Streamlining merit-cycles at ThoughtSpot
- 80% reduction in working hours required to complete a merit cycle
- 90% of ThoughtSpot equity-holders adopted the Trove compensation portal
ThoughtSpot has over 550 employees globally with offices in the Bay Area, London, Bangalore, Seattle, and Tokyo. Their mission to democratize business analytics by allowing employees to query data using natural language instead of code led to massive adoption and a unicorn valuation in 2019.
As a globally distributed, venture backed company, equity compensation has always been a complex challenge for ThoughtSpot. They relied heavily on spreadsheets to budget, plan, and communicate equity compensation across the organization.
As the year’s merit cycle began looming on the horizon, ThoughtSpot needed to find a tool that would solve their compensation pains:
- Data needed to be pulled from disparate sources like Bamboo and Shareworks and manually stitched together for a comprehensive view of total compensation.
- Managers required custom spreadsheets with their budgets, recommendations, and employee’s equity and cash compensation details in order to make intelligent decisions.
- Hundreds of reward letters with the results of the merit cycle needed to be manually generated in a short amount of time, often resulting in errors and frustration.
- The HR team is flooded with questions about equity from employees wondering about everything from the basics of vesting to the expectation of liquidity.
HR admins, managers, and employees at ThoughtSpot felt this friction during merit cycles year after year.
ThoughtSpot required a solution that would dramatically enhance the merit cycle experience for HR admins, managers, and employees.
HR Admins needed to set fine-grained permissions around which managers could access compensation data for specific employees and a history of approvals that led to the final result.
Managers needed a dashboard to make decisions for employees within their scope, featuring details like the employee’s cash and equity compensation, where it falls within ThoughtSpots bands and guidelines, and how it’s changed historically.
Employees needed an intuitive portal to view their total compensation and learn about the potential upside of their equity.
Trove’s suite of compensation tools features solutions that address each of these stakeholders needs.
Trove integrated directly with ThoughtSpots HRIS and Cap Table Management Systems to pull all of the necessary data for managers to make intelligent compensation decisions. Trove’s customer success representatives worked with ThoughtSpot to help managers learn the new tool and ensure that the merit cycle would be done on time.
Instead of weeks of passing spreadsheets back and forth via email, ThoughtSpots merit cycle was finished swiftly and frictionlessly. Reward letters were automatically generated and shared in the employee’s secure Trove compensation portals within days of the final decisions to help them better understand their total compensation after the merit cycle.