As Vera Solutions has grown, we have tailored our compensation model to align to our strategic priorities and values.
When we reformed our compensation model in 2020, we committed to the concept of equal pay for equal work. We designed our compensation model to reflect and reinforce the following values: fairness, transparency, clarity, and predictability.
For us, “equal work for equal pay” means fostering an environment where pay is driven by one’s title, location, and job function, not by external and/or sometimes subjective factors such as market demand for a skillset, previous earnings, negotiation skills, demographics, or anything else.
Delving further into the principles behind our compensation model:
Fairness is integral to how we operate. We acknowledge the diverse contributions of every team member. Our compensation structure ensures that base salaries and benefits are distributed equitably, eliminating any risk of salary disparities arising from factors unrelated to job performance like gender, race, ethnicity, educational status, etc. We champion the idea that compensation should reflect an individual’s role and responsibilities – ultimately compensating them for the work they’re doing in their role at Vera.
Unlocking the Power of Transparency
Transparency builds trust within an organization. At Vera Solutions, we’re committed to openness by providing a clear view of our compensation structure. Our employees not only receive information about their salaries but also gain insights into the factors that influence these figures. The compensation for each role is published internally and every employee has access to this at any time. And, our promotion cycle is predictable – staff are considered for promotions twice per year, in June and December.
Simplifying in Favor of Clarity
Simplicity is key in a successful compensation model. Our dedication to “one salary, one role, one location” ensures that each employee comprehends the compensation structure without the need for complex interpretation or consultation. Furthermore, there are no misleading components or complicated incentive schemes that people are unlikely to actually achieve.
Predictability and Enabling Future Insights
In addition to visibility across roles and geographies, our model projects salaries through 2025. This means that at any given time, a staff member has full visibility into what they would earn at another level of the organization in the future.
Our compensation model challenges norms by anchoring on titles and responsibilities in each of the locations in which we operate. This approach reduces external influences such as market dynamics or negotiation skills. Instead, the focus remains on the tasks an employee undertakes, ensuring fair compensation aligned with their role, regardless of their individual backgrounds.
This model has also enabled us to be transparent and honest with potential new Verites (the term we use for people who join our team). Vera’s compensation model gives us the freedom to post our compensation along with our benefits on our job descriptions, as well as encourages open dialogue about compensation in the early stages of the interview process.
If you are excited and energized by reading about our compensation model, come join us! Please check out all of our open positions on our careers page.