Pay the team (backpay and month-to-month)

Some in the team haven’t been paid for month, for some their payments just ended and some are about to end. I propose we backpay and going forward pay month-to-month based on their last agreed pay. I don’t think the payments are well aligned with industry and with others in the team, but those changes can come later as they require a lot more discussion. This proposal is to make sure people aren’t without pay.

Pay the team based on schedule above?
  • Yes
  • No

0 voters

4 Likes

Team definitely needs to be paid, no one should deal with this much drama and not get paid while being in the middle of it. I support rushing this through now to keep the team happy until a more long term plan can be achieved to increase the team’s stake in Sushi and with a more organized structure and compensation plan can be put in place!

1 Like

Yes.

We should also reserve up to 3 years worth of salaries within the treasury (pending an allowance for possible further sushi price drop in case of prolonged bear market).

Ideally we will have finished crystalizing new salary matrix before march, or before april at the latest (to have clean books for Q2 onwards).

I assume this proposal doesn’t need snapshot vote, as the expenses are within the budget we had voted on in the past.

2 Likes

No brainer to pay people what they’re owed. Voted in favor.

1 Like

Yes, definitely in favour of paying what is owed, no brainer!

Two of our guys haven’t been paid since May 2021? Am I reading that correctly? What needs to be done to ensure this doesn’t happen again? Contracts being renewed?

In favour of paying.

2 Likes

I voted yes to pay as a show of good faith but i would like a bit more communication as to what the go-forward plan is or at least a deliverable date as to when we can expect something.

Also who will be ensuring this is kept current going forward? Do they maintain a log of all current sabliers, their end dates & the persons function? How do we measure performance to ensure the sablier should be renewed? Etc

When were these amounts established? 150-200,000 SUSHI is not a small amount of money…we are talking upwards of $1M per year at the current price and i think we need to have some level of regular communication from the team to ensure these amounts make sense (not saying the arent but business is business)

3 Likes

Sushi is currently without official internal leadership, so it’s currently effectively run directly by the community until a better structure is established. I’m trying to facilitate this process, but there are a fair few fun hurdles to overcome along the way. Administrative debt, hostile takeover attempts, discord server ownership, unpaid bonuses, etc, etc…

The team can’t give you any timeline, because they have no mandate to make major changes. That mandate has to come from the community. I try to facilitate by working with the community, the team and the investors to move forward to a better structure and overcome the hurdles we find along the way. And do this in an expedited, but not rushed way. I believe that if we rush through some great sounding but badly fleshed out quick fix, we’ll just be back at square one. But I’d like to see constant improvement day by day at a good pace. So far we’ve managed:

  • Get transparency on ops multi-sig operations, sabliers, etc.
  • Get transparency about who works for Sushi and what they do. Including org chart creation.
  • Mapped out any friction still within the team and finding mitigations.
  • Get the community vote on getting our discord server back from Joe.
  • Figure out backpay and set in motion the fix (this proposal)
  • Made contact with the larger investors to understand their goals/needs
  • Fixed up all the multi-sig wallet owners
  • Fixed up the snapshot admins and authors list and moved to posting using the multi-sig
  • Created a proposal to add delegation to snapshot voting to get better representation of all parties in the voting process going forward and allow for shorter voting periods.

Things are moving… and I’ll do what I can to keep it moving at a good speed. But I’m not in charge, the community/investors are…

7 Likes

There was a nice outline posted by Matthew here: Sushi 2.0 🍣 - HackMD

Looks like Design is supporting engineering at the moment to get all of this stuff shipped and the BD contributor has been repositioned to work on engineering to add bandwidth there.

$sushi is still a billion dollar project and that comes with expenses from my pov these are pretty reasonable.

1 Like

I should clarify - i dont want a go forward plan on product deliverables. Im confident in the teams ability to produce product. My concern is everything else that makes a business run

  1. How is accountability sustained across the organization?
  2. who is managing “HR” ie hiring/firing/payroll
  3. list of contributors ie (name, full time/part time, sablier amount, expiry date, dept, etc)
  4. how are we paying for all this? masterChef minting solely? See my post here SushiSwap Org Chart & Business Plan Roadmap - #4 by pocketsquare
  5. what is the appropriate communication cadence to the community and who is doing it? We just switched to a bi-weekly call instead of weekly in times of our biggest turmoil which seems like communication is going the wrong way

@BoringCrypto Want to say a collective Thank You for the effort you have put in so far. I know you are just trying to right the ship and the effort is appreciated. Im sending you a DM on discord if you could please take a look

1 Like

People need to be paid. I think the agreements need to be re-evaluated at some point. People should be receiving sushi as equity and that should be locked up for a number of years similar to off-chain compensation operations.

We have some incredibly high paid individuals here. I get that that fluctuates and that is a risk they take, but I think agreements need to be re-evaluated. With some payments, we risk creating new whales.

This is not to insult those with the incredibly high pay. This may be entirely in line with customary pay in web3. But we should analyze that. Thereafter, determine how to create compensation packages that incentivize core contributors and devs to maintain focus on the growth and improvement of Sushi.

2 Likes

I will mirror @nickjrishwain’s point below:

I believe this has a ton of merit. Reevaluating compensation with regular cadence is important - as is incentivizing the core team to increase the value of $SUSHI. I would advocate for a yearly period.

While everyone is deserving of fair pay, these packages can quickly 5x.

3 Likes

Individuals need to be paid for services rendered so we are supportive of the overall proposal.

With that being said, it is critically important that Sushi establishes a regular compensation review process. A well-informed compensation process ensures employee’s pay and ownership levels are aligned with market, which promotes retention, and confirms that communities are spending an appropriate amount on key talent. We also recommend engaging an independent third-party consulting firm (such as ourselves) to provide advice and market data. Protocol leaders should not be proposing their own pay. You can read more in our latest article - Compensation Process.

A few more points:

  • Sushi must determine whether their compensation model is meeting their talent objectives. And, the community should ensure they are approving compensation that limits attrition and motivates leaders. In this structure, compensation is received every month in USDC and/or Sushi. Is there a vesting period on the Sushi? Without a vesting period, community members are approving a compensation vehicle with upside, but no retentive hold.

  • We think it is important we move away from approving compensation denominated in Sushi tokens. This is misleading and can have unintended consequences. During bear markets, leaders are underpaid, and during bull markets, leaders are receiving payment that community members approved, but not to that extent. A “salary” represents fixed compensation, thus should not fluctuate based on the price of Sushi at any given time. All pay components should be reviewed and approved in USD. Final payment can be in Sushi tokens derived using the price on payment date.

  • Leaders should continue to be aligned with tokenholders. Sushi should consider re-allocating total pay among different incentive vehicles. Ideally, you want to have competitive pay that promotes a pay-for-performance model and that has sufficient retentive hold.

In the current model, developers receive 100% in Sushi in monthly installments. An alternative approach could be receipt of 40% of total pay in USDC in monthly installments (i.e., a fixed base salary) and 60% of total pay in Sushi tokens at the beginning of each quarter (i.e., token compensation). Token compensation should have a sufficient vesting period over 2 or 3 years (can be designed to vest ratably every year or cliff-vesting).

Much needed for a healthy atmosphere I guess

Guess I never responded to your comment. Definitely agree that incentivizing the core team to increase the value of $SUSHI should be a top concern. If they are being paid in $SUSHI, at least in party, it is the equivalent of off-chain equity. Definitely like the idea of having regular compensation evaluation cadence.

1 Like