With a mantra of a “default to transparency,” San Francisco-based social media startup Buffer has published all of its employees’ salaries online, revealing that the average salary for the 17-employee firm is $100,800 and that nobody makes less than $70,000.
Base salaries are supplemented using a formula that takes into account the employee’s location, seniority in the firm, experience, and ownership stake. Buffer’s CEO Joel Gascoigne, who makes $158,800 per year, says the move to publish the firm’s above-average salaries is an attempt to attract and retain talent, which often jumps between startups.
“That’s why we focus on culture,” he said. “Doing it this way means we can grow just as fast — if not faster — than doing it the ‘normal’ cutthroat way.”
Source: Quartz
