Lakshay Behl Profile picture
Jul 3 24 tweets 5 min read
#Celsius jobs

I'll address this from a businessman's perspective

I fully sympathize with everyone who loses jobs, it is unfortunate

This is a bear market. Crypto companies are letting go of people everywhere. It probably won't be super easy to land another job right away
<1/x>
<2/x>

However, from a pure economical pov, employers and employees have only so much obligation towards each other. Employees are, at the end of the day, free to jump ship and work for another company for better benefits, pay, profile, job description and so on.
<3/x> Companies, also, therefore, have the ability to let go of people as and when required - just as they can hire people as required.

Job market is highly contractual in nature in 2022. Nobody has "permanent" jobs anymore. Unless you're working for the govt.
<4/x> The nature of the workplace as it is benefits both companies and employees.

Employees can seek better options and jump ship every couple of years, sometimes doubling their take home pay.

Employers can let go of employees when things get rough.
<5/x> I have had to let go of people I didn't want to. Sometimes because they found something else that suited them better, so I gave them excellent referral letters commensurate with their performance.
<6/x> Other times, because we had to cut back expenses and needed to focus on core operations and getting back to profitability with minimum liability and hard expenses.
<7/x> Fixed expenses are what wreck a business during touch times. Variable expenses are simple. They go down when revenues go down. Fixed expenses kill.
<8/x> I wrote an article about this when the pandemic hit in 2020. You can read that here: westernston.com/what-this-pand…
<9/x> As it happens, payroll is a big fixed expense. The other one is occupancy. Those two are why so many businesses had to shutter when lockdowns started.

You keep on paying those expenses regardless of revenues.
<10/x> More recently, we saw the other side of this coin.

Businesses worldwide, but especially in the US, were short-staffed.

Employees were in high demand as the economy reopened. And they wanted top-dollar, as is fair, for their time and skill.
<11/x> When the pandemic started, I advised all my clients to try and renegotiate their occupancy contracts, and many landlords understood.

Some were rigid, and I actually saw a place yesterday that I remember exploring myself in 2020, but couldn't rent because of demands.
<12/x> This place is still up for rent as of today, more than two years after I explored the option.

The landlord was very rigid, and wouldn't negotiate terms.

As such, his property still sits on the market with a "space available" sign on its frontage.
<13/x> A job market is very similar. Employees sometimes have the advantage on the unforgiving demand/supply curve, and sometimes they don't.

These things are always in a flux. So while this is a bad time for employees in the crypto space, it won't always be.
<14/x> Just as the bear market isn't endless, though it will feel like it is before the bottom hits, so is this period of tension for crypto-space job-seekers.
<15/x> #Celsius and other crypto employers will be back in full-force hiring people when the bull markets rage.

Hopefully, this time however, they'll focus more on merit than demographics and optics.
<16/x> In the end, though, a few decades ago you had job stability as well as loyalty. Both went hand-in-hand. People retired after 40 years of "Service" to a company with a gold watch.
<17/x> That was certainly nice, but would any employee today trade today's dynamic and high-growth market for a 5.5% p.a. raise and stability?

Definitely not. At least I wouldn't if I were an employee.
<18/x> I've been an employee, even though for embarrassingly short durations of time. And each time I quit because I didn't like something - hours, pay, conditions, or sometimes, quite bluntly, the stupidity of people in command.
<19/x> I'm thankful I was able to walk off those jobs that required me to compromise my security, finances, peace of mind and so on... without any repercussions for my career.

I wouldn't trade this in for a gold watch ever.
<20/x> Final thoughts: As with everybody else, you gotta have a stash. A stash of the dirty fiat USD or GBP or EUR or whatever to ride out these storms.

When you have a stash, these storms are fun and adventure. When you don't, you might sink.
<21/x> An indirect consequence of such freedom of being able to walk away on a week's notice, or less, comes with responsibility towards your own finances.
<22/x> I saw an article by some guy crying over being fired by Tesla. He said, "I had to lose my dream job because a billionaire decided he needed the money more than me." Or something like that. You can look it up. Maybe someone comment a link to it here.
<23/x> To him: I get your frustration. But your job contract was not a job guarantee. It literally had a provision for the company to be able to let you go whenever they needed to.

Same way you could jump ship to another co. as soon as you found a better job.
<24/x> Those are my thoughts not just for #Celsius employees who lost their jobs but for everyone who's losing jobs and will lose jobs this bear market.

I wish you well, and hope to convey that times will change again.

And then again a few years later for the worse.

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