Rent the Runway is eliminating bonuses for its 950 employees and raising their salaries instead
|09/28/2016||Posted by BusinessMediaguide.Com under General World News||
Rent the Runway, the online clothing-rental startup that’s on track to bring in $100 million in revenues by year’s end, has overhauled how it compensates employees.
Starting immediately, the company is eliminating performance bonuses and instead incorporating previous bonus potential into each employee’s salary, Jenn Hyman, Rent the Runway cofounder and CEO, told Business Insider.
In effect, all 950 employees will see a boost to their salary — though those who hit their bonus thresholds won’t necessarily have any more money in their pocket. Hyman says the change is meant to underscore the company’s trust in its employees and to read more >>>