Money is sensitive topic, therefore payment of employees must be treated carefully. A good compensation plan is not only fair, but also support the culture of the organization.
US Based social media management startup Buffer published the salaries of all its employees
online for public to see. Introducing the concept in 2013, the startup co-founder Joel Gascoigne said that transparency is Buffer core value and added it might help other companies think about how to decide salaries. Buffer also shares the formula of how it calculate salaries.
Buffer new Salary Formula:
Role: (overall base + location base + cost of living)* role value
Full Story: Buffer
Salary Transparency made Buffer more Productive Company
This is a radical move when most of us are used to salary being a secret. A 2010 survey found about 23% of private sector workers said pay discussion at work were banned outright. Another 38% said discussion their salary with colleague was discouraged.
Buffer may also inadvertently increased productivity by creating a more engaged team.
When I think of a "buffer salary", I'm thinking of a savings fund to act as an emergency fund that can be used should you get retrenched or should you leave your job in search of better opportunities. Interesting survey conducted.
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