As new employees come on board, it's not enough to make one-off decisions about pay. It's important for a company to stay consistent in the long term and provide transparency to employees by coming up with the "Why" and "How" behind salary decisions.
In today's job market, getting compensation strategy right is more important than ever, according to Rani Mavram of Complete.
The importance of getting that hire right becomes more important even if companies don't hire as many roles.
A firm-wide compensation strategy is reflective of cash, equity, bonuses and benefits.
There are pictures of Complete's compensation platform. The image is complete.
Are you going to do a non-negotiable offer? As you think about raises and bonuses, are you going to give your candidates more than one option? Are you going to do that by default for everyone? Mavram explained that within the broader segments of compensation they distill them down and help them connect to what is right for their company.
Complete provides an interactive offer letter product for candidates applying to roles at its client companies and recently began offering a similar product to help employees understand what their total compensation is.
Complete was co-founded by Mavram and the company was part of the winter cohort. Field has experience in engineering at various late-stage startups, including Opendoor, while Mavram worked on the product team at Google.
She said that she witnessed her team grow quickly and navigate the challenges of getting the "compensation narrative" right.
I was trying to think about what it would be like for an early-stage startup just starting to have this conversation for the first time, if the world's most popular search engine was experiencing this pain. The man mused.
Field's employers went from private to public and he became the go-to source for information about how to understand their equity compensation because he had done a lot of research on the topic.
WTF is a 409A?
Some of our early stage clients don't have levels set up, like they don't have a software engineer one versus a software engineer two When they develop that philosophy, they can share it with their employees. Mavram said that fidelity of information is more important than total rewards.
The company just received $4 million in seed funding. According to Complete, Y Combinator is one of the participants in the raise.
There is more than one startup working on demystifying compensation decisions. Series A startup Open Comp has a product geared towards high-growth companies looking to improve their recruitment and retention, while similarly YC-backed Compound seeks to help tech employees understand their own compensation.
Mavram said that compensation is one of the ways that people develop trust with their employers. She said that companies that are proactive about compensation decisions can use their compensation strategy to their advantage.
Complete hopes to expand its support for the administrative tasks involved with making a new hire.
When it comes to making decisions about how much equity to offer a new hire, the founders themselves are the ones who make the decisions. Complete is currently focused on helping companies create a rationale behind their compensation decisions, but companies can still choose which parts of that information they want to share with their employees.
She said that she hopes to expand Complete's five person team by adding more engineering and design hires. Vercel and DataStax are two large customers that have complete works done with them. A spokesman for the company said it has provided analysis for thousands of salaries.
Mavram hoped that every company had a compensation philosophy or knew what it meant to comp. Every company we work with in the startup space has one of those on their website, whether it be on their careers page or next to their privacy policy, and that becomes the status quo of what it means.
As companies fight to retain talent, employee-benefits startups might escape cost cuts
All Rights Reserved © 2024
