Our compensation philosophy defines how we compensate team members, including everything from salary to equity, bonuses, healthcare, and additional benefits.

Our philosophy intends to compensate our team members well, to attract the people we need to build a winning team, reward strong performance, and also to maintain our historically conservative burn rate.

How do we benchmark our compensation?

We benchmark ourselves against other companies with similar amounts of capital raised in US tier 1 cities (San Francisco/Bay Area, Seattle, Los Angeles, New York City).

We use the Pave benchmarking data at the 75th percentile as the guideline for the midpoint of our salary bands, and we use the 50th percentile of Pave’s new hire equity percentages across our relevant job families.  We believe these percentiles achieve a good balance of competitiveness and fiscal responsibility.

How do salary bands work?

Upon hire, promotion, or market adjustments, folks will be brought to the midpoint of our salary bands. We choose to anchor on the midpoint because we expect candidates to meet all the criteria of the role/level they are interviewing for, and it is expected team members have been performing above level for 3-6 months before they are eligible for a promotion. Based on performance, folks will have the ability to move beyond the midpoint to the max of the band.

We apply market best practices to our salary bands:

• Range spread of +/- 15 to 25% from min/max to the midpoint
• Midpoint progression of 10-20%, or the distance from one midpoint to the next midpoint to ensure our ranges overlap

Why are we using salary bands?

• They are a framework for us to establish a standard range for each role and level in the company
• They enable us to maintain our philosophy of having a consistent, transparent, fair, & scalable compensation strategy
• They allow us to do performance-based adjustments while still being tied to market data

Do we pay people differently based on where they live?

We believe in equal pay for equal work and San Francisco salaries are the baseline for all salaries regardless of geography. We do apply a fixed, non-market based adjustment for employment in some locales where the employer overhead is substantially higher (more than 3%) than in the jurisdiction where we base our market data (San Francisco). This only applies to teammates employed through a Professional Employer Organization and not contractors.

We presently apply the following adjustments to countries we hire from, or where folks to relocate to. As we hire team members in new jurisdictions we will continue to expand this list.

How is my individual compensation determined?