Cryptocurrency exchange Coinbase is planning to go public, and financial disclosures show a burgeoning—and surprisingly profitable—business. Amid the crypto bull market, the San Francisco company made $1.3 billion in revenue last year with a net profit margin of 25%. Roughly half of last year’s revenue came in the last four months of 2020 alone, amid a roaring bitcoin bull market, as Forbes reported in January.
Now Coinbase CEO Brian Armstrong, cofounder Fred Ehrsam and venture capital investors like Andreessen Horowitz are set to see their stock values take off, surpassing tens of billions in total value.
Coinbase last raised venture capital funding in October 2018 and was then valued at $8 billion. But its shares recently sold on Nasdaq’s secondary market, where shares of a private company’s stock can trade after they were first issued but before the business goes public, at an implied valuation of $77 billion. Investors speculate that Coinbase will be worth more than $100 billion when it starts trading publicly on the Nasdaq.
Brian Armstrong owns 21% of Coinbase’s stock. We currently (and conservatively) value his net worth at $6.5 billion. But if Coinbase actually reaches a $100 billion valuation, his stake would be worth about $20 billion.
We estimate that Fred Ehrsam owns 6% of Coinbase. (Some of the shares attributed to him in a regulatory filing are held in trusts that aren’t in his name. It’s unclear how much of those he owns, and he didn’t immediately respond to our request for comment.) Forbes conservatively values his net worth at $2.1 billion, making him a billionaire for the first time. If Coinbase’s market value hit $100 billion, his stake would jump to $6 billion.
Here are the sums that Armstrong, Ehrsam, Andreessen Horowitz, Union Square Ventures, Ribbit Capital and Tiger Global could inherit from the IPO, despite some of these investors recently selling large chunks of their Coinbase stock:
I lead our fintech coverage at Forbes, and I also write about blockchain technology and investing. In October 2020, three of my colleagues and I won the Excellence in Personal Finance Reporting award from the RTDNA and NEFE for our stories on Robinhood. I’ve also written frequently about leadership, corporate diversity and entrepreneurs. Before Forbes, I worked for ten years in marketing consulting, in roles ranging from client consulting to talent management. I’m a graduate of Middlebury College and Columbia Journalism School. Have a tip, question or comment? Email me jkauflin@forbes.com or send tips here: https://www.forbes.com/tips/. Follow me on Twitter @jeffkauflin. Disclosure: I own some bitcoin and ether.
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Coinbase, the largest U.S. broker of digital currencies such as bitcoin, litecoin, and ethereum, has filed to go public on the Nasdaq in a watershed moment for the cryptocurrency.
Even companies with the best intentions can sometimes take a wrong turn when trying to do right by their employees. Damaging habits and behaviors can inadvertently get absorbed into company culture; and when this happens, it can send the wrong signal about a company’s priorities and values. One of the biggest challenges lies in finding the sweet spot between business needs and employee welfare and happiness. Naturally, you want a high-performing team; but not at the expense of employee well-being and mental health.
Here, we take a closer look at some common workplace conventions—and the ways that they might be inadvertently undermining your mental health objectives.
1. Having a “hustle” culture
It’s great to be productive, but over-emphasizing hard work and profitability can be a slippery slope to toxic productivity. It can lead to individuals attaching their feelings of self-worth to the amount of work they’re doing, and feeling like performance metrics are more important than their mental well-being.
Similarly, celebrating employees who stay late—or even lightly teasing those who start late and leave (or log-off) early (or on time)—can subtly contribute to a culture of overwork and performative busy-ness. Left unchecked, this can result in resentment and burnout among other employees who feel compelled to prove their own commitment to work .
A small fix:
Instead of celebrating regular overtime, try opening up communication about ways to include breaks and downtime throughout the day. You can support this with anecdotes about the healthy mental habits of people in the team (assuming they are open to sharing). For example: “Hey guys, Dave’s found a clever way to schedule regular breaks into his day around meetings!”
Also be sure to address long hours and overwork if you see a rising trend in the company, as it could be an indicator of unachievable work expectations.
2. Sending work emails or messages after hours
It happens to us all: maybe you only received a response on something late in the day, or you had an out-of-hours brainwave.
Sending the occasional evening or weekend message is fine, but doing it regularly implies that after-hours work is expected—which could pressure people into feeling they have to respond immediately.
The same goes for emails sent at the end of a working day with next-day deadlines (or, for example, Monday morning deadlines for work given out on Friday). These practices put a hefty burden on the recipient, which adds to stress and can contribute to burnout.
