[HN Gopher] Coinbase rethinking its approach to compensation
___________________________________________________________________
Coinbase rethinking its approach to compensation
Author : zacharycohn
Score : 20 points
Date : 2021-05-11 16:03 UTC (6 hours ago)
(HTM) web link (blog.coinbase.com)
(TXT) w3m dump (blog.coinbase.com)
| cmsj wrote:
| I found it weird that they describe themselves as "remote first",
| but all of their currently open roles are geographically
| restricted (to pretty much either USA or India).
| LVB wrote:
| Some detailed comments on that point from a founder of
| HashiCorp, which is also remote first:
| https://news.ycombinator.com/item?id=17022563
| tempoponet wrote:
| Their "remote first" policy is likely newer than those
| postings. I think they sent out a press-release about it this
| week.
| zuhayeer wrote:
| Seems like the main things are
|
| 1) no more negotiation
|
| 2) switching to single year equity grants
|
| Some more info about single year grants:
| https://www.levels.fyi/blog/lyft-vesting-schedule.html
|
| Also comes as an opposite to the rest and vest culture.
| WhySoCEREAL wrote:
| "This year we've continued our commitment to top talent by
| further increasing our cash and equity compensation -- from the
| 50th percentile amongst our peers to the 75th -- across the
| entire company."
|
| "Because our standard offers are world-class, we are officially
| eliminating negotiations on salary and equity from our recruiting
| process."
|
| Aren't these things mutually exclusive? Wouldn't moving from 50th
| to 75th percentile mean your offers are not world class?
| rmk wrote:
| The big thing that has been slipped in is the yearly granting of
| shares. This means that people with the risk appetite will no
| longer have a shot at possibly higher upside. This also gives
| employees incentives to hop on the leetcode bandwagon,
| interviewing towards the beginning of every anniversary to ensure
| they are not booted out or forced out via reduced pay packages.
|
| Every year the VCs and greedy founders are finding new ways to
| screw engineers over. First, it was the AirBnB founders cashing
| out while still building the company
| (https://techcrunch.com/2011/10/01/chamath-palihapitiya-
| airbn...), now we have Stripe and others shifting to yearly
| grants. It appears that there is very little incentive for
| employees to stick around for more than two years maximum at any
| one place, which is a shame because it will lead to a loss of
| valuable experience (supporting your coding/architecture mistakes
| and learning from them) and loss of the ability to capture the
| value they have created.
| akomtu wrote:
| "Because our standard offers are world-class, we are officially
| eliminating negotiations on salary and equity from our recruiting
| process."
|
| Lol. Their chief-of-something has declared themselves exempt from
| market forces. The Great Market Defeater.
| kookiekrak wrote:
| They have some of the worst offers for a company of their size.
|
| They rely on your "passion" for crypto to underpay and hire
| naive engineers.
| akomtu wrote:
| Oh, that explains it. They should also offer subsidized
| housing then, because their employees will quickly figure
| that the non-negotiation policy doesn't work on the housing
| market.
| agumonkey wrote:
| This would explain the network lag.
| bdavisx wrote:
| >the best candidates for Coinbase are those who are looking for a
| highly competitive package and are ready to let their
| contributions speak for themselves.
|
| I like their concept, but contributions don't speak for
| themselves.
| 1cvmask wrote:
| No negotiations and "equality" but:
|
| We will continue to apply multipliers to our equity and cash
| rewards for high performers identified through our rigorous
| performance management process. This way, our high performers
| receive compensation commensurate with their impact
|
| ---
|
| Can someone explain the difference between how other companies
| compensate different levels of skillset.
| doktorhladnjak wrote:
| Plenty of places where everybody gets the same raise and no
| bonuses each year especially outside of tech companies. My
| parents both worked for the government. Their raises were
| entirely based on multi year schedules in the contract the
| union had negotiated. E.g., everyone gets n% raise on year 1,
| m% on year two; once you have n years of tenure, you get an
| extra m%
| [deleted]
___________________________________________________________________
(page generated 2021-05-11 23:01 UTC)