Why It’s Time to Ban Location-Based Compensation
August 3, 2022
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Engaged employees are the lifeblood of any successful organization. Team members power your business and help you reach your goals. According to a Gallup survey, however, only 36 percent of employees feel enthusiastic about and committed to their work and workplace. Compensation is one of many factors that influence employee satisfaction, and it probably comes as no surprise that low pay can lead to workers feeling underappreciated.
That’s why we’re excited to announce role-based compensation at WorkRamp. Employees will be compensated based on San Francisco Bay Area benchmarks, regardless of where they live. We believe in paying employees for the value they bring to the team, rather than the location they live in.
But compensation is just one piece of the employee engagement puzzle and a successful organization. We’re committed to employee well-being and we’re building one of the best places to work. We understand that when you invest in your workers, you can create an unstoppable team, and that’s exactly what we’re doing.
In fact, based on results from Inc. Magazine’s 2022 Best Workplaces Survey, 99 percent of employees believe WorkRamp’s senior leaders value people as their most important resource.
Read on to learn more about our approach to role-based compensation, supporting employee well-being, and empowering team members to be unstoppable.
At WorkRamp, we’re committed to investing in our team and paying employees for what they do, not where they do it. Working professionals with experience should be paid the same rate, and workers shouldn’t make less just because they live somewhere with a lower cost of living.
Adequate compensation helps employees bring their best selves to work. The compensation model should allow individuals to advance their careers and leave room for salary increases.
This role-based compensation strategy doesn’t just benefit employees; it also allows you to build a successful team with exceptional talent. It gives you access to a larger, more diverse talent pool when you’re not restricted by location or cost of living. Role-based compensation allows a talented Software Developer in Rhode Island to work for a Silicon Valley startup and make a competitive salary.
When you combine remote hiring and role-based compensation, you can create a more diverse talent pool, and in turn, a more inclusive team.
Supporting employee well-being is a multi-faceted approach that includes offering remote and hybrid work options, creating a learning culture to promote continuous growth, ensuring that employees feel engaged at work, recognizing workers for their contributions, and prioritizing mental health in the workplace.
We offer specific benefits to promote employee well-being and help team members feel valued and recognized for their work, including:
- Unlimited PTO: To allow team members to take the time they need and return to work feeling refreshed and energized.
- Half-day Fridays: The first and third Friday of each month are half-day Fridays to allow team members to unplug and take an afternoon to themselves.
- Self-Care days: Employees are encouraged to take a day off and expense up to $50 for whatever they’d like; food, massage, facial, etc.
- Birthday donations: For employee birthdays, we make a charitable donation of $100 to a charity of the employee’s choosing.
- Quarterly team events: This includes virtual team bonding events and regional in-person get-togethers to help team members stay connected.
- Employee Resource Groups: Employee-led groups whose aim is to foster a diverse, inclusive workplace. Group members share an identity or experience (i.e. gender, ethnicity, lifestyle, etc.)
- Shoutouts and recognitions: Employees are recognized for their contributions in All-Hands meetings and in dedicated Slack channels.
These are just some of the ways we help employees feel supported. And when team members feel valued within the organization, they’re more engaged in their job—and ultimately perform better.
Living into the new era of work
Remote positions have opened employees’ minds to what’s possible. Now, a generation of people entered the workforce during COVID and have only worked in a remote setting. We’re preparing for this future state of work with our compensation strategy and flexible work options.
According to research, data projections show that 25 percent of all professional jobs in North America will be remote by the end of 2022, and 74 percent of U.S. companies either currently offer or plan to implement a permanent hybrid work model. This model is where things are headed, and we must continue evolving to attract, retain, and develop the best talent.
Creating an unstoppable team
Offering competitive salaries and investing in team members by promoting employee well-being, flexible work options, and continuous growth helps employees feel valued and engaged. Team members can bring their best selves to work, excel, and create an excellent customer experience. There may not be a perfect formula for employee engagement, but we’re working to develop the secret sauce to help our team feel valued and unleash their full potential to succeed.
Interested in working at a company with role-based compensation and benefits to support employee well-being? We’re hiring! Visit our Careers page to see our open positions.
Complete the form for a custom demo.
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Arsh Mand is WorkRamp’s Co-Founder and CTO. Prior to founding WorkRamp, Arsh was an early member of the engineering team at Box. He studied Electrical Engineering and Computer Science at UC Berkely and resides in Redwood City with his wife and son.
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