Threatcare Announces Open Salary Policy
At Threatcare, we’ve made the decision to implement an open, transparent salary policy that we’ll use to formulaically (and, ultimately, completely objectively) calculate the salaries of every employee that joins the Threatcare family. Although this may seem a bit unconventional, it’s something we’ve put a lot of thought into and feel very strongly about. There are numerous reasons for our decision, but a few stand out to us, above all others.
Why open salaries?
We’re all familiar with the delicate salary negotiation dance. It typically goes a little something like this:
- 1. You get a job offer from a great company.
- 2. They, more than likely, offered you a salary that’s lower than what you’re worth.
- 3. You ultimately want to work for this company, so you
- a. decide to counter their offer and ask for a higher salary
- b. accept the offer as-is because you’re scared of asking for too much money and losing the opportunity
- c. accept the offer as-is because perhaps you don’t realize how much you’re actually worth
- 4. If you do decide to ask for more money, it’ll very likely require a dose of confidence, justification, negotiation, and persuasion on your part.
Ultimately, the salary offer you accept will likely be dictated more by how good you are at negotiating than on how well you’re suited for the position. We’ve heard countless accounts from folks in our network of pay discrepancies up to $20k for very similar positions held by people with very similar resumes. Being a great negotiator comes down to one thing: how willing one is to stick their neck out and fight for what they think they deserve.
This self-confidence in negotiating situations can be affected by a number of factors, including race, gender, background, culture, socioeconomic status, and upbringing, to name a few. It’s no secret that both gender and race wage gaps exist in the tech industry. Our goal at Threatcare with our open salary policy is to actively take steps to ensure these gaps don’t permeate into our organization.
We want Threatcare to be a company where people genuinely feel valued as employees. We’re confident that this will ultimately improve employee retention rates, maintain high morale, foster a sense of trust and transparency, and foster a culture of feedback. As a minority-founded company, we’re also committed to building a highly diverse team and inclusive culture, which means making conscious efforts to be aware of implicit bias (we all have it) and actively taking steps to reduce and eliminate it at Threatcare.
We wholeheartedly believe in practicing what we preach — otherwise, what’s the point of having company values at all? Our #1 value at Threatcare is transparency, and we don’t just say we value transparency, we live it. We often have open dialogue with our employees about hiring, fundraising and investment, our sales pipeline, marketing efforts, metrics, messaging, etc. Our other core values include trust, authenticity, and respect, and we believe that implementing an open salary policy is naturally in line with each of our values as an organization. We want to make every conscious effort to operate in a way that’s in line with each of these values, and we’re diligently working to weave our values into everything we do.
Our salary formula
Threatcare’s open salary formula was inspired by Buffer, to whom we’re extraordinarily grateful for their resources on this subject. Below is a breakdown of our salary formula as it currently exists.
Salary = Base Salary x Experience Multiplier x Loyalty
Base Salary = [ ( National Salary Average x 35% ) + ( Local Salary Average x 65% ) + Cost of Living Correction ]
Cost of Living Correction: $5000 x Local Cost-of-Living Index
Experience Multiplier: Beginner (multiplier = 1), Intermediate (multiplier = 1.1), Advanced (multiplier = 1.2), Master (multiplier = 1.3)
Loyalty = 5% salary increase for every year an employee works at Threatcare
Our ultimate goal at Threatcare is to make this salary formula completely objective, and we recognize that this will take time. We’re actively exploring ways to create an objective way to determine an employee’s experience level so we can further reduce potential pay gaps and bias. Our commitment to ourselves, our employees, and our future candidates is to constantly revisit and reevaluate the way we calculate our employee salaries to better serve our Threatcare family and ensure that every employee is paid what they’re worth.
Check back soon to see a public list of every Threatcare employee salary.
Our open salary policy is just one of many ways we’re working to create a great company. To learn more about who we are and what we stand for, check out the following resources: