Compensation, Equity, and Retirement
Glitch's Compensation Philosophy
Our compensation philosophy aims to support our people by providing a compensation framework that:
- Is fair and competitive;
- Is transparent;
- Rewards performance
Because we are committed to paying fairly and competitively, our compensation package utilizes market data aligned with comparable venture-backed startups. This includes the technology industry, software companies, and comparably-sized, high technology organizations. And because we are committed to transparency, we share with you the base salaries for each level, which are established by technology industry compensation market survey data.
Any increases to your salary will be based on your performance, the performance of the company, and any significant shifts in the market.
Finally, to ensure the ongoing integrity of our compensation package, and to make sure it continues to be aligned with our strategic goals and financial limits, we will review it at least annually and inform you of any changes.
You are paid semi-monthly. Any questions regarding your paycheck should be directed to the Operations Team.
We encourage you to take part in Glitch’s direct deposit plan. It makes getting paid fast and easy! Any questions about direct deposit or paychecks in general should be directed to the Director of Finance.
We think it's only fair that our People have a stake in the company's success. So we have a generous stock option plan in which every employee can participate, and we've extended the exercise window as long as possible to give everyone maximum flexibility.
New hire equity award grant eligibility varies based on your job and position level. An equity grant may be recommended with a promotion in order to bring an employee within the new hire grant guidelines for unvested stock for the new position.
For more detailed information concerning your equity, please reach out to the Operations Team.
We offer a 401(k) plan, which allows you to defer part of your salary today for future use in retirement. Our 401(k) administrator/provider is Betterment. All paperwork is done online. On your first day you'll have an enrollment email waiting for you.
Glitch offers two options when choosing 401(k) plans
A Traditional 401(k) plan where you are not taxed on the money you contribute until you begin to take it out at retirement. That means fewer taxes today and more savings for you! (tax-deferred retirement savings)
A Roth 401(k) plan where you invest money after paying taxes, but when you withdraw it when you retire, you pay no tax on the gains. (after-tax retirement savings)
There are pros and cons to both options, so you should do research or consult with a financial adviser before deciding which works best for you. You can change your enrollment elections at any time.
Please know that if you withdraw your money early, you may have to pay penalties and taxes. There are a few exceptions that allow you to access your money prior to retirement.
We match 100% of the first 3% of salary you contribute and 50% of the next 2% of your salary that you contribute. Matching happens every pay period on a semi-monthly basis.
Note that ERISA requires that all of Glitch's matching contributions must go into a Traditional 401(k) plan.
Rollover your 401K
If you wish to transfer money from your old employer's 401(k) plan to ours, you can find that information in your Betterment account. Just remember that you need to follow the specific instructions otherwise it might count as withdrawing funds, and you may have to pay penalties and taxes.
If you have any questions, please ask the Director of Finance.