How Coinbase is reconsidering its compensation strategy
Coinbase is always changing. We've hired in six new countries, committed to being a remote-first organisation, established Coinbase as a mission-focused firm, and recently completed our direct listing and became a publicly-traded company in the previous year. Still, crypto as a new technology is in its infancy, and we're in it for the long haul. That is why we go to great lengths to recruit excellent people to join our team.
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It's one of our company's most critical values: excellent talent in every seat. Maintaining it necessitates a regular review of our compensation methods to ensure that we remain competitive in the marketplace, that we are a desirable employer for applicants, and that our compensation processes support the culture we wish to foster. It's not just about appealing to candidates when it comes to changing compensation; it's also about looking at industry conventions and innovating to alleviate pain points, provide more equity throughout the workforce, and increase transparency. So, what exactly are we up to?
Step 1: Raise our compensation goals.
Having great talent in every seat necessitates a financial investment. In 2019, we made the decision to compare ourselves to a highly competitive group of peers, including some of the world's largest IT businesses. As a small, private start-up, this was a bold step for us at the time. This year, we reaffirmed our commitment to outstanding talent by raising cash and equity compensation across the board, moving from the 50th percentile to the 75th percentile among our peers.
Step 2: Getting rid of the hiring process's wrangling.
We are formally eliminating wage and equity negotiations from our recruiting process because our standard offers are world-class.
Anyone interested in working in cryptocurrency is welcome and valued at Coinbase. It makes no difference what your history is, where you went to school (or bootcamp), where you've previously worked, or even how much you've previously been paid. If you pass our threshold and are hired to do the same job, you will be offered the same salary as the next contender for the position.
After being recruited for a new job, most people expect to have to haggle for the greatest deal. Those who perform well in this area are rewarded, while those who do not are penalised. Women and underrepresented minorities might be disproportionately left behind in these talks, and a disparity established early in a person's career can follow them for decades. We'll do everything we can to make sure that doesn't happen at Coinbase. The same wage and equity offer are given to all employees in the same position, in the same area. There are no exceptions.
Eliminating bargaining does not imply that all employees will be paid equally once they start working. Indeed, we desire remuneration difference, but it must be based exclusively on demonstrated success and a significant influence on our company and consumers. For exceptional performers selected through our rigorous performance management process, we will continue to apply multipliers to our equity and cash rewards. As a result, our top achievers earn pay commensurate with their contribution, as well as expedited career development and a front-row seat to the cryptoeconomy's evolution.
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We don't mind if we lose some individuals as a result of this decision; the greatest prospects for Coinbase are those who want a competitive package and are willing to let their contributions speak for themselves.
Step 3: Adopting annual equity grants that result in predictable, real-time pay.
Another goal of our new compensation plan is to reduce volatility and give our employees as much consistency as possible. Cryptocurrencies have a history of being volatile, so it's logical to assume that our stock price will be as well. We expect that as we expand, more candidates will place a premium on predictability in their annual salary. Employees will earn annual grants, sized at one-year milestones, that vest in their entirety each year, rather than a four-year new hire award (as is common at many tech businesses). Our company valuation at a single point in time will no longer determine an employee's multi-year equity pay.
Some may argue that removing four-year new hire grants will hinder retention; however, we disagree. We don't want employees to feel trapped at Coinbase because of funding given three or four years ago. Every year, we want to earn our workers' commitment, and we want them to do the same at Coinbase.
Our new hiring grants will also no longer have a one-year cliff. We expect new workers to provide value right away, therefore it's only natural that they begin vesting rewards for their efforts.
We also want to provide these annual grants to all employees at the same time, with a single share price. This is intended to reduce disparities in results that can last for years after a person's start date. Another way we ensure compensation disparities are attributable solely to documented performance is using this method. Everyone will be motivated to provide value and help our company grow together, which is critical to our culture.
These are big adjustments, but we feel they will aid us in achieving our lofty goals in this next stage of development. We're currently in the early stages of implementing this initiative, and like with so many other things at Coinbase, we'll evaluate, understand, and improve it over time. However, we believe it matches our compensation philosophy with the culture we want to create, and we're excited to explore what it opens up.
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