At Ethena, our compensation philosophy is more than just numbers — it’s a reflection of our values and commitment to building an inclusive, high-performance culture. By being transparent about how we value and reward our people, we aim to foster trust, reduce confusion, and align pay practices with our organizational goals. Our approach ensures fairness, recognizes hard work, and keeps us competitive in the market while creating clarity for employees about growth and rewards.

We’re sharing our actual compensation philosophy (and a list of FAQs) here because we believe in being bold and specific. So let’s dig in.

What is Ethena’s compensation philosophy?

To put it simply, we pay top-of-market compensation because we require top-of-market performance. That means we determine compensation by benchmarking against our peers (those similar in industry, size, stage, etc.) and offering salaries that are at the top-end of what’s offered in the the U.S. 75th percentile.

Ethena performance and compensation FAQs

How is performance measured at Ethena?

Performance is measured across a few critical areas.

All employees are expected to embody our Play to Win value, which means bringing our A-game to work and performing at a high level. Being a high performer at a fast-moving startup like ours requires a few critical characteristics, including: adaptability, autonomy, and a team-player attitude.

Based on job level and specific role, employees may also have a more specific set of expectations required of them. Check out our job leveling template for specifics on what’s required of our employees at each job level.

How do managers determine where on a salary band someone falls?

Where someone falls on the salary band is determined by how far along they are in excelling in every aspect of their role.

The three main areas that are evaluated when determining someone’s salary band are:

  • Scope of role: what you’re responsible for, i.e. leads project vs. leads teams
  • Level of expertise: the quality and level of work you’re responsible for, including hard and soft skills
  • Leadership: the level of professional acumen you bring to the table, i.e. embodying our
    company values, orienting towards problem solving, staying calm under pressure, etc.

High performers can do a great job while still having room to grow.

An example of this is: someone who has recently been promoted into a new role and — although they’re able to meet the core needs of the job — has yet to explore all the direct facets of the role and is very clearly still learning and growing within the scope of their role. Maybe they’re great at their individual contributor (IC) responsibilities, but are still learning and navigating the needs of their leadership or managerial responsibilities.

How often do salary increases typically happen?

Salary increases at Ethena are typically limited to once per year. Six-month increases are only awarded in exceptional cases (like a market adjustment) and require C-suite approval.

Wait — C-suite is part of the decision-making process? Why?

Yes! For equity reasons — ensuring a fair and consistent process — we want to make sure that we’re applying the same performance standards across the company. To help with that, the entire C-suite is required to review and sign off on all pay increases and promotions.

How do performance reviews at Ethena work?

Performance reviews at Ethena consist of two components: a self-assessment and a live performance review. The process takes place twice a year.

Ethena managers evaluate an employee’s self-assessment as part of their overall performance review. The completed performance review is shared with the employee no more than 24 hours prior to the scheduled live review. Here’s an example of what a Sample Performance Review might look like.

Do managers at Ethena make decisions about performance reviews in a silo?

Nope! All managers are required to submit their employee performance reviews for evaluation. Both the Ethena manager and Chief People Officer must review and sign prior to the live review.

Does Ethena leverage peer interviews?

Not currently. Historically, our peer reviews have over-indexed on positive feedback, and shied away from constructive growth opportunities.

What happens if an employee is scheduled to go on leave or PTO during the performance review period?

The employee must work with their manager and determine a time that works for both parties.

Can Ethena employees provide feedback on the performance review process?

Yes! Employees can share directly in the People team suggestion form, with their manager during a Feedback Friday session, or meet with their skip-level manager during the office hours.

How long are live performance reviews?

Performance reviews typically take 45 minutes to complete live, but managers may schedule more or less time with an employee, depending on what makes sense.