Pave has four products: Benchmarking, Compensation Bands, Compensation Planning (Plan), and Total Rewards & Visual Offer Letter (Communicate).
Benchmarking
Pave's Benchmarking tool provides customers with benchmarks for compensation. The product works on a give-to-get model which means that you must integrate your systems and provide us with your data in order to receive access to the benchmark data. This ensures that data is collected from the source of truth and that data will not be stale. Rest assured, the data in our product is aggregated and de-identified before it is served to a user in production, so no individual's data is ever exposed within our product.
In order to gain access to our Benchmarking data you will need to create a Pave account and integrate your HRIS and Cap table system. Integrating your HRIS will give you access to salary benchmarks, and integrating your Cap table will give you access to equity benchmarks. After successfully integrating your HRIS and Cap table you will receive immediate access to the free Benchmarking tool.
Compensation Bands (Bands)
Through Compensation Bands, you will have a framework to tie skill & experience to compensation. This is essential for giving fair band-based raises to reward employees during merit and promo cycles, while helping employees understand how their compensation reflects their skill and career progression. Compensating candidates fairly within a band relative to their skills and experience helps decreases pay inequities across teams.
Compensation Planning (Plan)
With Compensation Planning Pave will make your merit cycles a breeze. You will need to integrate your HRIS & Cap table so that data can be pulled in to be displayed within Pave. Since this is a paid product you will work with a dedicated Pave representative to set everything up.
This product will eliminate your use of spreadsheets when running merit cycles. You will be able to make streamlined and intelligent compensation decisions using Pave's real-time market data, intuitive analytics tools, and merit cycle workflows. You will easily administer bonuses and equity refreshers during merit cycles with customizable recommendation and approval workflows.
Total Rewards & Visual Offer Letter (Communicate)
Using Total Rewards & Visual Offer Letter also requires an integration of your HRIS & Cap table. If you are using an ATS like Greenhouse or Lever as well, you will also integrate that. Since this is a paid product you will work with a dedicated Pave representative to set everything up.
Once everything is set up, employees will be able to log in to Pave to view their Total Rewards portal. Data within the portal is pulled from your HRIS and Cap table, and some will be configured in tandem with your Pave representative. The Total Rewards portal gives employees a total compensation hub to visualize how salary, bonuses, benefits, and equity enhance their total compensation package.
Visual Offer Letter is the same portal, except it is for candidates. Offers that are created within your ATS will populate within Pave. Recruiters will see their offers listed in Pave and be able to send those offers to their candidates via Pave. Sending an offer via Pave sends the candidate an email containing a link to sign up for Pave. Once signed up and logged in, candidates will be able to view their Visual Offer Letter. This enables companies to share what makes them unique in a visually stunning format and enables candidates to dream big about their equity and total compensation.