Empowering Leadership

Thoropass Streamlines Compensation Management with Aeqium

50%

Reduced time to complete a cycle

90%

Fewer errors during compensation reviews

92%

Satisfaction rating from line managers.

The Company

Thoropass is an end-to-end compliance solution offering an integrated platform, expert guidance, thorough prep, and a seamless security audit experience.

When they faced challenges with their previous compensation management tool, Pave, due to its complexity and lack of flexibility, they sought a more intuitive, user-friendly solution. Thoropass switched to Aeqium, enabling them to quickly adapt, implement, and manage their compensation strategy effectively. Thoropass was onboarded into Aeqium’s Compensation Bands, Offer Letters, and Compensation Cycle Planning tools and executed a comprehensive compensation review cycle all in just six weeks.

[.quote-green]"We’re a lean People team and proud of it. But we couldn’t work the way we do without tools to make it possible. For us, Aeqium was a no-brainer. It costs us less than half of what we were being charged by Pave. It's easier to configure, it's easier for our managers to use, and our leadership team raves about it."- Joe Bast, VP of People and Operations[.quote-green]

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The Challenge

Thoropass wanted a platform that was simple to use but still had the flexibility for them to configure their pay bands and compensation review process.

However, their previous solution left them needing more…

Lack of self-service functionality, leading to dependency on customer support for adjustments
Inadequate configurability to align with specific needs
Excessive complexity throughout the user experience
Unpredictable pricing changes causing confusion and frustration

As a scaling organization, Thoropass needs to stay agile in analyzing and adjusting compensation for its employees and candidates. After using their previous platform for two years, Thoropass recognized they’d need simpler tools with more flexibility if they wanted to remain agile with the changing needs of their compensation program.

[.quote-green]"We’re a lean People team and proud of it. But we couldn’t work the way we do without tools to make it possible. For us, Aeqium was a no-brainer. It costs us less than half of what we were being charged by Pave. It's easier to configure, it's easier for our managers to use, and our leadership team raves about it." said Joe Bast, VP of People & Operations.[.quote-green]

Just two team members manage compensation cycles at Thoropass. With their previous platform, it took up to eight weeks to prepare because they needed to go back and forth with a customer success manager to make small tweaks. The full review process took even longer because their financial leaders weren’t able to quickly access the details they needed to review and approve recommended changes.

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The Solution

Thoropass aimed to enhance its operational efficiency by adopting a self-serve platform, enabling the team to execute changes on its own quickly and easily.

“Aeqium’s onboarding was way easier than anything I've ever experienced. The system was so easy to interpret. The uploads were super easy and clean, and for the one or two questions I had, I just slacked our CSM and immediately had a resolution.” - Carter Faison, Head of Total Rewards at Thoropass. “As we were getting cycles set up, I could make changes myself in real-time to test different views and see which iteration would be easiest for reviewers.”

To get up and running quickly, Thoropass needed to map job categories and roles within the company.

“The job mapping was much easier and much more intuitive than our previous provider. Other platforms want to fit you into a box and say, ‘this is how you should be doing it.’ but with Aeqium, we were in the driver's seat and could tell the tool how we wanted things to look.” Said Carter. “When we looked at Aeqium, the feature set was there, the ease of use was there, and the process for making the decision was very easy.”

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The Results

Thoropass was able to completely onboard into Aeqium’s Compensation Bands, Offer Letters, and Compensation Cycles tools and run a complete compensation review cycle in just six weeks.

“We onboarded and ran a cycle in 6 weeks and probably could have done it in half the time if we didn’t have a few other projects going in the background.”

The team makes changes on their own and makes tweaks to get it to a point where their managers and leadership teams have an experience they clearly understand.

“My employees and my managers have a much clearer view of their own compensation and the compensation of their teams because the tool is easy to use and visualize.”

They’ve received rave reviews from C-Suite executives who were able to start using the tool themselves in just days.

“Aeqium is killing it with our leaders. To have a C-suite person who hasn't been trained on the tool go in and immediately pull a report for another C-suite person... I don't think you understand how powerful that feedback was about our decision.” Said Joe. “Aeqium’s workflow lets our CFO review budgets and spend to approve things live in meetings. His ability to dig into the data has made him more confident in the process, and that's why we’re able to run the process so quickly.”

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[.quote-purple]“Another Total Rewards leader considering Aeqium reached out to me over LinkedIn for a referral. I couldn’t think of anything to tell him besides sign the contract as soon as possible and get in there.- Joe Bast, VP of People & Operations[.quote-purple]