Insider is increasing the minimum salary of its full-time employees to $60,000 and improving other benefits, according to an internal memo distributed Thursday.
Full-time employees earning less than that amount will see the increase in their first paycheck in April, according to the email from CEO Henry Blodget and chief people officer Margaret Bowani.
Some employees earning just over $60,000 will also get a modest raise to account for the new higher minimum.
Insider, which recently dropped “Business” from its name, was founded in 2007. In 2015, German publisher Axel Springer bought a majority stake. Last year, Insider acquired the business newsletter Morning Brew.
In addition, the company is increasing minimum severance in the United States to two months, and converting its salary and bonus compensation for most employees to straight salary.
“In other words, if you currently earn a $70,000 salary with a $10,000 target bonus, your new salary will be $80,000,” wrote Blodget and Bowani. “This change will apply to all editorial employees who currently receive a bonus except our top editors. For our editorial team, some of whom still receive quarterly bonuses, we believe the straight-salary approach will be simpler to manage and provide more certainty.”
The company plans to release its 2021 diversity and pay-equity report and its editorial roles and responsibilities report later this year.