May 12 • 49M

Solving the Complicated Compensation Issue for Startups with OpenComp CEO Thanh Nguyen

Episode 90

 
1.0×
0:00
-48:48
Open in playerListen on);
Join your host, Matt Cohen, Founder & Managing Partner at Ripple Ventures for weekly conversations with leaders in the startup ecosystem discussing the truth about investing, building and running startups.
Episode details
Comments

One of the trickiest problems in the startup world is how to properly compensate your employees. It’s a delicate balance between providing competitive offers, retaining employees, and being wise with your funding. Our guest today is looking to help founders navigate these decisions, Thanh Nguyen, CEO and Co-Founder of OpenComp is building a platform that allows companies to evaluate how their organization's compensation data stacks up against the market and build fair offers, and qualify compensation requests from potential candidates directly against real market data.

About Thanh Nguyen:
Thanh is a leading expert in his field with more than two decades of experience in compensation and HR strategies. He has worked with thousands of technology companies, including Airbnb, A16z, Chan Zuckerburg Initiative, Figma, LiveNation, Lyft, Uber, and many others

Prior to OpenComp, Thanh was most recently a partner of Connery Consulting, overseeing operations, a team of management and delivery consultants, and business development. Thanh also worked as the first member of the Rewards team at Salesforce.com where he remained for nearly a decade, spanning various domestic and international HR leadership roles.


A word from our sponsor:

At Ripple, we manage all of our fund expenses and employee credit cards using Jeeves.

The team at Jeeves helped get me and my team setup with physical and virtual credit cards in days. I was able to allow my teammates to expense items in multiple currencies allowing them to pay for anything, anywhere at any time. We weren’t asked for any personal guarantees or to pay any setup or monthly SaaS fees.

Not only does Jeeves save us time, but they also give us up to 3% cash back on our purchases including expenses like Google, Facebook or AWS every month. The best part is Jeeves puts up the cash, and you settle up once every 30 days in any currency you want, unlike some other corporate card companies that make you pre-pay every month.

Jeeves also recently launched its Jeeves Growth and Working Capital initiative for startups and fast-growing companies to enable more financial freedom for every entrepreneur. The best thing of all is that Jeeves is live in 24 countries including Canada, the US and many other countries around the world. Jeeves truly offers the best all-in-one expense management corporate card program for all startups especially the ones at Ripple and we at Tank Talks could not be more excited to officially partner with them.

Listeners of Tank Talks can get set up with a demo of Jeeves today and take advantage of our Tank Talks special with a $700 sign-on bonus and skip the waitlist that already has thousands of companies by visiting tryjeeves.com/tanktalks to get setup today!


In this episode we discuss:

02:50 Thanh’s journey into a career in compensation
08:46 Lessons he learned on how to grow a startup from his time at Salesforce
12:30 Why Thanh saw the need to start OpenComp
14:24 How OpenComp works and where its data comes from
18:11 The volume of data OpenComp tracks and how their freemium model works
19:22 How OpenComp weaves user data into a broader picture of the market
21:44 Mistakes early founders make when building a compensation plan
23:30 Why growth rounds can pressure founders to hire the wrong people
24:57 Advice to founders that are struggling to compete for talent
26:55 How to think about equity when building compensation plans
29:48 Pros and cons of salary transparency at OpenComp and in the market in general
32:38 How pay transparency can help guide companies that may only be salary-focused
34:48 What Thanh advises companies to think about compensation with a hybrid work environment
37:40 How OpenComp is helping to fight the great resignation and ensure employee retention
39:30 How data from OpenComp is helping companies the importance of DEI
42:52 Plans for OpenComp’s recent $20M Series A  led by K5 Global, Time Ventures, 8VC, Mantis VC, and J.P. Morgan

Fast Favorites
Podcasts
Audio Books

Blog/Newletter
Apple News Feed

Tech Gadget
Apple ecosystem

New Trend
Pay transparency

Book
Breath

Life Lesson
Embrace The Grind

Follow Matt Cohen and Tank Talks here!

Podcast production support provided by Agentbee.Agency