Now, it gets a bit harder to draw a line when you take into account the increasingly globalized world of work, which necessitates out-of-hours communications due to different time zones. But even in these cases, it helps to be explicit about expectations when sending messages, especially when you know the recipient is either about to log off or has signed off for the day.
A small fix:
If you need to send emails after hours or on weekends, be sure to add a note about how the email can be read or dealt with on the next working day. This takes pressure off the recipient and assures them that they won’t be penalized for not responding on the spot.
If you have a global team, it also helps to establish clear working hours for different countries, and to be clear about the fact that nobody is expected to read or respond to emails out of hours.
Also, no matter where in the world you or your recipient are, be sure to schedule enough time for them to deal with the task during their office hours! And remember—they may have other pre-existing work on their plate that might need to take precedence.
3. Only engaging in “shop-talk”
It’s easy to find things to talk about around the water cooler in the office. But take those organic run-ins out of the equation, and what you’re left with is often work chat and little else.
Working from home has made it harder to bond with colleagues. The natural tendency is to get work done and to only chat about the process, rarely (if ever) about other things.
This removes a big social aspect from work, which can take a significant mental toll on employees and affect their enjoyment of work. This is especially apparent for employees who don’t already have solid work friend groups, either because they’re new or because their friends have since left the company.
A small fix:
There’s so much more to people than just who they are at work. To get some non-work conversations going, design interactions that aren’t work related.
You could set up a monthly ‘coffee roulette’ to group random employees up for a chat. This can help to break the ice a bit and link up individuals who might not otherwise speak during work hours. Or you could arrange sharing sessions where people are encouraged to talk about their challenges and triumphs from life outside the workplace.
Another alternative is to set up interest groups in the company, to help like-minded employees find each other and bond over a shared interest in certain hobbies or things.
4. Only having group chats and check-ins
Big group check-ins and catch-up meetings are important. But group settings can pressure people to put a good spin on things, or cause them to feel like they’re being irrational or weak for struggling when everyone else seems to be doing well.
This could result in problems being missed and getting out of hand, which in turn can take a big toll on mental health and well-being.
A small fix:
Some people may not be willing to speak candidly to a large group, so be sure to set aside time for employees to speak one-to-one to a manager who can address any problems that may arise. It’s also important to make sure everyone understands that they won’t be penalized or looked down on for speaking up about any issues they may be having.
5. Not talking about mental wellness
Perhaps the biggest way your company might be undermining mental health is simply by… not talking about it.
Some managers may not feel equipped to have these conversations, or may not be sure about the etiquette or convention around holding these conversations. But by not broaching these topics at all, employees may feel like they can’t speak out about things they’re struggling with.
The result is a rose-tinted veneer that may be hiding deeper problems under the surface. And studies show there likely are problems. According to the CDC, 1 in 5 employed adults in the U.S. experienced a mental health issue back in the previous year, with 71% of adults reporting at least one symptom of stress. That number has likely shot up now.
A small fix:
Be candid about mental health and encourage people to share their burdens and struggles—especially leaders. You can help by actively promoting good habits like mindfulness and meditation, proper work-life balance, and reaching out for help when necessary.
By being more honest about struggles and mental wellness challenges, managers can reduce the stigma and create a more open culture where people feel able to admit they’re struggling.
As a company, it’s important to be careful about the ripple effects that even small actions—or, in some cases, inaction—may have on employees. The simple fact is that the signals you send may be reinforcing unhealthy habits.
That’s why it’s so important to be aware of deeper currents that run in your organization and to proactively address any harmful behaviors.
By staying aware and making a few small tweaks and behavioral changes, you can hit the reset button when necessary and encourage good habits that protect employee mental wellness.
For more tips on how to build a more inclusive workplace culture that supports your employees’ mental well-being and happiness, check out:
Is Mental Health important in the workplace? Tom explores all things related to workplace mental health, including mental health in school workplaces, in this insightful video. Tom helps employers figure out mental health at work. He reviews workplaces, trains managers and writes plans. Since 2012 he has interviewed more than 130 people, surveyed thousands and worked across the UK with corporations, civil service, charities, the public sector, schools and small business. Tom has worked with national mental health charities Mind and Time to Change and consults widely across the UK. He lives in Norfolk and is mildly obsessed with cricket and camping.
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People are tired. Between a global pandemic, economic crisis, social unrest, & political upheaval, the past year has been physically and emotionally draining for just about everyone, and perhaps most for essential workers.
Across industries, workers struggling with pandemic fatigue are facing burnout more than ever. For leaders, keeping these employees engaged and motivated is a challenge in itself. While some leaders are turning to incentives like gift cards and cash to help support employees, others are taking a softer approach, investing in relationships and focusing on workplace communication.
