The key insight this week
Someone tell Jerome Powell there's no need to raise interest rates again - tech comp is on the decline.
Jokes aside, this is the most significant shift we've seen in startup compensation in years.
Salaries across startup positions, according to our Carta Total Compensation benchmarks, have nudged down less than half a percent since Nov 2022.
Equity comp, though? That's off 26% on average.
Read the full breakdown in our State of Startup Compensation, H1 2023 Report
First chart above shows that equity packages are down across functions, but engineers + product folks are holding up better than design and HR.
Second chart shows (to no one's surprise) senior execs have seen their equity compensation benchmarks decline much less than middle management. Curious to see entry level workers hold up better as well, however.
I can hear the objection through your email inbox. "Peter," you say, "of course equity compensation is down. Valuations for startups have fallen, so everyone is getting less valuable equity."
Reasonable objection! But incomplete. The 26% average decline mentioned above is in fully diluted percentage of company equity. So this decline is not a function of lower company valuations.
Everyone is just getting a smaller slice of pie (except, you know, the C-Suite).
We touch on so much more in the full report. Salaries, equity packages, remote work, hiring, layoffs, city-by-city breakdown of compensation - it's worth your time, I promise.
Always around here if you have questions once you've read the thing. And don't miss the equity addendum at the bottom, it covers early equity for first 10 hires, advisors, and board members.
Subscribe here if you're new to the Data Minute. Forwarding encouraged!
Peter Walker
DISCLOSURE: This communication is on behalf of eShares, Inc. dba Carta, Inc. ("Carta"). This communication is for informational purposes only, and contains general information only. Carta is not, by means of this communication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. Before making any decision or taking any action that may affect your business or interests, you should consult a qualified professional advisor. This communication is not intended as a recommendation, offer or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein. © 2026 Carta. All rights reserved. Reproduction prohibited.
