At Co:Create, we want to hire the best, mission focused people, in a data-driven way. Co:Create has created a framework for compensation that we believe achieves that goal. While Co:Create may deviate from this policy if necessary, Co:Create believes that a consistent, transparent compensation system is critical for successful start-up. Best, Mission Focused, and Data Driven. What that means is:
Best: We have assembled the best team and will continue to do so as we grow, and that means paying for talent. We target the 75th percentile for compensation, based on our company size (discussed below under “Data-Driven”).
Mission Focused: We want people who believe in Co:Create and its mission. We believe the result will be a well-compensated, excited, engaged, and focused team. While there is always a risk that we may lose some candidates to absolute top-paying employers, we believe that well-compensated team members that are mission focused will help us build the best culture, team and product.
Data-Driven: We use benchmarking data to ensure that salaries are consistent, fair, and transparent, based on comparable companies of our industry and size. We use Morgan Stanley’s OptionImpact tool to help evaluate compensation. For example:
Choosing Salary vs. Equity
We know how important choice and individual preferences are to everyone, it's a key part of Co:Create’s culture and its product. That is why we offer salary options to each employee when they start, or when they change roles.
We begin by calculating the 75th percentile for a role we are hiring for. Then we allow the employee to select either:
a salary that is 4% above that amount, and a equity package that is 16% below that amount, or
a salary that is 4% below that amount, and a equity package that is 16% above that amount.
For example: Assume we bring on a new hire, whose compensation at the 75th percentile is $100,000 and 100 Options.
We would offer two compensation packages to choose from:
Package 1 (more cash, less equity) - Cash compensation increases by 4% over the 75th percentile benchmark, equity compensation decreases by 16%
e.g. $104,000 salary + 84 Options, or
Package 2 (more equity, less cash) - Cash compensation decreases by 4% from the 75th percentile, equity compensation increases by 8%
e.g. $96,000 salary + 116 Options.
Once an employee makes this election, they continue with this election until their role/title changes and a new equity grant is made. At that point, they can once again select which package they would prefer.
We double the amount of the spread for manager level hires and above.
Compensation Reviews and Adjustments
Performance reviews happen approximately every 9 months. Conversations with Managers will happen around the same time.
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