Money Talks
When the pandemic began, the hospitality industry fell off a cliff, says Liz Neumark, founder and CEO of Great Performances, a catering company in New York City. She knew keeping everyone employed would be difficult until her business could find another source of revenue apart from events, which eventually came in the form of preparing meals for essential workers and people unable to quarantine at home. While some of her employees, such as those in sales or event production, saw salary reductions, chefs, kitchen staff, and other employees making food for essential workers kept their full salaries and got help with transportation as well.
The founders of P. Terry’s, an Austin, Texas-based fast-food restaurant chain, give employees gift cards and cash to help pay for groceries and offer them interest-free loans. They also incentivize employees to participate in community and civic causes, including paying hourly wages for volunteer work.
Justin Spannuth, chief operating officer of Unique Snacks, a sixth-generation, family-operated hard pretzel maker in Reading, Pennsylvania, increased hourly wages by $2 for all 85 of his employees. The company also hired additional temporary employees to provide a backup workforce. Spannuth says the move helped persuade employees with possible symptoms to stay at home by easing the guilt that employees can have about not coming in and potentially increasing the workload on their colleagues.
“The last thing we wanted our employees to do was get worn out from working too many hours and then have their immune system compromised because of it,” says Spannuth.
Helping Employees Connect
Andrea Ahern, vice president of Mid Florida Material Handling, a material handling company in Orlando, Florida, says it was difficult to keep morale up when the business was clearly struggling; employees were uncertain about the company’s future, and their own. To help ease the stress, the company held a wide array of picnic-style meals in the company’s parking lot. It was a light distraction that still followed Centers for Disease Control and Prevention guidelines. Now, she says, morale has started to rise.
“With the release of the vaccine and the so-called ‘light at the end of the tunnel,’ we’re starting to see the industry get a lift in activity, and associates feel good when they know their jobs aren’t at risk. However, it wasn’t always this way.”
These kinds of events can, of course, also take place virtually. Company leaders across industries are encouraging staff to treat Zoom as a virtual water cooler. But while casual online gatherings after work can help colleagues maintain friendly relationships, they can also contribute to “Zoom fatigue”–the drained feeling that comes after a long day of video calls, which often require more concentration than in-person meetings.
Matt McCambridge, co-founder and CEO of Eden Health, a primary/collaborative care practice based in New York, says while his teams hold regular virtual water coolers, they switch it up. For example, the company hosted an interactive “dueling pianos” virtual event over the holidays, as well as a magic show.
Better Communication From the Top
Communicating support work-life balance at a time when many people are remote and facing trauma is critical. Neumark notes that when her catering company was pivoting and in the process of providing hundreds, if not thousands, of meals, the team was relying mostly on sheer adrenaline. Months later, now that the novelty is gone and fatigue has fully set in, the boundaries she set are crucial.
One rule, for example, is weekends off, unless there’s an urgent, unavoidable request. “The weeks are still so intense, and people need their private time right now,” says Neumark.
It’s essential that leaders understand the issues their employees may be facing and not try to gloss over them, says Dr. Benjamin F. Miller, a psychologist and chief strategy officer of Well Being Trust, a foundation aimed at advancing mental and social health. “When your boss is pretending that everything is OK, it doesn’t create a conducive work environment for someone to talk about having a bad day,” says Miller. That’s one reason virtual water coolers often fail, he notes. While they’re great at getting people together, there’s little benefit if people can’t speak openly and honestly.
It’s also OK to tell employees that you, as a leader, are not having an easy time. Showing vulnerability doesn’t show weakness, Miller adds. You’re setting an example that shows that it’s OK to be honest and acknowledge that not everyone is not having the best time. If you aren’t aware that someone is in a crisis, he says, you may lose the opportunity to reach out to that person and help.
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The world of work has been changing for some time, with an end to the idea of jobs for life and the onset of the gig economy. But just as in every other field where digital transformation is ongoing, the events of 2020 have accelerated the pace of this change dramatically.
The International Labor Organization has estimated that almost 300 million jobs are at risk due to the coronavirus pandemic. Of those that are lost, almost 40% will not come back. According to research by the University of Chicago, they will be replaced by automation to get work done more safely and efficiently.
Particularly at risk are so-called “frontline” jobs – customer service, cashiers, retail assistant, and public transport being just a few examples. But no occupation or profession is entirely future proof. Thanks to artificial intelligence (AI) and machine learning (ML), even tasks previously reserved for highly trained doctors and lawyers – diagnosing illness from medical images, or reviewing legal case history, for example – can now be carried out by machines.
