What is fair compensation at a start-up?

March 24, 2012 7:40 AM

I'm a medical student, taking a year off before residency. During the year, I'm going to be working for a new start up that creates medical apps. I will be creating content for their apps and working on their social media strategy. Does anyone have any ideas about how I can determine what I should be paid, and/or how to negotiate it?

I'm a late stage medical student, taking a year off before residency. During the year, I'm going to be working for a new start up that creates medical apps. I will be creating content for their apps, and have questions about how to determine a fair wage.

One twist: I've been asked to work on their social media strategy, and start tweeting under their company account, before my actual start date. I have some experience doing this.

So, here are my questions:

1. How can I determine what a reasonable compensation package would be? I'll be working part time, about 20 hours per week. Should I focus just on an hourly salary? They've actually talked about stock benefits, but I'm not sure how to assess the value of that possible benefit.

2. How should I be compensated for developing their social media and developing new contributors? Should I ask to be paid hourly, or by project, or by a particular outcome?

3. Are there any online resources - salary websites, job boards that would list positions like this, so I can quote a fair range?

I'm in the bay area/Silicon Valley, if it's relevant.

Any advice or resources would be greatly appreciated! Thanks hivemind.

posted by anonymous to Work & Money (3 answers total)

Being paid by outcome isn't a good plan, but plenty of places pay bonuses for certain milestones (so many Twitter followers, so many media mentions, etc.) I'd go with hourly, myself. Mashable did a social media salary guide.
posted by Ideefixe at 7:57 AM on March 24, 2012

You mentioned nothing about your loans, meaning that either you don't have any or that there's a ~$250,000 principal that's been collecting interest at 6.8-7.9% for four years and is going to come out of deferment as soon as you flip the tassle on your mortarboard. If I were in those particular shoes, I'd make damn sure I had a real salary-- at least $50k-- or some other arrangement under which I could start paying that money back.
posted by The White Hat at 8:14 AM on March 24, 2012

You value stock options the same as if they wanted to pay you with lottery tickets.

Assuming you are writing medical content that relies on your background, that makes you worth a little bit more, IMHO.

If you are going to be an employee - I'd expect about $30 an hour, which is a little over $60K annualized. If you are a contractor, make it $60 an hour.
posted by COD at 10:40 AM on March 24, 2012