Summary: Compare your current salary with what you could be making at Buffer, a social marketing company, and you may be surprised.
If only our incomes were based on current cost of living rates, on market rates, or on number of years committed to the company. Can you imagine what your salary could be if it were based on these factors?
One company has decided to consider these kinds of factors as well as family size and experience into determining their employees’ salaries. Social media marketing company Buffer has turned the salary of their employees into something that is very transparent for several years.
Buffer has since revamped their salary calculator since releasing it to the public a few years ago. An employee’s salary is based off the employee’s role, which is comprised of an overall base rate, location base rate, cost of living adjustment, and role value rate. Multiply this number by the level of experience the employee has in the role. Add to this number $3,000 per dependent, a 5% raise for every year with the company, and an additional choice incentive. Buffer gives their employees the option to receive an extra $10,000 or 30 percent more stock options.
The formula also makes sure that two people with the same position do not have a $100,000 difference in their salary just because they live in different locations. They want to make sure they don’t take advantage of employees that live in less expensive places or value one employee more highly over another.
Buffer has seen remarkable feedback from their employees and others. Many companies have adapted a similar transparent salary calculator. They are continuing to encourage companies to embrace a more transparent style of running a company.
Photo: open.buffer.comHave Fun with Buffer’s Salary Calculator by Amanda Griffin