People are a company’s biggest asset and investment. Companies spend billions of dollars on recruiting, paying, managing, and trying to retain talent, as people are the lifeblood of a company. In fact, the average Fortune 500 company spends 50-60% of total spend on labor.
Employee compensation benchmarking startup Pave raises $46M in series B funding at a $400 million post-money valuation led by YC Continuity.
Pave, a San Francisco-based startup that recently graduated from Y Combinator is aiming to end the pay and equity gap with a software tool it developed to make it easier to track, measure, and communicate how and what they pay their employees.
Pave’s valuation as of 2020 was $75 million, which affords Schulman a lifetime supply of salads. True to his word, Schulman typically has water for breakfast, a Sweetgreen Guacamole Greens salad for lunch and a Sweetgreen Harvest Bowl salad for dinner.
We also know from countless research studies, that the hesitation of some to negotiate leads to massive pay differentials over a lifetime. This is where Pave’s tools help. They give candidates a holistic view of their offers, including cash, benefits, and the potential value of options.
Pave is solving these problems with a unified solution that combines easy to use SaaS applications with a data platform that integrates with 1000s of companies across all of their key compensation systems.
Leaving one job for another takes a lot of steps. After you complete the hurdles of stressful job interviews, negotiating a job offer and setting up your transition,
Pave, a San Francisco-based startup that helps companies benchmark, plan and communicate compensation to their employees, has raised a $46 million Series B.
Trove, which provides a suite of real-time total compensation tools, announced today that it raised $16 million in Series A funding led by Andreessen Horowitz (a16z) and unveiled its rebrand to Pave
Companies need to know these numbers even before posting their job descriptions. To pay above the market and attract top engineering talent, they have to level up their HR tech stack, leveraging advances in compensation benchmarking to support data-driven policies.
The HR technology industry is growing steadily, and it’s expected to be a $35 billion industry by 2028 (up from 24 billion), according to Fortune Business Insights
Year on year, startup employees typically see around 5% increase in salaries, according to Katie Rovelstad, compensations operations at Pave
He remembered his trip to Tajikistan, going completely unprepared (information, experience, finances/support), and realized this is exactly how people go into salary/equity negotiations. There’s so much uncertainty.
Simply put, Pave helps employers compensate their employees. In startups, stock options are a thorny but big part of compensation packages. Pave is a platform that helps managers visualize earnings amid different valuation scenarios, then communicate those numbers to employees.
Status quo compensation benchmarking surveys are fundamentally broken due to one crucial aspect of how they work — manual, spreadsheet-based upload.
You can win more candidates by helping them visualize the upside of their offer, most notably with a visual offer letter.