At the same time, the World Economic Forum, in its 2020 Future of Jobs report, finds that 94% of companies in the UK will accelerate the digitization of their operations as a result of the pandemic, and 91% are saying they will provide more flexibility around home or remote working.
PROMOTED
If you’re in education or training now, this creates a dilemma. Forget the old-fashioned concept of a “job for life,” which we all know is dead – but will the skills you’re learning now even still be relevant by the time you graduate?
All of this has created a perfect environment for online learning to boom. Rather than moving to a new city and dedicating several years to studying for a degree, it’s becoming increasingly common to simply log in from home and fit education around existing work and family responsibilities.
This fits with the vision of Jeff Maggioncalda, CEO of online learning platform Coursera. Coursera was launched in 2012 by a group of Stanford professors interested in using the internet to widen access to world-class educational content. Today, 76 million learners have taken 4,500 different courses from 150 universities, and the company is at the forefront of the wave of transformation spreading through education.
“The point I focus on,” he told me during our recent conversation, “is that the people who have the jobs that are going to be automated do not currently have the skills to get the new jobs that are going to be created.”
Without intervention, this could lead to an “everyone loses” scenario, where high levels of unemployment coincide with large numbers of vacancies going unfilled because businesses can’t find people with the necessary skills.
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The answer here is a rethink of education from the ground up, Maggioncalda says, and it’s an opinion that is widely shared. Another WEF statistic tells us 66% of employers say they are accelerating programs for upskilling employees to work with new technology and data.Models of education will change, too, as the needs of industry change. Coursera is preparing for this by creating new classes of qualification such as its Entry-Level Professional Certificates. Often provided directly by big employers, including Google and Facebook, these impart a grounding in the fundamentals needed to take on an entry-level position in a technical career, with the expectation that the student would go on to continue their education to degree level while working, through online courses, or accelerated on-campus semesters.
“The future of education is going to be much more flexible, modular, and online. Because people will not quit their job to go back to campus for two or three years to get a degree, they can’t afford to be out of the workplace that long and move their families. There’s going to be much more flexible, bite-sized modular certificate programs that add up to degrees, and it’s something people will experience over the course of their working careers,” says Maggioncalda.
All of this ties nicely with the growing requirements that industry has for workers that are able to continuously reskill and upskill to keep pace with technological change. It could lead to an end of the traditional model where our status as students expires as we pass into adulthood and employment.
Rather than simply graduating and waving goodbye to their colleges as they throw their mortarboards skywards, students could end up with life-long relationships with their preferred providers of education, paying a subscription to remain enrolled and able to continue their learning indefinitely.
“Because why wouldn’t the university want to be your lifelong learning partner?” Maggioncalda says.
“As the world changes, you have a community that you’re familiar with, and you can continue to go back and learn – and your degree is kind of never really done – you’re getting micro-credentials and rounding out your portfolio. This creates a great opportunity for higher education.”
Personally, I feel that this all points to an exciting future where barriers to education are broken down, and people are no longer blocked from studying by the fact they also need to hold down a job, or simply because they can’t afford to move away to start a university course.
With remote working increasingly common, factors such as where we happen to grow up, or where we want to settle and raise families, will no longer limit our aspirations for careers and education. This could lead to a “democratization of education,” with lower costs to the learner as employers willingly pick up the tab for those who show they can continually improve their skillsets.
As the world changes, education changes too. Austere school rooms and ivory-tower academia are relics of the last century. While formal qualifications and degrees aren’t likely to vanish any time soon, the way they are delivered in ten years’ time is likely to be vastly different than today, and ideas such as modular, lifelong learning, and entry-level certificates are a good indication of the direction things are heading.
You can watch my conversation with Jeff Maggioncalda in full, where among other topics, we also cover the impact of Covid-19 on building corporate cultures and the implications of the increasingly globalized, remote workforce. Follow me on Twitter or LinkedIn. Check out my website.
Bernard Marr is an internationally best-selling author, popular keynote speaker, futurist, and a strategic business & technology advisor to governments and companies. He helps organisations improve their business performance, use data more intelligently, and understand the implications of new technologies such as artificial intelligence, big data, blockchains, and the Internet of Things. Why don’t you connect with Bernard on Twitter (@bernardmarr), LinkedIn (https://uk.linkedin.com/in/bernardmarr) or instagram (bernard.marr)?
