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.
In 2021, Thoropass (formerly Laika) was hitting a hyper growth phase on the heels of a Series A fundraise. However, Thoropass’s VP of People & Operations Joe Bast felt the hiring process wasn’t moving fast enough to facilitate the company’s growth goals. One key bottleneck was explaining Thoropass’s equity compensation, which typically required a standalone meeting with any individual candidate who had a question.
It wasn’t scalable for me to stop twice a day, five days a week to talk to candidates about equity. But at the same time, there was such ferocious competition for talent, that we needed to make sure we were doing everything to stand apart from the pack. – Joe Bast, VP, People & Operations, Thoropass
Additionally, Thoropass wanted to ensure they could retain talent once they hired them. While the company had always had a strong retention rate, Bast was aware of the growing pains that can occur when a company sees a sudden rise in headcount. As such, he wanted to make sure employees had easy access to compensation information to instill a sense of transparency.
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:
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
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:
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
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:
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
With Pave, Thoropass has been able to improve hiring and retention while streamlining compensation management. Bast feels well equipped with Pave to hire, retain, and support his growing team.
Pave never had to push their platform on to me. They listened to my questions and offered up solutions that met my needs, which led to progressively larger adoption over time. Given the continuous innovation from Pave, I’m sure it won’t be long before they roll out a new feature that’ll fit perfectly in our workflow. – Joe Bast, VP, People & Operations, Thoropass