Compensation Surveys and other related matters

Hi Josh,

We are a 3 year old ClimaTech company based out of California. We are a startup with a total employee strength of 60. We have our backend tech centre based in Bangalore, India where we have a shade over 50% of our employees residing. The rest are base in LATAM, USA and East Africa. 

Last July for the first time I introduced a formal performance review on the basis of which annual salary increments and performance incentive would be based. This is a very comprehensive policy based on my past experience of having worked in large companies that were based in India and Europe. I am presently based in the Bangalore office. In the past organisations I have purchased compensation survey data from either Mercer or Hay to determine comp increases as the employee strength was quite large.  These surveys are quite expensive.

Last year I looked at some freely available data in USA and used an average increase at 4% for the employees. We had about 5 employees in the USA then which has now increased to 10. The 4% was functional agnostic. In the US we have roles of Business Development, Finance (CFO), Data Scientists, Data Engineers, Marketing  and a Director R&D. With the 4% as a met expectations increase in gross, a couple of our employees were unhappy. It is pertinent to state that we do have job descriptions for each of the positions, but we haven't done a job sizing / job evaluation exercise. Hence it becomes difficult make market comparisons. 

Please let me know as to which freely available surveys will give me accurate information on a compensation survey for 2024? Any other information based on my email above will certainly help.

If there is any other useful information that you could share on ESOP, I will appreciate that. 

Thank you for your support in advance.

Best,

Patrick Collins

patrick@boomitra.com

#Founders #Compensation
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Patrick Collins
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