Pay Transparency at Formation Bio

Here at Formation Bio, our mission is to bring new treatments to patients faster and more efficiently. From a hiring perspective, that means we’re always looking for great people who can help us achieve that and we always want to set clear expectations upfront.

We agree that New York City’s pay transparency law creates a more efficient and transparent hiring process. It also helps us achieve fair, equitable, competitive compensation for all (in and out of Formation Bio).

We believe in focusing on hiring and retaining a diverse team. All of our job postings will be crystal-clear about compensation ranges candidates can expect. You will never see an unrealistic compensation range on our site to fulfill the requirements.

Why Do Companies Need Pay Transparency Rules

Pay Transparency laws are intended to add clarity for both candidates and employees on company compensation, while also addressing and hopefully decreasing historical pay gaps among the NYC workforce.

As of November 1, 2022, NYC Local Law 32 requires employers hiring in New York City to disclose the good faith minimum and maximum annual base salary or hourly wage for a job, promotion, or transfer opportunity they have established in any advertisement for the position.

This law covers all employers with four or more employees, provided at least one of those employees works in New York City, and applies to any advertisement for a job that can or will be performed in New York City.

New York City isn’t the first to enact a salary transparency law. Colorado, Connecticut, Maryland, Nevada, Rhode Island, Washington, and California, all have similar legislation pending elsewhere.

You should expect to see more and more transparency about compensation as more states start adopting these laws.

Formation Bio Pay Anchoring in NYC

Some Formation Bio roles are hybrid positions, while others are fully remote. Having some employees based in other states has raised the question of how location may come into play when determining compensation.

We’ve decided to anchor all pay to New York City even for remote roles, no matter where you live. That means you can accept a remote position and get paid the same as the other people doing the same work somewhere else, and your salary won’t be changed or calibrated if you move.

So as you review open Formation Bio jobs in the U.S., no matter where you are — you won’t have a different range whether you live in NYC or Ohio. This is not required by law but something we believe will continue to foster inclusivity and transparency.

Beyond the Salary Range

In order to craft a compelling offer, we think about compensation holistically to include salary, equity, benefits and perks. Our current benefits offerings at Formation Bio include access to health, vision, and dental insurance, a healthcare and dependent care FSA, pre-tax commuter benefits, access to a 401k plan, short- and long-term disability and life insurance. Every year we evaluate the cost of these benefits and do what we can to bring down the portion that employees are responsible for.

We also offer flexibility in where our employees choose to work from, with remote, hybrid and in-person options. All Formies receive reimbursement for their at-home office set-up in their first paycheck. We have a flexible PTO policy, generous parental leave for birthing and non-birthing parents, and career development resources for Formies at any stage in their professional journey. This includes in-house training, access to external resources, and a self-driven learning & development stipend that renews annually. We have built a culture that is supportive, collaborative, and focused on growth that we’d love for you to be a part of.

Learn more about benefits and working at Formation Bio on our careers page.

How We Decide Compensation

• You don’t have to be based in NYC. Unless specified otherwise in the job description, you don’t have to be based in NYC just because your pay will now be anchored to this market.

• We won’t base our offer on your current/past salary. We pay based on job function and level — not pay history. When extending an offer within the posted pay range, we’ll consider your experience level and skill set, among other objective factors.

• Compensation will remain competitive. We weigh market and data-driven salary sources to identify the target average for the positions we seek to fill. Then, we arrive at a salary range that we believe is fair and competitive.

Sustaining an Equitable Approach to Compensation

Publishing salary bands is a good step forward, but on its own, it is not enough to foster systemic change and achieve true pay equity.

Here’s what else we’re doing to sustain an equitable approach to compensation at Formation Bio:

• Continuing to conduct clear review processes for performance, promotion, and compensation, with objective criteria for promotions

• Reviewing compensation for all employees twice per year and before finalizing salary increases, conducting demographic pay analyses to spot and correct potential pay gaps

• Sharing compensation ranges with all existing employees for their role during our twice-per-year compensation review cycles

• Offering compensation fluency education and training on our approach & philosophy

So… What Will My Compensation Look Like?

Go find out! Check out our current job postings here to review open jobs and their salary ranges.

And if any ranges don’t match your expectations, please apply anyway– we may be able to find another position for you.