Feeld has announced a new ‘Baseline Freedom Salary’ initiative that means all members of staff are entitled to a minimum annual salary of $80,000.
The new payment system will be implemented from the beginning of next year and all employees around the world are eligible. Feeld is a fully remote company that also offers unlimited holiday and flexible working hours.
Approximately 40% of all employees will be impacted by the change. The management team wanted to be as transparent as possible with its workers and reward them for their hard work by alleviating them from some financial worries.
CEO Ana Kirova explained in a statement: “When reviewing salaries for 2022, we realized that none of the benchmarks or data sets from the job market represented the impact of the work of certain roles within our organization. They were simply highly undercompensated in the wider job market.
“We created the Baseline Freedom Salary to compensate for our team’s hard work and ensure unfair gaps in compensation don’t creep in as we grow. We feel it’s crucial all of our employees live meaningful and fulfilling lives and fair compensation is key.
“Hopefully, initiatives like this could serve as examples to spark positive change in other companies, especially in these times of drastic change to the workplace.”
The Baseline Freedom Salary also closes the company’s gender pay gap from 6% to 1%. This is reportedly compared to an 8% average across the market.
Kirova took over as CEO in April and quickly set about furthering its commitment to a progressive and equitable culture. This also includes a leadership team that is made up of 60% female-identifying individuals.
Visit the Feeld website here.