2023-06-13 01:26:39
Tuesday, June 13, 2023, 01:26
Designing a good salary structure for the different jobs in the same company is essential both for the firm’s viability and competitiveness, as well as for the work environment and its ability to attract and retain talent. A balance that is not easy at all, especially when dealing with corporations of a certain size and with workers residing in different parts of the globe. This is the case of SafetyWing, a San Francisco-based startup specializing in offering medical insurance to travelers or companies with remote workers, but above all it has become famous for its peculiar compensation system.
Its founders, three digital nomads, decided to take equality to the extreme by equalizing all the salaries of their permanent workers, regardless of the position they occupy in the business hierarchy or the standard of living of the place from which they work. This category would include 68 of the “approximately one hundred” employees who, according to its own website, make up the workforce today. Their salaries, according to this offer of employment, they would be in the 110,000 annual dollars (102,200 euros) and all of them must work remotely.
Along with this salary, in its job offers the company offers the flexibility of teleworking (the company boasts of holding only two annual meetings for the entire team and organizing them in places like Ljubljana, San Francisco and Mexico), the firm claims to offer cash and stock bonuses, health insurance, a laptop, a minimum of four weeks of annual vacation and a “personal development budget,” attendance at professional conferences “and much more.”
The measure, controversial and very difficult to transfer from a ‘startup’ to a conventional company, is inspired by something that is also a bit far away for us; the transparency on salary matters that they are used to in Norway, where two of the founders are from. There, the fiscal registers are public; Anyone can know what the neighbor earns. Before, you had to go to a public library to have access to that information, but later it became available on the Internet, which, together with the fact that the request was anonymous, triggered the number of queries. Since 2014, the information is still available but you have to register to get it, so each person can know who has searched for information about their income.
In the case of SafetyWing, it guarantees a good atmosphere and motivation, as several employees and managerswhich allows the company to state that only 5% of employees have left the firm since it was founded in 2018.
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