The Future of Jobs report maps the jobs and skills of the future, tracking the pace of change. It aims to shed light on the pandemic-related disruptions in 2020, contextualized within a longer history of economic cycles and the expected outlook for technology adoption, jobs and skills in the next five years. Learn more and read the report: wef.ch/futureofjobs2020 The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change. World Economic Forum Website ► http://www.weforum.org/ Facebook ► https://www.facebook.com/worldeconomi… YouTube ► https://www.youtube.com/wef Instagram ► https://www.instagram.com/worldeconom… Twitter ► https://twitter.com/wef LinkedIn ► https://www.linkedin.com/company/worl… TikTok ► https://www.tiktok.com/@worldeconomic… Flipboard ► https://flipboard.com/@WEF#WorldEconomicForum
With what can be years of work ahead of you, it can be difficult to feel passionate about the job you’re doing, especially if you’ve been at it for a while. A lack of motivation among employees is a dangerous issue that every leader must tackle head on, otherwise it could lead to burnout, poor performance, dragging sales, and resignation letters.
Wouldn’t it be great if you could create an environment where your employees feel welcomed, inspired and useful at work, so that they actually look forward to Monday morning?
As the person in charge, you have the power to transform your company culture and make your business feel more like home to your employees. To develop a sense of community, use these tips so that your team feels valued, appreciated and rejuvenated in 2020.
1. Make time to get to know employees on a personal level.
While an employee’s personal life and values should never impact the way they are perceived at work, there are many benefits to getting to know your team members outside of what they do. By taking the time to understand your staff’s backgrounds, you never know what insight you might gain. Maybe they’re fluent in multiple languages, or have technical skills in what you’re currently lacking. You won’t know until you ask.
Paying attention to what your team members have learned through their unique experiences can help you find more ways to improve their quality of life and address their needs at work. Plus, you might just end up learning something that helps you better serve your customer base too.
2. Motivate your team by engaging them through new tasks that speak to their unique skills.
When filling a role in your company, you probably were mostly focused on the applicant’s skills that applied directly to their job description. However, chances are that they have more skills (and passions) than just the ones they’re using for their specific job.
If you make the effort to find additional tasks that speak to their other talents, your employee will feel like you’re really paying attention to who they are as a full person, not just how they contribute to your bottom line.
To combat boredom, you should also offer continuing education and professional development so that employees can improve on skills that they have a passion for. This way, even if they transition to a new type of work, they will be much more likely to want to do so in conjunction with your company, because you have supported them throughout and offered opportunities for them to grow alongside you.
3. Emphasize good mental health by providing regular opportunities for employees to express their needs.
Employees are people too, and that means that they might be struggling to find balance in their lives. Maybe a single parent is having trouble getting their kids to school while working a nine-to-five job? Another employee could be dealing with an illness that makes it difficult for them to participate in office events. The point is, you just won’t know what’s going on with your team members unless you provide an environment where they feel comfortable speaking openly with you.
There are many things that you can do to facilitate a workplace that is conducive to honest and frank discussions that bridge the gap between leader and team. Whether it means sitting down with employees individually to talk about their career path and how you can help them get where they want to go, or bringing in a certified counselor, providing your team with regular check-ins will vastly improve their overall morale.
4. Foster connections between employees with team bonding experiences.
When you make an effort to support a closer camaraderie between employees, work becomes more enjoyable and thus more productive. Office sports teams, special outings, and birthday parties are just some of the ways you can facilitate bonding in your company.
As well as creating friendships between team members, by participating in these activities yourself, you can help remove the perceived barriers between you as the boss and the people who work for your company.
5. Recognize employee accomplishments.
There’s nothing like the feeling of being congratulated for a job well done to encourage a renewed interest in producing results at work. Take the time to genuinely appreciate your employees for the work they do, so that they never feel that their hard work is going unnoticed.
Whether it’s a simple mention in your weekly team meeting or a personalized compliment in their holiday card, just letting them know that you see what they’re doing and value it can be a huge confidence boost for even the most seasoned employee. The added benefit when you acknowledge triumphs in public is that your others will see that hard work will result in recognition, resulting in renewed efforts throughout your team.
Motivating your team can be more art than science, but here are my simple techniques that will increase your chances of finding the right fuel. Leaders must understand that in today’s new workplace, there does not exist a single recipe to encourage employees to perform better. Rather, it’s about how to maximize the ingredients to create hundreds of recipes that are customized and authentic; that provide long-term continuity and impact. To get you started, this video will teach you how to inspire teams to optimally perform. _____________ Learn more: Subscribe to my channel for free stuff, tips and more! FREE Report: http://www.briantracy.com/findclarity YouTube: http://budurl.com/zwvf Transcript here: http://www.briantracy.com/youtube Facebook: http://www.facebook.com/BrianTracyPage Twitter: http://www.twitter.com/BrianTracy Google+: +BrianTracyOfficialPage Pinterest: http://www.pinterest.com/BrianTracy Instagram: @TheBrianTracy Blog: http://www.briantracy.com/blog _____________