Wednesday, January 20, 2021
Home Business NY Times Report Alleges History of Pay Discrimination at Coinbase

NY Times Report Alleges History of Pay Discrimination at Coinbase


#San #Francisco-based crypto exchange #Coinbase may have struggled to pay its employees fairly based on gender and race.

#According to a report by #New #York #Times reporter #Nathaniel #Popper, #Coinbase paid its #African-American employees roughly 7% less than white people in similar positions based on 2018 payroll data.. #Across the company, this averaged a difference of $ 11,500. #When taking the company’s stock options into account, the gap between black and white employee compensation at #Coinbase was closer to 11%.

The report also alleges a gender pay gap. #For example, #Tier 1 male managers at #Coinbase earned 20% more than their female peers. #On average, women at the cryptocurrency company were paid 8%, or $ 13,000, less than their male counterparts in 2018.

- Advertisement -

“#Pay disparities at #Coinbase appear to be much larger than for the tech industry as a whole, and the few other tech companies that have had to release data.”#Popper wrote.

#Source: NY #Times

#Coinbase #Chief of #Staff LJ #Brock was quick to respond to the allegations. #In an internal company email posted today on the #Coinbase blog, the company stated that it had done “significant work to ensure that the pay-for-performance philosophy [de Coinbase] be transparent and fair “since 2018. #He said that “all eligible employees” received at least a 3% increase in compensation in early 2019, and that employee salary targets were made transparent later that year. The email also reported that the cryptocurrency firm’s staff has risen from 830 in 2018 to over 1,000 in 2020.

“#Coinbase is committed to ruthlessly eliminating bias in all of our internal processes”stated the company’s blog. “#We also recognize that it is good practice to check our work regularly, and while pay equity is critical at any stage of maturation, we believe we have the framework in place to ensure we are driving equitable results.”

The exchange has been in the spotlight before for issues related to race. #In #October, CEO #Brian #Armstrong said the company would adopt an “apolitical culture” and offer exit packages to any employee who disagrees with the policy.. #Armstrong said 60 staff members were planning to leave in response to the announcement, roughly 5% of #Coinbase’s workforce at the time.

#Keep reading:



[ source link ]
https://es.cointelegraph.com/news/ny-times-report-alleges-history-of-pay-discrimination-at-coinbase

##Times ##Report ##Alleges ##History ##Pay ##Discrimination ##Coinbase

- Advertisement -
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments