No one argues with the fact that the right team can make or break your startup. As VC Mark Suster has written, "teams create companies -- not individuals." Which is probably why the internet is full of advice on finding the right people for your startup.
But here's the thing -- once you find those people, you need to pay them. That's surely a fact you recognize, but while advice on how to evaluate and select talent abounds, advice on how best to compensate your first employees is far less plentiful.
Homebrew wants to fill that gap. The seed-stage investment firm recently released a free, comprehensive guide to startup compensation written by their Head of Talent, Beth Scheer, who previously worked in recruiting at both Google and Salesforce.
The document, which Homebrew partner Hunter Walk claims will be regularly updated, stresses the need for startups to develop a "compensation philosophy" early before digging into nitty gritty details on how to develop salary bands to take the subjectivity out of compensation, how you should compare to competitors in terms of the salary and equity you offer, and advice on handling negotiations.
It's not, as the title of this post promises, literally everything you could ever possibly want to know about startup compensation (if you find that resource online, please email me), and it's upfront about offering this specific firm's take on the subject, but it still strives to cover an incredible amount. It is in the same league as other goldmine resources on customer service and pricing I've pointed readers to in the past. So if you've got questions around these issues, definitely check it out.
Has your company developed a comprehensive compensation philosophy?