Rent the Runway Launches New Compensation Plan, Gives All Employees a Raise
As if being part of a startup team that allows you to rent designer clothing was not enough, all Rent the Runway (RTR) employees are now getting a raise.
According to MAKER and RTR's co-founder Jennifer Hyman, the company will now skip the whole "end of year" bonus tradition and go straight to giving their employees higher salaries.
"Our goal is to create a safe place where feedback is about learning and growing and not deducing someone’s contributions to a single rating or annual performance review," Hyman wrote in a post on Medium.
And by re-strategizing RTR's compensation plan, the team is able to commit to its value of "Trust in Everyone's Best of Intentions," trust that money does not drive their effort and passion, while creating a "disruptive, game-changing," and long-lasting business.
This plan is "reflective of [RTR's] core values, realistic to being a high-growth startup and is authentic to the types of team members [they] hire, promote and celebrate."
Watch Hyman's exclusive MAKERS story in the video player above.
Photo Credit: Mireya Acierto/FilmMagic