1/ It's been about a year since my mission-focused blog post. It wasn't easy to go through at the time, but looking back, it turned out to be one of the most positive changes I've made at Coinbase, and I'd recommend it to others. blog.coinbase.com/coinbase-is-a-…
2/ We have a much more aligned company now, where we can focus on getting work done toward our mission. And it has allowed us to hire some of the best talent from organizations where employees are fed up with politics, infighting, and distraction.
3/ One of the biggest concerns around our stance was that it would impact our diversity numbers. Since my post, we've grown our headcount about 110%, while our diversity numbers have remained the same, or even improved on some metrics.
4/ Several people told me this would never happen when I circulated the original draft internally. It turns out that there are people from every background who want to work at a mission focused company.
5/ What was amazing was the contrast between the news following my post, and the reaction from employees and people who spoke to me in private.
6/ While the media reports were mostly negative, and it even spawned some retaliatory and intellectually dishonest hit pieces, the reaction both from employees and people I spoke to in private was overwhelmingly positive.
7/ In fact, I would say it was probably the most positive reaction I've gotten from any change I've made in the history of the company, which is saying something. How could something be so negative in the press, but turn out to be incredibly positive with every stakeholder.
8/ The only sense I can make of it, is that there is a huge mismatch between peoples stated and revealed preferences right now, and we're operating in an environment of virtue signaling and fear of speaking up.
9/ The biggest lesson I took away from the whole ordeal is that if you believe something is the right path, it's worth speaking up about it, even if it's controversial.
10/ You will get lots of attacks online, and not everyone will agree, but ultimately people want clarity and authenticity from leaders, not platitudes. It will come back to you tenfold.
11/ For leaders out there, think about any area where you aren't being 100% authentic, and instead are trying to keep the peace, or say what you think people want to hear.
12/ It's incredibly difficult to do, but if you stand up and say what you really think, it may turn out better than you thought. Saying this advice for myself as much as anyone else - there will be many more challenges ahead.
13/ I should add: a big thank you to the many employees who stepped in to fill the gaps that were left as our colleagues departed, working nights and weekends to ensure we continued to serve our customers. This was heroic and awesome to see.
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