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Gamasutra is reporting on a interview that Valve's economist-in-residence Yanis Varoufakis gave to EconTalk about Valve and how its management-less structure works. The article quotes Yanis in relation to Valve's practices with hiring, firing and pay levels. All of it works on a peer review process with no one in the company vetoing ideas having the final say.
Pay is a flat rate with the rest determined by bonuses, granted by peer review of performance and value to the company. Similarly if an employee is judged to be under-performing by their fellow employees they are eventually let go. Although Valve tries to only hire the best people Yanis explains that some people "just can't function very well in a boss-less environment."
It's an interesting summary of an interesting interview and I suggest you follow both of the above links to see it in full.
Pay is a flat rate with the rest determined by bonuses, granted by peer review of performance and value to the company. Similarly if an employee is judged to be under-performing by their fellow employees they are eventually let go. Although Valve tries to only hire the best people Yanis explains that some people "just can't function very well in a boss-less environment."
It's an interesting summary of an interesting interview and I suggest you follow both of the above links to see it in full.
