The Ethereum job market is insanely hot right now. If you’re good, you have so many options. Even if you’re just ok, you have options.
Right now the scarce resource is talent. The DXDao treasury can afford it: DXdao | 0x519b70055af55a007110b4ff99b0ea33071c720a. At current prices, it appears to have well more than a decade of runway.
I propose that all DXDao contractors be paid 30% more. But only while the job market is hot. That is, we commit to paying contractors 30% more for 4 months, and then re-evaluate whether this temporary bump still makes sense.
Those $35m were only $6m just 5 months ago, and we all know what contributed most for the increase. If the Fed eyes tapering of its asset purchasing on the horizon in Q3 and interest rates rise, we may get in a recession by Q1 '22.
“Insanely hot… many options…” Are people job-hopping, and are they doing it for the money? Who wants to attract people for the money, compared to loyal people who believe in the promise of the DAO? And how does one arrive at “30%”? Is anyone failing to attract the talent they need because of low pay, has anyone complained, or is it for other reasons /work environment, product/? If you increased pay, are you definitely going to attract much better talent or just the same people who would apply anyway, but just pay them more?
If pay increased, that will also include all currently working, and fixed recurring costs are the killer of capital, the biggest liability. Every organization strives for capital efficiency, quantifying its needs and adjusting hiring based on those. Hiring should happen in areas that amplify efficiency and product monetization effort. Teams need to be optimized for distribution and performance, improving on the product-engineering delivery process. Would attracting new people with money result in increased productivity and profits to sustain the DAO in the future, or just drain its reserves faster? Unless there is a really hot innovative product already in the making that needs rolling out ASAP, there is no urgency to go wild spending. Spending should be increased based on income or at least the prospect of income, not treasury. Apple has nearly $200 billion in cash, but it doesn’t pay its employees more than other tech companies. Spending from treasury should be seen as debt, unless you put back equal amounts or more from revenue streams. All work has to be monetized and provide a good return, in order to be sustainable. In efficiently managing the organization, with the onboarding of new people, everyone should bring as much to the table as possible to pull their weight.
who wants to work for someone who doesn’t value them even reasonably in-line with what someone else values them?
quite frankly, i think a 30% TEMPORARY bump probably doesn’t even bring dxdao up to market.
one way to think of my proposal: currently dxdao is trying to hire people (see DXdao Budget Feb 2021 update) and having a hard time. if anyone leaves, to replace them you’ll probably not get someone of the same quality for the same salary…if you can even fill the position at all.
while i love the idea of making more money, i can’t help but to feel like a ~$70k salary for level 1 worker is such an amazing deal, and it only goes up significantly higher from there.
I’m very interested in topic of compensation and also think dxDao worker should have some way to earn more.
I think 30% increase might give everyone temporary moral boost and increase productivity in the short term.
But in my opinion if we want to have long term incentive for people to deliver changes that will impact success of products(in whatever way we define that revenue, users ,active users etc…) we need to move to result/kpi based incentives.
Im afraid that with current compensation we are incentivising building without actually having any stake on the success of the outcome that, that work will bring.