The Secrets to Building a Transparent & Fair Compensation Structure with Louis Beryl of Rocketplace
Hire Power Radio Show
English - October 30, 2020 20:49 - 19 minutes - 19.5 MB - ★★★★★ - 53 ratingsEntrepreneurship Business Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
The keys to attraction and retention are transparency and process. Just like having a strong interview structure, Compensation structure is just as critical.
Having clearly defined salary thresholds allows people to be comfortable with your environment while eliminating uncertainty in the minds of your employees.
Our guest today: Louis Beryl, Founder & CEO of Rocketplace
Louis Beryl is the founder and CEO of Rocketplace, a curated marketplace of high quality professional service providers. A 3x founder, investor, and board member, Louis began his tech career as a partner at Andreessen Horowitz and was also previously a YCombinator Partner part-time. Outside of being an entrepreneur and investor, Louis is an avid cook and has recently been perfecting his homemade pizza.
Today we discuss:
Benefits to establishing a compensation structure early on
4 step process to building a successful comp plan
Challenge today?
Setting a correct compensation structure
Disparity in salary
Miscalibrated pay system
How to promote and compensate properly
Why is this important to the company?
Ultimately compensation to align with the values of the company
tighten range of cash & equity
Wiggle room for negotiation
Tradeoff flexibility
Determine range of percentile before you start ( Netflix 110%)
Trade off on higher compensation is a recipe for disaster
Compensation is what does NOT determine the level
Provides organizational transparency
Manage expectations & promotions
When compensation changes, adjustments are across the organization
How do we build a compensation structure into your company?
Talk about what values you have in your compensation package
People feel that teammates will be paid very similarly
Build compensation Matrix
Cash, quality, bonus, etc
Determine levels
Functional areas
Collect data (compensation data)
Determines what percentile your organization is willing to pay
Leaders need to define what each level is
Interview process at each level
Promotion process
Live values through the interview process
Adjust the interview process according to the interview
Key Takeaways:
Think about what you value
Think about compensation in advance
Develop methodologies to allow the organization to scale
Guest Contact & Links:
Email: [email protected]
Website: Rocketplace Facebook Twitter