Compensation
Being paid well builds a High-Performance culture in which our team members feel valued for their great work. Companies should strive to reward their people with the highest salary for any particular position. Why is it so important? It’s simple – we believe when employees are paid well they are able to provide top performance.
Salary is important for every worker – we all have personal needs and expenses, and making enough to cover them is a main consideration when applying for work. We understand that, and we want to minimize the anxieties candidates have when applying to IT roles. By paying top of the market, we guarantee the compensation they get for their work will be highly competitive, and aspects such as skills and a fitting mindset will have the biggest weight in their decision. We strongly believe that one outstanding person gets more done and is a better value than two mediocre people, so we prefer to not engage in bidding wars and jump straight to putting the best offer on the table. No need for unproductive salary negotiations here.
Offering top compensation also attracts top performers. We want the best and brightest talent to help us achieve our company goals, and we are ready to reward them for their hard work with us. It’s a great way for people to feel valued for their skills and stay motivated.
Lastly, we understand topics of salaries and bonuses are common in every workplace. Oftentimes, they may trigger discussions and arguments which steer attention away from the common goal, which has a negative effect on performance and team morale. Being transparent about compensation and allowing people to find out how much their colleagues are paid will put everyone on the same page and minimize the harmful effects of toxic office behavior by ensuring all employees are treated fairly.
Paying top of the market is not just an empty claim - it’s an active process of adjusting our compensation so it reflects the current market value of a position. We achieve this by monitoring both the labor markets in Sofia and abroad, as we are an international company with international clients, and we strive for fair compensation.
Compentsation Review
At LUNR, we have a dynamic approach to compensation and regularly monitor the market, especially before hiring someone new.
If we detect the market value of a given position has increased, every employee in this position gets a raise.
Employees can trust that their pay will be automatically adjusted to keep up with increases in the top-line market rate.
Compensation Over Time
We remain at top of the market by benchmarking our compensation against competitors and consulting with recruiting agencies.
Market forces, namely changing supply and demand for specific skills, may lead to higher relative increases in pay for some people.
Depends in part on inflation and economy.
We compensate based on personal success
We know that rewarding the best will deliver success for LUNR We compensate at the top of the market, regardless of whether LUNR's experiences succeeds or struggles.
We reward our high performers for their outstanding work and commitment to our winning team.
When hiring a new colleague, we check the current value of their position. If we find an increase from our current range, we accordingly raise the salaries of all our employees within that position once they step up. This guarantees the continued competitiveness of our salaries, even for employees who’ve been with us for years.
Constant growth is in the DNA of our organization, and we want the same for our people. The dynamic nature of our industry must be matched by our people. This pace is not for everyone, and we understand some employees choose to follow a different path. As we say, if you don’t grow, you have to go and that's also why all our processes are well documented in our knowledge database, so new people can quickly get on board, and knowledge doesn’t leave when an individual does.
Some companies choose to be obscure about their compensation systems, hoping to get away with offering lower payments. We think this is immature and ineffective, and it hurts employee morale and motivation. This is why we are proudly transparent in our management and our salary rules.
As mentioned above, companies need to ensure that new employees are compensated at the top of the market. But once part of the organization, they rely not only on the market value of their position to determine their level of compensation. They are also compensated based on personal success and achievements. We believe that employees should know just how much their skills and experience are worth. This is why we developed the Management model, which provides a clear development path for any employee.
Want to understand your salary calculation, or make a career progression path? Go for it! We have created a salary grid, as well as a formula for how we calculate salaries, which gives you the power to check your compensation and contest us if you find any mismatch.
The formula is:
In which:
LMV - Local Market Value (Zaplatomer and Recruiting Agencies)
10% increase over the highest salary announced in Zaplatomer
38% - taxes deduction for USD salary
This formula corresponds to Level 2 Step 1 in our grid. Once you start on a particular level with a base NET salary (like Level 2 above), you can find clear guidelines for moving up to the next level. Each move up/down in Levels comes with a compensation increase/decrease of 1000 BGN, and each Step applies an increase/decrease of 150 BGN.
The formula for management positions would be:
In which:
Deduction of 38% which is related to taxes for USD salary
Adding a 75% multiplier for the cost of living in Sofia
This formula corresponds to Step 3 of each Level for the Management Path.
As you can see, companies should reward its passionate people with clear and fair compensation. A high-performance culture is key to the goal of providing industry-leading solutions to digital security, and we motivate and empower employees by putting them in charge of their career growth path and ensuring their personal development.
In the next chapters you will find the frameworks for every Individual contributor and Manager.
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