By | RICHARD FELONI | http://www.businessinsider.in/
At five-year-old social media company Buffer, the salaries of its 65 global employees – from the person who writes its tweets to its CEO – are posted online for anyone to see. They are determined by a strict formula and aren’t open to negotiation.
Cofounders Joel Gascoigne, CEO, and Leo Widrich, COO, took this unique approach after deciding early on to make “default to transparency” a top company value. It not only feels natural, Gascoigne told Business Insider, but it helps unite a disparate workforce that lacks a central office.
The salary formula gives employees one less thing to worry about and establishes a level of fairness, Gascoigne said. He and Widrich developed the first iteration of the formula alongside Buffer software developer Colin Ross, who has a Ph.D. in computational mathematics, in late 2013.
They implemented a new version of the formula last November, which we’ve broken down below.