Stavvy’s Compensation Philosophy: Forging our own path towards Compensation Education

Here at Stavvy , we understand the importance of compensation as it relates to the employee experience.? As such, we’ve developed a path for our Stavviators to understand more about how compensation decisions are made and how we maintain alignment within our organization.?

Setting the Stage?

To develop a clear path for making the necessary decisions that lead to compensation transparency, we asked ourselves an important question:?

Why Compensation Transparency??

We saw a desire to understand compensation across our key stakeholders including our current employees, leadership, and candidates. We also recognized a shift towards compensation transparency in various legislative efforts across the country. Through this exercise, it was also clear that compensation transparency is more than just revealing numbers, it is also about education and understanding your compensation trajectory. Regardless of the organization you are a part of, compensation is a part of everyone’s career journey.

Stavvy’s Take on Compensation Transparency - Compensation Education?

By getting clear on our “Why”, we also identified that compensation transparency at Stavvy would be grounded by Compensation Education. This meant that not only would Stavvy enable managers to share compensation ranges, but we also wanted each Stavviator to understand the why behind the numbers. Therefore, we grounded ourselves in the goal of individuals having a deeper understanding of their compensation at Stavvy along with ways to think about compensation at different stages in their career.?

Throughout our implementation, we put a focus on creating resources for our managers to have conversations with their direct reports, while also developing resources for our Stavviators to gain more knowledge of compensation as part of their career journey such as sharing Stavvy’s Compensation Philosophy. As we’ve implemented Compensation Education, we are committed to the following:?

• Leveraging Location-Based Compensation to Develop Role Bands. While we focus on publishing Boston-based compensation in our job postings, we aim to have individuals compensated based on the location where they reside. Employees in each role receive similar pay because their salary accounts for the cost of living. While the majority of Stavviators are based in the greater Boston area, we conduct a market analysis for each remote role based on where the individual is located.?

• All Stavviators are paid at least 50% percentile in the market. Our compensation bands start at the 50% percentile in the market. There will be variations in compensation for a variety of factors such as how long someone has been in the role, their path/time to promotion, performance, and so forth to ensure that each Stavviator within their individual path has a trajectory from a compensation perspective (e.g., some individuals will be at the 75th, 90th or above percentile depending on where they are in their career journey).?

• Pay Equity. Accounting for experience level, job performance, tenure with Stavvy, where an individual is in their career journey, and other factors - Stavviators are compensated equitably when they perform the same or similar job responsibilities.

Publishing Compensation Bands for all Job Postings

As of March 4th, 2024, we are including our Boston-based compensation band in our job descriptions going forward. At the company level for our current Stavviators, managers share role-specific banding information to each of their direct reports so each employee can understand where they are in their compensation journey at Stavvy. Additionally, we provide transparency to compensation band minimums by level, split by non-technical and technical roles (e.g., Engineering, Trust & Security, Product) to all Stavviators.?

Of course, Compensation Education addresses base compensation, but Stavvy has also invested heavily in our Total Rewards for employees, including medical benefits, equity, lifestyle stipend, in-office lunch, Recharge Days, and unlimited paid time off. We are proud to offer our Stavviators a comprehensive package and annually evaluate and evolve our Total Rewards package to best deliver value to our employees.?

We view Compensation Education as a learning and development opportunity within everyone’s career and work to ensure Stavviators are set up for success to contextualize their entire compensation package. We are proud to launch these efforts at Stavvy and recognize this is an important step to drive fairness, equity, and transparency in the workforce.