Hello friends,

This past month I trialled life as a digital nomad, undertaking my first ever work-ation from the beautiful beachside town of Suffolk Park (just next door to the infinitely more famous Byron Bay).

Although spreadsheets and laptop screens aren’t super compatible, it was so nice to embrace something I’ve often read about but never tried. My brief review:

• Amazing to do in small stints (I miss my home office).

• Good Airbnb selection is a must for optimal work settings.

• It was hard to ignore the distraction of the beach being right there.

• 9/10, will do again.

Have you ever had a remote work experience from somewhere leisurely? I’d love to hear about it (hit reply and lmk).

Another milestone this month was me passing 10,000 followers on LinkedIn 😱 Something that wasn’t on my ‘what do you want to be when you grow up?’ bingo card. Thanks to everyone here that has been part of the journey — here’s where you can find me for those that want to help me go from five figures to six 😁

While this newsletter is only two editions deep (three now), we’re at >1,500 subscribers(!!!). Insane.

I’m new to ✨email marketing✨ so I only just kicked off the subscriber survey to learn who you beautiful people are and how I can make this a more effective resource for you. I’ve had 46 submissions so far (3% strike rate 😬) and the general feedback on what people are most looking for from this newsletter is:

• Current compensation trends for startups.

• Building effective compensation strategies.

• Benchmarking data and setting competitive pay for diverse roles.

• Industry insights from global scale-ups and peers.

• A blend of insights with personal storytelling.

If you haven’t had a chance to do the survey — please do — it will only make this series better for you. Jump in here and spend 23 seconds (literally) completing it.

Ok, onto the main show.

This month we’re exploring something that doesn’t tend to be too common (especially in Australia) — a startup Founder leading pay transparency adoption in their company. We unpack the trials and tribulations, with some takeaways you will no doubt find helpful in your own company, regardless the level of transparency.

Strap yourself in, and as always, let me know what you think of this month's edition so I can keep making it great for you.

Matt

The Power of Pay Transparency

with Paul Stovell, Founder of Octopus Deploy

In this conversation, I sat down with Paul Stovell, the Founder and CEO of Octopus Deploy, to discuss how his company approaches pay transparency and the practical lessons they've learned along the way.

Octopus Deploy has become a leader in the tech space, not just for their products but also their innovative people practices. Paul shared his insights on implementing a structured and transparent compensation system, its impact on employee trust and engagement, and the challenges and benefits of moving away from traditional pay ranges to a more fixed pay model.

We covered

• Pay transparency at Octopus Deploy

• Eliminating salary negotiations

• Challenges and benefits of pay transparency

• Impact on employee engagement and retention

• Advice for implementing transparent compensation models

• Addressing internal mobility and career progression

• How market benchmarking influences compensation adjustments

• The role of managers in communicating compensation decisions

• Navigating the challenges of the workplace gender pay gap

Some takeaways

• Developing a clear and systematic compensation framework is essential for promoting transparency and fairness within an organisation. This can involve creating well-defined roles, levels, and performance criteria that are paired with fixed pay points. By having a structured approach, employees can easily understand how their roles and contributions align with their compensation. This clarity reduces ambiguity and potential biases, ensuring that pay practices are consistently applied across the organisation.

• Open communication about the company’s compensation philosophy is critical for building trust among employees. Regularly sharing the rationale behind pay decisions and how they align with current market rates helps employees feel informed and valued. It also prevents confusion and misunderstandings by providing a clear picture of the company’s approach to compensation, helping employees see how their pay is determined and what they can expect as they progress in their careers.

• Eliminating pay negotiations is a key step to ensuring equity across the organisation. When companies set clear and specific pay points for each role and level, it prevents discrepancies that often arise from individual negotiations, which can lead to inconsistent and unfair compensation. A standardised approach ensures that all employees are compensated fairly for their roles and contributions, regardless of their negotiation skills or personal circumstances, thereby fostering a culture of equity.

• Implementing internal pay transparency can significantly enhance trust and engagement among employees. When employees know where they stand within the pay structure and understand how their compensation is tied to their performance and career development, they are more likely to feel respected and motivated. This transparency also allows employees to set clear goals for their career progression and understand what is needed to reach the next level, which can drive better performance and satisfaction.

• Preparing for robust discussions on pay and equity is crucial for leaders and managers in a transparent compensation environment. As employees gain more insight into the pay structure, they may have questions about pay differences across roles, departments, or geographies. Being ready to address these questions with clarity and honesty can reinforce the company’s commitment to fairness and provide an opportunity to explain the factors that influence compensation decisions, such as market data, role requirements, and business strategy.

Read the full interview here, or watch it on YouTube or Spotify.

If you ever want me to cover a specific topic or would like to nominate a guest, hit reply to this email.

TOOLS & RESOURCES

The Complete Playbook: Embedding Pay Transparency in Your Company

Transform your startup’s compensation strategy with our comprehensive Pay Transparency Playbook, designed with the Head of People in mind. This guide empowers you to build a culture of trust, equity, and openness, ensuring your organisation is both compliant and stands out in a competitive talent market.

Here’s some of the stuff we found interesting this month.

Last Laugh

“When your meeting runs over and someone has booked the room”

That’s all for this week.

Sure, this is technically the end of the newsletter, but we don’t have to end here! I’d love this to be a two-way chat, so let me know what you found helpful, any successes you’re seeing, or any questions you have for me.

Sharing is caring. If you are enjoying our newsletter, others might too — forward this on to them and get their endless appreciation.