The Coop recently hired its first 4 full-time contributors using an MVP framework detailed here: IIP-36 Full-Time Contributor Retention .
Now, it is time to introduce for discussion a v1 proposal for how the Coop hires future full-time core-contributors.
If successful, we will circle around a v1 process that will enable the Coop to start working to fill high-leverage needs.
These are the core principles that remain unchanged from IIP-36 FT Contributor Retention and also form the foundation of this proposal:
Commitment & Trust: We, the Index Coop, should be willing to increase our commitment to contributors who earn trust by delivering impactful outcomes & who embody principles we believe are important to our long-term success.
We earn our people: We believe the best people are recruited (internally & externally), not bought. Protocols that pay top-of-market will always win salary-optimizing people. We believe the best people want to learn. Winning and retaining these people means creating an environment optimized for growth and learning, and so their long-term career capital. We believe that if we improve Index Coop member’s long-term career capital, we will get the best people (Carta 101 & The Alliance).
Get the right people on the bus: “When facing chaos and uncertainty, and you cannot possibly predict what’s coming around the corner, your best “strategy” is to have a busload of people who can adapt to and perform brilliantly no matter what comes next.” (Good to Great)
Fairness: Full-time contributor compensation should be fair & based on the value/impact they provide to the Coop.
Comp. variables: Salary fills needs and vesting aligns long-term incentives + provides upside.
Complementary: This is complementary to the working group structure, treasury rewards, and bounties. Each of these programs serves different purposes.
Mutually exclusive: If someone is compensated as a full-time contributor, they will not be compensated separately via separate programs (no “double-dip”).
Speed & iteration: Right now, we need to optimize for speed and get a good-enough solution out the door that enables us to iterate as we learn and grow. Getting a fully-baked compensation program created is going to take time. This is the second step.
Given that we are now broadening the scope of “hiring” these are new principles for consideration.
The Coop hires to fill high-leverage needs: There are many ways to fill a need or solve a problem, including: software, process, other technology, treasury rewards, working groups, bounties, and similar programs yet to be created. Given those alternative solutions at hand, the Coop should use hiring as a tool to find the right person to address high-leverage needs we can’t otherwise solve (Carta).
The Coop hires people who are relentlessly resourceful & ship: The Coop is creating a new way of launching & maintaining structured tokens and is trying to grow fast. In this startup-like environment we need people who are resourceful in their pursuit of delivering impact for the Coop and are able to crank out a high-volume of high-quality work (Hire For The Ability To Get Shit Done, Relentlessly Resourceful).
The Coop needs to be able to hire full-time contributors to solve unfilled, high-impact Coop needs for the benefit of all Index Coop stakeholders. Such long-term contributors need predictability (salary) and upside (token vesting).
Further, clarity on how hiring occurs was intentionally left out from IIP-36 and we now need to create that clarity.
The goal of this section is to provide clear guidelines for how the Coop hires.
This is the proposed hiring process:
#1. A high-leverage need is identified & a hiring team is designated
- The need will be determined by current Index Coop Full-Time contributors (@DarkForestCapital , @verto0912, @BigSky7, @LemonadeAlpha) as well as at least one Set representative.
- The hiring team will consist of two current Full-Time contributors and one Working Group lead with the appropriate expertise.
- If the expertise required for accurate assessment of the candidate does not exist amongst Working Group leads, then a Set team member or other community member may be added instead.
- @GregDocter will act as the “recruiter” to drive forward the administrative pieces of the hiring process and ensure coordination amongst all parties.
#2. Create & share the hiring scorecard via the Coop forums (Who).
- This is intended to both 1) prioritize looking internally first and 2) make the role crystal clear to set all sides up for success.
#3. If necessary, the role announcement will be shared in relevant public channels
#4. Applicants will be asked submit an application to the hiring team
- A template will be created for each role to ensure consistency and usefulness of the details provided.
#5. An interview process will be run by the hiring team. This will remain flexible for v1. Depending on the candidate, it may include the following (Great CEO Within).
- Phone screen
- Topgrading interview
- Focused interviews
- Work trial
- If at the end of the interview process, both parties decide that a commitment is mutually beneficial, compensation will be determined (see more on this below).
- If the conditions are approved by both parties, the hiring proposal will be submitted to the community via a forum proposal and subsequent Snapshot. The Snapshot vote will be subject to the current, non-DG2 requirements.
- If the hire is approved, proceed to onboarding process which may include a clear statement of alliance.
- If at any point in the hiring process it is determined to not be a fit by either side the process will end.
- Alternatives may be discussed (i.e. Working Group, Treasury Rewards, and other payment programs that may exist in the Coop)
This is a challenging topic to navigate. Letting someone go is a stressful experience for all parties involved, but sometimes it is necessary.
When necessary, here is the proposed process:
Clear expectations: The Index Coop aims to be transparent in our expectations and measurement of performance . This is the purpose of the scorecard (step #2) & statement of alliance (step #6).
Attempt to resolve: Any failure to meet these measures will first be discussed between current Full-Time Contributors & at least one Set Representative and the contributor with an aim to resolve the issue(s).
Decision: The decision to terminate will be discussed by the hiring team and put into effect by the Treasury Committee in the event that performance expectations cannot be met.
Severance: There will be a severance package of 2 months salary; vesting will cease immediately.
Any gross violation of our guiding principles will result in immediate termination without severance.
The Index Coop is a prominent actor with exciting prospects for growth in a highly innovative, and competitive, space.
We intend to provide talent with attractive compensation packages, while also ensuring the Coop is set-up to thrive in the long-run.
This proposal introduces some compensation guidelines to be used as a starting frame of reference for future hires.
- Standard Non-Technical: $8,000/month
- Standard Technical: $10,000/month
INDEX vesting: 0.10% of total supply over 2 years
Setting these guidelines is intended to acknowledge the following:
- We exist in a rapidly evolving space and we need to ensure our hiring practices are flexible such that we can adapt.
- As such, these compensation guidelines are just that, guidelines.
- Compensation should be objectively based on skills, capability, and expertise.
- Final compensation for a given candidate will be proposed as an IIP.
As for the broader process, we will monitor these processes and retain the ability to adjust accordingly to ensure our ability to hire remains effective and efficient.
The immediate next step is to gather feedback.
Please share any comment/questions/objections/concerns you have below!