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BEMO Announces SOC 2 Type II Attestation
At BEMO, we are driven by a relentless pursuit of excellence in everything we do. Today, we are thrilled to share a...
1. Our New Salary Formula
The salary formula is one part of our Compensation Framework (Salary + Performance Reward + Profit Sharing + Equity + Benefits). Every salary at BEMO derives from our salary formula, which aims to produce fair and equitable compensation calculations. The formula is:
Role's Level x Cost of Living = Salary
2. How Do We Determine Role Salary?
As of June 2022, we began benchmarking salaries for each role backed by data from Carta Benchmark, a platform that provides compensation and benefits data from 30,000+ venture capital backed startups (like BEMO). Using Carta, we assess the cost-of-labor increases across the industry on an annual basis to keep our team members' salaries and total compensation in sync with the market.
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3. Salary Competitiveness
As a global company, we strive to offer competitive salaries to attract and retain fantastic talent at BEMO. We are dedicated to calibrating our salaries base on the software industry and pay at the 50th percentile of San Francisco, California market data.
Percentile wages, including the 10th, 25th, 50th (median), 75th, and 90th percentiles, indicate how much the wages vary for an occupation. For example, 10 percent of workers earn wages at or below the 10th percentile, and 90 percent earn at or more than the 10th percentile.
We selected San Francisco as it is the United States' most competitive and highest labor cost market (on par with New York City and Seattle). It is on our roadmap to increase compensation incrementally from the 50th to the 75th percentile as BEMO achieves key financial milestones.
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4. Calculating Cost of Living
After benchmarking for position and progression level, we multiply compensation by a cost-of-living factor based on where the team member lives.
United States
No matter where you reside in the US, your salary will be based on the San Francisco market, and your cost multiplier will be "1".
International
For people living outside the United States, we use cost-of-living data sourced from Numbeo. Cost-of-living ratios range from 19 percent to 146 percent compared to the United States.
Example: If you live in the Dominican Republic, where the Index Cost of Living (ICOL) is 42 percent and the annual salary of a given position is $100,000 USD in San Francisco, your salary in the DR would be $42,000 USD for the same position.
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