ( 844234 )

      A signed written offer seems to have more of a legal basis. I wonder what the California employment law says about this? Would you get to keep the sign on bonus plus one pay cycle? Any CA employment lawyers here with an opinion?

    • A reneged job offer - especially if you already put in notice at your previous company - would be major grounds for a big fat lawsuit. I'd personally demand 5x whatever the salary offer was... Maybe settle for 3x
      • You can personally demand whatever you like, but is there any legal reason for them to give you anything, much less 3 to 5 years of salary? If I were king for a day, I'd say 2 months. But as far as I know, the law is 0.
    • I'd never take a verbal offer as a real offer, I would always want the job offer in writing.

      How does that help if you live in an at-will state?
      If you can be fired for any reason with no advance notice, then at the very least they are entitled to fire you on the spot as soon as you come in to work on your first day.

      Or did I misunderstand this? US labor laws are a bit hard to grasp for non-americans...

      • Yes, they can fire you at the door, but sign-on bonus and any relocation is yours to keep, unless they can prove cause to fire you.

    • what does Stripe management think of the actual employees?

      What do their actual employees think about Stripe management?
      If I found out my company was doing this, I'd immediately be looking for a job.

    • When I was retiring from the military, I had a job offer from a gov. contractor, in writing. Accepted the offer and, on the day I was supposed to start, I contacted HR to get the onboarding paperwork. HR responded, saying they didn't have it ready. Then they contacted me to say that the offer had been rescinded. No notice prior to start date, nothing.

      Needless to say, I told everyone I could to avoid applying at the company.

  • of the new nobody-has-any-loyalty employment trend. Written job offer? Meaningless. You know youre employed if you show up and they let you in the front door. Same goes every month. Im ok with this as the new normal, as long as it cuts both ways. No company should expect any more than 30 minutes of advance notice when an employee quits.
    • by gweihir ( 88907 )

      Sooo,
      1. Buy put options for your employer
      2. Convince whole IT security team to quit with you
      3. Tip off hackers
      4. Profit!

  • by Pinky's Brain ( 1158667 ) on Wednesday December 01, 2021 @04:38PM (#62037191)

    As long as people get away with it, oversubscribing resources is free money.

    Now stop talking about it and let them get away with it.

  • This is a super dick move. I am stunned that they don't get sued for making an offer and then rescinding it. What if you quit your job after you got your offer and now your unemployed?!?

    • Stripe is a California company. They can get away with a lot here. But most of these companies are very unaware of the finer details of California law. Their HR teams aren't lawyers, but they feel their few years of experience in the job makes them experts in employment law. There are a bunch of gotchas that someone motivated enough to dig through the state's employment code and labor laws.

      I haven't checked many years, but it used to be the case that termination required a payment the same day. If they didn

      • Every startup I've worked for in CA had to be told by employees how OT works in CA. Lots of times this is because HR is working by federal law, which apply throughout much of the country, but aren't nearly as strict as CA labor law.

      • I haven't checked many years, but it used to be the case that termination required a payment the same day.

        That appears to still be the case. And if you quit then they have to pay you within 72 hours.

  • What applicants should demand is an early termination clause by Stripe if they act in bad faith and rescind the offer prior to the agreed upon starting date and to three months post hiring date. I would say a year salary is appropriate in the first case and 3 months in the second (that is a typical evaluation periodâ¦adjust accordingly). The latter protects the employee post hire because we know that they could terminate during that evaluation period and use Right-to-hire laws as justification f

    • Why would Stripe succumb to this demand? They appear to have plenty of applicants if they are rescinding offers. For them, for now, it is a buyers market. They dictate terms.

      Asking for some sort of upfront payment, a hiring bonus payable upon acceptance of offer, is something less ambitious that you might swing, if the size was not outrageous. But if they want to maintain their zero added cost rescission policy they will just say no and move on to the next candidate.

      • If as you suggest they have way more qualified applicants than positions, then they should not be paying any sign-on bonus, any relocation, any work-from-home costs, etc. The market value of each employee is also less and less as more qualified substitutes become available, so expect your salary to drop every month, every year, or whatever adjustment period.

        Note that all of the above is based on the assumption that they have a large surplus of qualified applicants, which I sincerely doubt in today's market,

  • My advice. Hire good people that can adapt to constantly shifting priorities and technologies. If you think ever project is going to be lead by a team of rock star engineers that are the top experts in their field, great good luck there. If you think you can do that and change your mind about what you're making every quarter. Something has to give or your company will fail.

  • I would not be surprised at all if the rescinded offers were to older workers and the ones that still apply are for people over 30. Zuckerberg has said he won't hire anyone over 30, IBM is notoriously obsessed with youth. Most people answering the phone at a help desk who actually have skills beyond writing a ticket and escalating it used to do something they did not hate before they were considered too old.
    • by gweihir ( 88907 )

      Ah. So "we only hire inexperienced people"? Explains some of the problems they have.

    • by ebvwfbw ( 864834 )

      Happening to me. I've had several verbal offers. They should have had my resume. However, they asked for it again. That's the last I hear from them. If I ask they say they went forward with someone else. In one case we had done the immigration paperwork, onboarding for mid-December. Next thing I know - poof! Two sentence - you're not hired, get lost note.

      That's also how I lost my last job. Young manager came in and said I was there too long. Too old. I went from stellar annual reviews and increase in pay to

  • If you make an offer and then rescind it the applicant may claim that the offer was made in bad faith and if they quit their current job then Stripe could be liable for damages. I would certainly make that claim if it happened to me. Something similar happened to me once. I moved from one division of a company to another they made me an offer at a certain level. But at raise time they said I had topped out and it turned out they had hired me at a lower level so no raise. They said tough I said I have an of
  • When recruiting staff your reputation as an employer matters. If you treat staff with disrespect, especially those with in-demand skills your business will suffer.

  • Here me out here. I seriously wonder if these sorts of things do not happen a lot more often then you might think. I can recall an early job being offered, salary and all, and then a week later when I called them back to find some information about potential start date, found out that the department in question had offered me the job, but the director who was out of town had met someone and already filled the position without telling the people doing interviewing at the time.

    I can say that at the time

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