Hiring PMs at series A
I am sick of PM junta acting so pricey when joining a Series A. Most junta are stuck in their jobs doing boring stuff, and they keep seeking exciting opportunity to arrive. But when it's knocking on the door suddenly everyone wants a 40-50% fixed pay hike and doesnt want risk sharing (say ESOP component higher than fixed). For what!!
Dude Series A has lesser money that's 1, unlike the cushy companies to these PMs are leaving and then, all of a sudden , I derive my happiness from "intellectual stimulation" or "real work" just vanishes in thin air. Btw, we are offering like 5-15% hike on their current fixed pay with atleast 1:1 ESOP min (giving more to people who negotiate on ESOPs).
Series A hiring is tough. 🥲
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@Blabla_blackshit I joined a startup as a founding PM. I opted for a large ESOP component and traded off cash. I stayed for 3+ years and now the startup shutdown. All that ESOPs are now worthless. Now when I am looking for a new opportunity I can’t negotiate a better salary because companies only consider the cash component of the salary and my cash component is low. So In the hindsight, I should have opted for more cash instead of ESOPs.
So from my POV, I understand why PMs ask for a large salary given the long term risks.
That being said, most of PMs are now drawing bull market salaries and they won’t have the skills to justify their salary.
If you find a really good candidate, you should be willing to extend the budget, otherwise 40-50 LPA should be more than enough
Same here, my case was different. Traded my cash with esops, company got acquired, didn’t get any monies with esops. I could have retired but founders took majority of the money and changed the terms of esop when acquisition was happening. Got fucked and was hard to climb the salary component again.
You should name and shame such companies
They want a huge hike for taking the "risk" of going to a well funded startup, and then want a huge bonus for "the effort" regardless of outcome.
Bitch, if anyone is taking a risk it's me giving you 50LPA when we are pre revenue, and trusting your ass to drive our product.
If you paying 50l to PMs pre revenue then you doing it wrong imho.
You are offering hike on fixed pay, but then wonder why people don't prefer higher ESOPs.
And the reality is, most will switch jobs for better pay, not because they believe in your mission, vision and company (very very few might). In the end, they are employees not owners so you need to adjust your expectations of other's risk taking ability. If you want your initial employees to act with owner mindset, make them owners by offering 5-10% of equity.
Can't believe this had to be said. Why you want to join us is such a bullshit question everybody knows. Still everyone has to do the same song and dance. I love the mission, product, team, leadership blah blah blah. I didn't know people even believed that answer.
Also, very well said on employee vs owner mindset. Again I can't believe it has to be said.
True. Series A hires have to have ownership mentality. Folks asking for large increment over current salary will come with employee mindset. Might be a good filter for you as well. All the best. 👍🏼
5-15% hike ? Was it a joke? Also, why blame folks for being risk averse if they want to?
Why not creating your Own PMs internally or hiring from T2 , T3 colleges for PMs in internship routes. Cost also saved, lessening risk also
@Blabla_blackshit I'm working in Tech IB (help European FinTechs exit with 100m+ valuations via M&A) looking to move into PM. Willing (and eager) to wear multiple hats and will help you with financial modeling/strategy/fundraising alongside the PM duties. Let me know if you're interested :)
@Blabla_blackshit a friend of mine is also searching for a PM role and fits the budget range you have mentioned. He is from a Tier 1 MBA + Tier 1 Engineer and has worked at startups. Kindly share your email id for forwarding resume.