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Illustration by Josh Brill.

Amid Layoffs, Tech Companies Throw Cash, Stock at the Workers They Still Want

Photo: Illustration by Josh Brill.

In August, amid a slump in stock and crypto prices, Robinhood took the dramatic step of slashing 23% of its workforce, just four months after laying off 9% of its employees. But those who survived the online brokerage’s cuts soon got an incentive to stick around and work hard.

Shortly after the layoff, Robinhood told employees it would grant them extra shares, according to two people familiar with the matter. The previously unreported award was designed to offset the impact of a 50% decline in Robinhood’s stock price between January and August, which had eroded the value of past equity grants. Robinhood wasn’t alone in extending such an offer: Snap made a similar move after cutting its headcount 20% in late August.

Despite a growing number of mass layoffs underway in tech—most obviously at Meta Platforms this week and Twitter last week—companies are as concerned as ever about holding onto top performers and keeping staff motivated and productive. For that reason firms including Instacart and Coinbase—both of which have cut staff—have also been offering cash bonuses, more stock or better benefits to workers. This issue will likely loom large for tech giants that have made big cuts this month, including Stripe, Chime and Lyft. (Insider previously reported Snap’s intention to award extra grants of restricted stock units.)

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