Salaries
Many companies create confusion around compensation rules, hoping they will get away with paying people unfairly. The outcomes are bad feeling, low morale, high turnover and toxic office politics. Completely transparent, our policy in this document is publicly available. Everyone has a right to know about career progression, how they can achieve success, and where their colleagues stand. We keep salary rules simple and easy to understand. They are based on the levels and are public knowledge. We introduce them in the page of each framework so you know exactly how much your qualifications are worth in Secure Group. Please note, all salaries are calculated in Bulgarian Lev and the salaries presented are NET.
Individual Contributors
Salary formula
We use a custom formula to ensure that our salaries are on top of the market. With this formula, we calculate the salary for a Level 2 Step 1 (for the IC Path), which is the equivalent of a senior position in the local market, and with that, we build the salary grid for the framework. Since we are an international company and our employees contribute to solutions that have a global impact, we consider it fair to compare their monetary reward with the one in the foreign labor markets. Here is the formula itself and an explanatory legend below to calculate.
- LMV - Local Market Value Zaplatomer
- 10% increase over the highest salary announced in Zaplatomer
- IMV - International Market Value for a low-cost city (PayScale.com; Glassdoor.com)
- 38% - taxes deduction for USD salary
Once we have defined your base NET salary for Level 2, the rule for building the salary for each level and step goes as follows:
- From one Level to the other you should apply an increase/decrease of 1000 leva.
- From one Step to the other you should apply an increase/decrease of 150 leva.
Management
We use another formula for building the Management positions. We look for the position's title in a US Salary Information Site and we count it with higher weight than the local salary information websites mostly because we often can't find openly shared management salaries in the market. From the yearly payment in USD we calculate it in BGN to get the monthly salary again after 38% taxes reduction and 75% deduction for cost of living. The result corresponds to Level 3 of each of our Management roles (Coordinator, Manager, Sr. Manager, Head of).