Yeah... I'm genuinely curious how many people actually quit over the "apolitical" stance, vs employees that were just unhappy with the job in general and took this convenient opportunity to leave with a pretty sweet deal.
In an ideal world a reporter could answer your question by talking to many of the people who quit and ask what motivated their decision, but the severance package almost certainly came with an NDA that would make doing so impossible.
So we'll likely never know. Probably one should assume that the answer doesn't look great for Coinbase's narrative; if they thought it would, they might have done a survey and published data from it.
Getting people who are unhappy (politics aside) to leave sounds more like "the severance package was a nice move" than "the severance package was too good."
Might be a silly idea, but I wonder if more companies would benefit from doing something like this on a semi-regular basis, i.e. giving unhappy employees the opportunity to leave with a decent "severance" package?
It would be great for those employees, though!
Original deck: https://www.slideshare.net/reed2001/culture-1798664/
Up to date statement: http://jobs.netflix.com/culture
Frankly, giving the non-offended but unsatisfied employees a ready out is probably good for Coinbase in the long run.
Either people managed to get through a _whole interview process_ in a week, or they're fine with the idea of being jobless during the worst economy in 12 years, or they price the benefit of not being there fairly high.
Which then leads us to how the whole argument is blinkered. It reduces decisions to a cost benefit analysis where a significant part of the benefit doesn't have a market price. Then, it questions if the benefit was too large, but by definition the arguer is still at the company and thus believes the unpricable part of the benefit isn't worth enough enough to leave.
A single software engineer paying for full price for high premium plan on COBRA would be spending around $400[1], over the whole 18 months of doing that it would be $7,200 which would be less than one month's paycheck on a $160,000 salary.
A cursory look at h1bdata.info shows that Coinbase pays plenty of H1B's that much, on the low side.
Your view is a little exaggerated.
There isn't a downside here. If you were there a very short amount of time, just remove it from your resume and have a gap. Its inconsequential for software engineers. If you were there for over a year, take your vested shares, leave it on your resume, and still coast. If you were already interviewing and had another offer, do the same.
[1] To my surprise, people are paying WAY more for health insurance. Are they San Francisco/Bay Area residents? Unknown. Are they individuals or paying the family rates? Unknown. Are they using the most competitive providers? Unknown. Is Coinbase still covering health insurance for people on severance as if they were employees with COBRA starting after the severance period is over, adjusting all of our math? Unclear.
Last time I continued health insurance via COBRA, I paid nearly $2k a month in premiums alone.
Survey of purported 2019 data shows $570 * 12 = $6,840 for individual, $19,000 for family (for some reason, no monthly cost there)
So lets say you only pay the feds income tax, and don't bother with medicaid, social security, state income tax, 401K, any other witholdings whatsoever - you'll earn 85% of $160,000, or $136,000. Divided into 26 paychecks, $5230 biweekly.
If you're single, yearly premium would be covered by 2.6 weeks of work, or 11% of your severance. If you have a family, 7.26 weeks of work, or 30% of your severance.
yeah this is a better metric than my napkin math above.
it is also important to elaborate that we are talking about 4 months of payment with continued health insurance included, and calling that savings for an additional 12 months of paying for health insurance.
Kaiser Permanente is from what I've heard an unusually good deal without anything comparable in NYC or most of the rest of the US, though not without their own weaknesses in areas like mental health coverage and dispute resolution.