Any job compensation should be based on the supply and demand. Except a few critical software engineering, law and moderators roles, every other positions could be filled by part time contractors done at 10 to 15 dollars per hours. As an engineering professional myself, i certainly would enjoy getting pay while playing banker in my spare time. Makerdao should contract a human resource company to list out all the positions at $10-20, and get a feel of the supply pool. Contract gig could be used as trial for full time roles if required.
However, note that a lot of these roles are more day-to-day tasks such and wouldn’t quite be the same as “playing banker”. Those more critical roles are either decentralized (e.g. voting to raise/lower rates which is done by MKR holders) or are specialized and require full-time CU employees (such as protocol engineering).
Sir? $10-$15? You don’t think part-time contactors deserve more than what California & NY might consider wage discrimination, eh? Interesting. Now I know where that McDonald’s Crypto Meme comes from
The burger places hire same day for $15/hour here, and I’m not in a big city. Just for reference.
I do agree we need a stronger culture of cost control, however. But we need more professionalization and less semi-volunteerism. The latter may be cheaper, but it makes the DAO pretty fragile in a lots of ways that simply paying (or even overpaying) for quality will not.
In Venezuela no job is 15$ per hour, the minimum wage is 3$ per month :v.
I think you should also consider the country context of the hired people.
Obviously life in Venezuela is very expensive being one of the cities like Caracas one of the most expensive in the region.
Please do not dismiss this proposal just because how privileged some of you are. Not everyone lives in california and new york. The dao shouldnt be exclusive to the privilege folks in silicone valley. The idea of dao should consist of a balance of privilege and common folks, of common interests rather than becoming a honeypot where the only thing that glue everyone are the insane compensation. Before dismissing this idea/option, at least make an attempt at gauge the amount of interests in the job postings, and the qualifications of the candidates.
Surely high wages in the protocol are good for those who are not as privileged? We are enabling someone living in Caracas the opportunity to make many multiples of the monthly wage in an hour, as noted by @Saludiego_201
This however, is not an argument for lower wages generally. I don’t think it really matters where someone lives - they should be paid the same if they do the same work, and we shouldn’t aim so low that we are unattractive to individuals from certain areas.
While arguing for accountability around compensation is fine, it’s disturbing that you believe it’s due to privileges. Why is there a wage premium in DeFi sector in the first place? It’s largely due to how efficient the system is. MakerDAO as a system has more than 6 billion in TVL makes 88 mil profit per year. In legacy finance, they would have literally thousands of employees to keep that running.
For MakerDAO, it’s still below 100 core unit members if I am not mistaken.
Another point to note is talents especially those that are familiar with blockchain and DeFi are very hard to get. And it’s not just us as other DeFi protocols are facing the same issue. Talented devs are especially hard to find as they can also just split off and start their own projects / ICOs and will generally have no problem fundraising especially with previous experience at Maker (and we indeed saw many took that route and become successful).
Now that doesn’t mean the salary should be unlimited. There should be clear goal and also KPI and also mechanisms to punish or remove core unit members. However, trying to ignore the current market and thinking that the system that many talents put countless hours to build can be sustained by minimum wages is quite concerning and offensive.
I worked for a year with the DAGs as @Davidutro manual laborer and we did very well on a basic salary to be able to help my mom and dad at home. Not to give me luxuries of course because it was part-time and was with very good friends where the laughs were not lacking
I hope to be able to collaborate with Strategig Mmcorms and continue the work that we were doing with the DAGs and receive perhaps a very good salary, God willing, everything goes well.
I agree, but remember that this can be perceived as offensive from the other side - the purchasing value of a given amount of money varies from country to country.
In multinational companies, the same work is paid at different rates in different countries. In principle, wages in a given industry are set at the prevailing wage level in that country. A multinational company will not pay US wages to anyone in a country with a lower wage level (maybe a few top managers who do the dirty work locally). If you look globally, the true value of labor cannot be fairly quantified because of the many different factors that determine its value.
It’s an interesting problem because there are no borders in crypto, so (in principle) only industry wages should be considered but that would be an oversimplifying statement. Even at the dawn of crypto, very smart guys put a huge amount of energy into it, while not knowing if their work would ever pay off. They believed in it, they did it, they created a whole new industry that is now completely immature and we are running into old/new problems like this issue.
This should be given a chance. The DAO is best served by only paying what the market will bear. In fact, because of the Maker brand, there may be opportunities to find exceptional talent that’s willing to work at much lower levels of compensation than the US industry average. For example by hiring engineers from impoverished countries, or even using the promise of a good reference in place of traditional compensation. This is made possible by the strength of the Maker brand.
We have and had members from various regions including many Latin American, African, and Southeast Asian regions that are considered low or mid income. There’s no discrimination against them. If you have talents, nationality doesn’t matter. In fact, you can be anonymous and won’t even know the background which is common even for major DeFi protocols.
Maker brand is maintained by talented people as well as strong community leading it. The brand will quickly fall apart if it can’t be sustained. Like literally, what major DeFi protocol is doing what you are suggesting? Any successful examples?
Sure, but that’s not an excuse to try to set bare global minimum as basis which is what others are suggesting. The key word is market competitive. Do we really want race to the bottom?
I can’t agree more with this, very good appreciation, Maker is not only its engineers, its community and talent are part of its important pillars.
At least from the engineering perspective (the one I know about), a race to the bottom will lead to mass loss of talent.
Salaries should be related to many factors:
- Revenue of the protocol
- Talent scarcity
- Retention difficulty
If you think you can set up a core unit that operates professionally and can retain talent for 10/15 USD, I believe is your right to propose an operating model , business model for the core unit and plan of action (Mission / Vision and Strategy) and a way for the DAO to ratify that the work is correct.
I think you will not be able to do it, because it’s gonna be difficult for you to create that base of people with knowledge of the protocol and tools, systems or contacts needed with that salary.
This keyword could also mean making ourselves competitive in the market, by optimising (and I don’t mean minimising) our labour costs. If our competitors take advantage of it then this could put us at a competitive disadvantage.
We agree that we need to offer a competitive wage for the work, but I think this amount can vary from country to country.
Well, in that part I disagree, it may vary depending on the country, an extremely expensive city like Hong Kong, or JonahesBurgo, could not accept a very low salary, I think that the country situation and also take into account the talent, is fundamental when accepting or not the job, also understand that no one is forcing anyone to work, if you take the job was by his own decision.
Exactly, really, societies and countries are very diverse, for some countries what is normal is not normal in others, I think that we should work more on objectives and achievements and that in a certain way this is not seen.
Also look at what other companies are doing, instead of diluting your salary if you change to a cheaper country, they keep the salaries equally world wide.
There is some oppinionated information in this post:
I believe salary should be independent from where you live. This is a decentralized world, we have to offer equal opportunities to every one, not condemn or reward living in a place.
EDIT: Otherwise i will just go to live in the metaverse
Being overpay is just as much a sin as underpay a worker. The DAO was made up of people who volunteered the opportunity to play a banker, and now all of a sudden, volunteers demand compensation of upwards 2x to 3x the standard industrial pay in the US; probably 5x to 20x the standard industrial pay international. This is unjustifiable and is setting a bad precedent which will cause DAO to become uncompetitive in the future when the core units eventually will expand by 10x or even 100x. A check and balance should be implemented at the beginning in order to mitigate the risk of unrealistic expectations and cost overrun. Check and balance is a complex issue that token holders do not have the capability nor the capacity of tackling. This should be handled by a professional HR company/team that represents the DAO/token holders long term interest. Therefore, I proposed DAO, either independently, or work with other DAOs, to contract a HR company to specifically tackle this complex issue.