• Thoropass provides businesses with an out-of-the-box solution to manage their entire information security program. 
• As Thoropass hit a hyper growth phase, they enlisted the help of Pave to improve their hiring process. This led to progressively larger adoption of Pave tools to support employee retention and compensation planning.
• With Pave integrated, Thoropass has been able to reduce hiring time, improve retention, and minimize operational bottlenecks and budget misalignment.

Founded in 2019, Thoropass is an end-to-end compliance platform for businesses that need to build and automate their information security program. Using Thoropass, businesses can implement controls, manage audits, respond to security questionnaires, and ensure continuous compliance. Thoropass currently has almost 200 employees distributed across the globe.

Thoropass partnered with Pave to alleviate some of the pain points around hiring. Over several conversations with Pave’s team, Bast began to see numerous use cases for Pave’s features within the organization. He initially signed up for Pave Visual Offer Letter, allowing Thoropass to send engaging offer letters that illustrate total compensation including the monetary value of benefits and the potential future value of an equity stake in the company. Since implementing Visual Offer Letter, Thoropass has been able to:

• Cut the length of the hiring process in half. Before implementing Visual Offer Letter, Bast estimates it took Thoropass about 42 days to fill a role. After adding Visual Offer Letters, Thoropass has been able to cut hiring time to 22 days, largely because they were able implement a straightforward and clear way to explain compensation without human intervention. That new process helped reduce internal friction, time to build a competitive offer, and get candidates to accept offers faster. 

I think candidates receive these really engaging visual offers and it feels very real and exciting; it helps them feel comfortable saying yes more quickly than they otherwise would. – Joe Bast, VP, People & Operations, Thoropass

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With Visual Offer Letter in place, new employees became accustomed to having a birds-eye-view into their compensation. As such, Bast decided to adopt Total Rewards as well, which provided every employee with a portal where they could access detailed information on every element of their compensation package (salary, equity, benefits, bonuses). Since implementing Total Rewards, Thoropass has been able to:

• Communicate compensation information with ease. Total Rewards allows Bast to adjust company-wide compensation information and have those changes automatically reflected in each employee’s Total Rewards portal. For example, after Thoropass went through a recent fundraising round, Bast updated the company’s strike price and valuation in Total Rewards, which updated the equity compensation information for all active employees. 

I don’t have to go through a bunch of people or build new collateral materials. You can simply change something in the dashboard and Pave takes care of the rest. – Joe Bast, VP, People & Operations, Thoropass

• Facilitate more transparency between managers and employees. Total Rewards allows both employees and managers to have an up-to-date view on current compensation, which can help foster productive conversations around performance and growth. The self-serve portal also allows managers to view their team’s compensation and operate with more independence—reducing operational burden on the People Team. 
• Help employees feel appropriately compensated. While compensation can be a personal topic, employees have appreciated the company’s efforts to help them better understand their compensation. Being able to see why they’re paid what they’re paid has helped employees feel like their compensation is fair and equitable, and that they know what they need to do to progress their career at Thoropass.

Finally, Bast enlisted the help of Pave’s Compensation Bands and Planning products to analyze compensation internally, benchmark roles externally and run organization-wide merit cycles. Since implementing Compensation Planning, Thoropass has been able to:

• Create up-to-date compensation bands and execute seamless merit cycles. Pave Benchmarking provides users with in-depth salary benchmarking data (pulled from HRIS systems), making it easy for Bast to level his employees and build compensation bands. What’s more, with his bands created, Bast was able to streamline his merit cycle process. Compensation Planning’s configurable permissions allows Bast to only present relevant information to managers, streamlining workflows and approval processes, and minimizing the risk of errors.
• Manage budget more effectively. Compensation Planning allows Bast to set budget limits across the organization, ensuring managers cannot go over budget without Bast’s knowledge. Bast and his CFO often review the data within Compensation Planning together and provide final approval on all compensation changes. 

Pave made it easier to stick to a budget because we can work from a clear set of data we know to be accurate, rather than a payroll report or salary histories. The playing field is much clearer, which helps ensure we’re aligned when we come to a decision. – Joe Bast, VP, People & Operations, Thoropass

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