<aside> 🌎 Same work, same pay, no matter where you live


In July 2021, we changed the way we calculate pay, which Glenn wrote about here.

How do we benchmark pay?

We take part in the Global Radford Industry Survey, and we pull a huge collection of remuneration data from across the US - from more than 1,700 technology companies. We pay to take part in the survey and we contribute to the survey by submitting Float’s anonymised pay information every year, too.

We apply the same benchmarking formula to every role to calculate pay. We use 50th percentile pay information, filter it by Industry (Software Services and Products), and then by location (San Francisco Bay Area). We then index all pay at 95%. We index all team members the same, regardless of their location.

When do pay reviews happen?

  1. Every July, we revisit the available Radford data and review pay across the team. We do this to ensure we are paying fairly and competitively. This process involves us pulling new salary data for each Float role to gauge the current pay in market and apply the same benchmarking formula described above πŸ‘†. Regardless of performance, location, or tenure, we apply increases where the pay has increased according to the data. We don't decrease pay, regardless of when the data shows that pay for a role has decreased. July increases are communicated by Managers and increases are effective from 1 August.
  2. Where there are notable changes to a role in terms of scope, role level, or title; such as moving from a level 3 to a level 4 or taking on a larger scope, your pay will be reviewed outside of the annual pay review process and updated based on benchmarking for your revised role.

If a team member's start date falls before or during the pay review process, they will receive any increases on the same date as the rest of the team. If their start date is after the review process, they will get the new rate once their probation period is finished.

Page Ownership: Operations, Georgie