Total Rewards Philosophy
Employees are vital to our success, working together to create solutions and outcomes that grow the value of the company. This document provides a framework that:
Is Competitive. In order to attract, motivate, and retain highly skilled and talented employees, we offer a competitive total compensation and benefits package.
Is Consistent and Equitable. We’ve put guidelines in place to reduce subjectivity and bias to ensure that compensation is consistent and equitable. The result? Outcomes and a performance-driven work culture that supports our core values.
Rewards Performance. Simply put, we think employees should be rewarded for doing great work, and we want to be transparent about how performance will be measured against key objectives at the company, department or team and individual levels.
Aligns to Values. The role and purpose of our compensation programs is to remain competitive and linked to the company’s core values; they provide a basis for periodic review and adjustment, as needed, to ensure continued alignment with this philosophy.
What is our Compensation Philosophy?
Our compensation philosophy includes the compensation structure, program, and methodologies that enable us to attract, motivate, and retain highly talented folks to help fulfill our mission and values. The total compensation package, viewed as a whole, promotes performance-based results linked to the achievement of our mission and strategic goals.
Target Market. We are committed to paying fairly and competitively while also providing our employees with opportunities for growth and impact across the organization and for our customers.
Plan Effectiveness. We'll review the total compensation package at least annually to ensure that it stays aligned with the company’s strategic direction and financial objectives, as well as internally and externally competitive.
For Base Salary:
The company recognizes that base salary structures are driven primarily by market demands.
The base salary component will be competitive with our target market, including companies that are in similar industries as well as comparably-sized organizations.
The midpoint of each job’s salary range will be established using global technology industry compensation market survey data and targets a competitive market range. Creating job-specific salary ranges based on survey benchmark data ensures our compensation is based on current market trends.
Employee’s base salary will be based on the value of the job held and the employee's contributions. The job's internal and external market value determines the range of base pay opportunity for employees. Whether an employee’s base salary falls within that base salary range depends on their job mastery and performance. Each employee’s base salary will be reviewed during the compensation review process.
Low Range: Between 85% and 100%. We target between the minimum and midpoint of the range when the employees are new to the role or newly promoted to the role.
Mid Range: We target the midpoint for employees who are fully competent in their role and job level, and consistently meet performance expectations over a period of time.
High Range: Between 100% and 115%. We target between the midpoint and maximum for employees who are experienced, have a special skill set, and/or are top performers. Employees who are typically ready for promotion are likely at the top of the range.
Base salary increases will be based on various factors, including market and internal value, internal equity, experience, skill sets, and performance. These are not automatic raises, but additional pay awarded to an employee on the basis of performance and contributions, within the established budget.
For Incentive (Bonus):
The company’s variable pay programs award incentives for eligible employees.
Target incentive amounts and the incentive plan’s performance measures are commensurate with jobs and job levels, and are generally consistent among individuals in similar roles and similar job levels.
The standards and measures of success required to earn incentive pay are determined by the company (i.e., specific quotas or financial metric targets). These standards and measures will be communicated to each eligible employee, at least annually.
Equity is a core component of our compensation. Our equity program is thoughtfully designed to make a significant impact on a growing company, because it gives employees a tangible sense of ownership.
New Hire: The new hire equity grant guidelines vary based on an employee’s role and job level, and generally targets the market to align with our high growth company.
Refresh: Eligible employees may be considered for a refresh equity grant. The goal of the refresh equity grant program is to continue providing equity compensation that motivates and retains our talented team members who have been with the company over time.
Promotion: An equity grant may be considered with a promotion in order to bring an employee within the new hire grant guidelines for unvested stock for the new position. When an employee is promoted, we'll look at what a new hire in their new role and job level would receive in terms of equity and, if applicable, issue any additional grant, as appropriate.
The company values employees and seeks to ensure we offer benefits that employees value and that help each employee bring their best self to work.
Our comprehensive employee benefit plans will provide benefits that are competitive against the local market where employees live. We strive to offer employee access to choices in additional health, retirement and work-life benefit options with cost sharing provisions for certain benefits.
We believe in empowering employees with information and resources that allow them to make informed choices with regard to their benefit.