"Because our standard offers are world-class, we are officially eliminating negotiations on salary and equity from our recruiting process."
Aren't these things mutually exclusive? Wouldn't moving from 50th to 75th percentile mean your offers are not world class?
Moving “from 50th to 75th” is totally meaningless thought if they’re already arbitrarily deciding who is their “peer”. They could just change who the set of peers are to have any effect they want.
Every year the VCs and greedy founders are finding new ways to screw engineers over. First, it was the AirBnB founders cashing out while still building the company (https://techcrunch.com/2011/10/01/chamath-palihapitiya-airbn...), now we have Stripe and others shifting to yearly grants. It appears that there is very little incentive for employees to stick around for more than two years maximum at any one place, which is a shame because it will lead to a loss of valuable experience (supporting your coding/architecture mistakes and learning from them) and loss of the ability to capture the value they have created.
We will continue to apply multipliers to our equity and cash rewards for high performers identified through our rigorous performance management process. This way, our high performers receive compensation commensurate with their impact
Can someone explain the difference between how other companies compensate different levels of skillset.
AFAIK this is mostly a government thing, and one of the reasons they don't have top-tier labor. Most private companies want to incentive their high achiever (even coinbase here). They usually just wait for high-achiever to ask for a raise and give out bonuses though.
I like their concept, but contributions don't speak for themselves.
(FWIW, I didn't bother impressing the karat moonlighter even though I was interviewing for a senior position, including 4 years on crypto backend stuff...)
1) no more negotiation
2) switching to single year equity grants
Some more info about single year grants: https://www.levels.fyi/blog/lyft-vesting-schedule.html
Also comes as an opposite to the rest and vest culture.
And if you run a small company, this is how you beat the big companies to the best talent... negotiate deals that suit the individual employees.
The moment a company says the word “percentile” when talking about salaries, you know they’ve become “a big company”.
Lol. Their chief-of-something has declared themselves exempt from market forces. The Great Market Defeater.
They rely on your "passion" for crypto to underpay and hire naive engineers.
In any case, that's moot. Because if you join now (after they are making this change), your equity is being valued at ~$60bnm so the upside is significantly lower.
 If that's from the valuation at last funding round, then that's being disingenuous since no one thought that they are worth 8b then, and I would be surprised if they were offering equity at the valuation.
Also, see comments in