2023 compensation data 💵 + spring update 🌸
It’s that time of year again - spring has sprung and we’re all looking forward to warmer days (except maybe here in Boulder, where we’re experiencing our second winter). We’re also hoping for some sunnier days ahead for the hiring market.
As noted at the beginning of the year, we’re still feeling “fine.” It definitely could be better, but it could also be a lot worse. We’re cautiously optimistic about the months ahead (and seeing some interesting data like an increase in capital calls to support that). We aren’t, however, turning a blind eye to the fact that there are layoffs still happening around us with startups shutting down or getting “acquired” for next to nothing.
There’s still a hiring void for the mid-stage / couple hundred person startups as well as more senior VP/CXO roles for business generalists, but we’re continuing to see hiring at earlier stage startups who are raising new rounds. And we’re excited about some of the new roles we’ve recently kicked off.
Keep reading for our annual compensation survey data and the new roles that we’re working on. And as always, we’d love to hear what you all are hearing and seeing in the market as well — drop us a note!
❤️ Phil and the Golden Gate team
2023 Startup Compensation Data
We’ve had over 500 people respond so far for our 2023 Compensation Survey, and are highlighting some of the major takeaways below ⬇️
**As a quick reminder, we collected data for our “2023 Survey” at the end of 2023 through January 2024.
Quick observations:
It was actually a relatively good year for generalist compensation, which we were a bit surprised by. Whereas 2021 —> 2022 remained flat, this year saw a bump around ~6%; though not as significant as years prior (and more or less in keeping with inflation), it’s good signal showing that, despite the overall market rockiness, these are important roles that companies are willing to put hiring time and dollars behind! And feels generally consistent with our cautiously optimistic 2024 market outlook.
That said, we’re definitely still observing a “company’s market,” where companies have most of the leverage (as evidenced by the thousands of applicants per role on LinkedIn). As we always suggest, as a candidate don’t be afraid to ask for what you want, but be wary: there are often a number of equally (if not more) qualified candidates in the mix, and there tends to be a lower threshold before companies will turn to someone else.
Companies also still hold the reins when it comes to negotiation. We found that for candidates who negotiated their compensation last year, regardless of at a new company or their current company, ~60-70% of them received <10% of an increase in cash and equity.
By the numbers:
Location: The Bay Area continues to pay a slight premium compared to the rest of the country.
Company Size: Larger base salaries typically corresponded with larger sized companies, but some of the largest companies saw a bit of a dip this past year, which aligns with the slowdown in promotions and/or “comp freezes” at late stage tech.
Gender: We aren’t a fan of the gap that has started to reform between men and women’s salaries, relative to last year’s data. Last year, genders held relatively equal salaries. This year we saw a 6% gap. A reminder that there’s always work to be done on this front, and something we will continue to push for.
Company Type: As usual, B2B SaaS took the cake this year in terms of compensation (which isn’t surprising given where capital has flowed).
Years of Experience: As expected, years of work experience is very very very highly correlated with salary.
A big THANK YOU to everyone who filled it out this year! You should have received the full data set via email already (let us know if you haven’t).
For those who haven’t filled it out yet, you still can! Once you do, you’ll get instant access to our 2022 compensation study and then we’ll send you the 2023 data. Here's the link to the survey ➡ SURVEY LINK
Open Roles
Check out a handful of roles working on below, but as always, you can review additional opportunities our Openings Page.
Verkada [Security Tech]: New Product Lead
Verkada is a modern security company (video security cameras, access control, environmental sensors, etc.) integrated with a cloud-based software platform. They’re looking for individuals to GM their more nascent business lines, collaborating closely with product and sales and owning the growth/sales/marketing strategy.
Sunshine [Consumer Tech]: Chief of Staff
Sunshine makes mundane tasks enjoyable by designing applications across contact management, scheduling, group communication, and event organization. They’re looking for a Chief of Staff, to support their CEO/founder (Marissa Mayer…former Yahoo CEO) on the most important cross-functional, strategic initiatives across the company.
Taptap Send [Fintech]: BizOps
Taptap Send offers a simple, reliable, and low-cost app-based remittance service. They’re hiring an analytical business generalist to join as the first dedicated business operations lead, working cross-functionally with the executive leadership team and all key functional leaders.
Some Content for Your Eyes & Ears
📖 “How to Choose a Startup” (by Dan Hockenmaier): We’ve sent this to some of you already, but it’s worth another read. We’ve found it most helpful for people coming from consulting, banking, and professional services transitioning into startups, as it helps frame up some of the tradeoffs to consider.
📖 “Faire Research Rundown” (Contrary Capital): A great, in-depth breakdown of Faire, one of the biggest names in startups today. We also love Contrary’s writeups and research generally!
🎧 “Race against recession: growth vs. debts in America” (Fundrise Onward Podcast): The CEO of real estate investing platform Fundrise discusses a few bull/bear macro scenarios, and how it applies to the real estate investing environment.
🎧 “Why Americans Stopped Hanging Out – and Why It Matters” (Plain English podcast): An engaging discussion about why it feels harder to just “hang out” these days, and why it’s so important.
This is awesome! Thanks for sharing Nick :)