Business
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 RocketplaceLouis 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 on4 step process to building a successful comp planChallenge today?Setting a correct compensation structureDisparity in salaryMiscalibrated pay system How to promote and compensate properlyWhy is this important to the company?Ultimately compensation to align with the values of the companytighten range of cash & equity Wiggle room for negotiationTradeoff flexibilityDetermine range of percentile before you start ( Netflix 110%)Trade off on higher compensation is a recipe for disasterCompensation is what does NOT determine the levelProvides organizational transparencyManage expectations & promotionsWhen 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 packagePeople feel that teammates will be paid very similarly Build compensation MatrixCash, quality, bonus, etcDetermine levelsFunctional areasCollect data (compensation data)Determines what percentile your organization is willing to payLeaders need to define what each level isInterview process at each levelPromotion processLive values through the interview processAdjust the interview process according to the interviewKey Takeaways:Think about what you valueThink about compensation in advanceDevelop methodologies to allow the organization to scaleGuest Contact & Links:Email: louis@rocketplace.comWebsite: Rocketplace Facebook Twitter