Wanted to share that in Q4 we’ll be holding a review of our compensation structure. Part of this is a continuation of Performance management - your input needed, and any further feedback and suggestions on how best to design this process would be much appreciated. We’re doing this to ensure that everyone contributing to Status is paid competitively enough to have a comfortable way of living, and also to avoid inequities.
There are multiple factors to consider when doing this (cost-of-living, scarcity of talent, rewarding strong performance, etc) and we wanted to share our current thinking with you. If you’d like to be more involved let me know…
- Establish compensation bands for each role - taking into account external market data (cost of living, etc).
- Review what contributors are paid, against both the bands and peers (and adjust where necessary).
- There will be a performance review and, based on that, there may be adjustments to the compensation structure for some individuals.
- The changes proposed are directed to core contributors in today’s organisational structure, and may change entirely as we move towards a DAO based model of compensation
- Ensure fairness (i.e. remove significant unintended disparities) in the compensation structure.
- Reward strong performance.
- Some contributors may receive salary increases.
- Some contributors may receive additional grants of SNT.
Whilst not every contributor will receive an updated compensation package, we wanted to be transparent about why it’s needed, and give the opportunity to anyone who would like to weigh in with potential methods to do this in a way that adheres with our principles. Moving forward we’ll aim to hold regular (e.g. annual/bi-annual) reviews of our compensation structure for fairness, as we keep an eye towards the flourishing DAO compensation model.
We haven’t yet finalised the details of this review, but we’ll reach out to everyone one way or another by end of November to let them know what (if any) changes are being made, and the rationale behind that decision.
Please feel free to ping me, Ceri or Stef if you have any questions or concerns.
JB on behalf of the PeopleOps folks