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Published Jul 11, 2020

Rapid Response: Inside PayPal's $530M plan to close the racial wealth gap, with CEO Dan Schulman

PayPal CEO Dan Schulman delves into the company's $530 million initiative to bolster Black and minority-owned businesses, revealing the multifaceted approach towards racial equity, while also sharing insights on adapting to digital demands amid the pandemic and PayPal's unwavering commitment to moral responsibility and social impact.
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  • Employee Support

    , CEO of PayPal, highlights the company's commitment to employee well-being during the pandemic. PayPal ensured no layoffs as a direct result of COVID-19 and focused on the financial health of its employees. Schulman acknowledges the psychological stress of remote work and the challenges of managing increased demand.

    I would never, ever have imagined 25,000 employees going from being in an office to working from home in two weeks time.

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    The company has seen record transaction volumes and new customer sign-ups, adding to the pressure on its workforce 1.

       

    Business Adaptation

    PayPal has adapted swiftly to the surge in demand for digital payments, which notes has accelerated by three to five years. The company has invested heavily in new services to meet this demand, aiming to become an essential tool for both merchants and consumers. Schulman emphasizes the unique opportunity for PayPal to redefine itself during this crisis.

    This is a once in a decade chance for PayPal to redefine itself and transform itself into really an everyday essential item.

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    Despite the stress, Schulman and his team are energized by the potential impact they can make in the emerging economic recovery 2 1.

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