Trevor Janeck
VP Head of Human Resources
Verato
Episode 233
Stop Guessing: Build Data-Driven & Equitable Compensation Programs
Current chapter: Built by People podcast features insights from world's top HR leaders
Built By PeopleApril 14, 2025 · 14:46
Thesis
“Effective and equitable compensation management, particularly for smaller, fast-paced organizations, necessitates a structured approach, reliance on data-driven insights over gut feelings, continuous auditing, and the adoption of specialized technology to move beyond basic tools like Excel.”
Show notes
Mastering Compensation Management with Trevor Janeck from Verrado
In this episode of the Built by People podcast, sponsored by Previ, host Dave D'Angelo welcomes Trevor, an HR executive with over 20 years of experience, currently at Verrado. Trevor shares his career journey from large organizations like Wells Fargo to smaller tech companies and discusses evolving approaches to compensation management. Key insights include the importance of structure, compensation philosophy, pay equity, and the use of technology. Trevor emphasizes the need for a data-driven approach, flexibility, and the pitfalls of relying solely on Excel or anecdotal data like Glassdoor. His parting advice encourages HR leaders to build and fine-tune compensation programs without the fear of failure or perfection.
00:00 Introduction to the Built by People Podcast
00:16 Sponsorship Message from Previ
00:44 Guest Introduction: Trevor's Career Journey
01:29 Transitioning from Large to Small Companies
02:30 Key Principles of Compensation Management
05:41 Common Pitfalls in Compensation Management
09:26 Ensuring Competitive Compensation in Fast-Paced Industries
11:52 The Role of Technology in Compensation Management
13:28 Parting Advice and Conclusion
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What you'll take away
- 1Implement a structured compensation program with clearly defined pay bands, anchored by robust benchmarking data and managed through specialized technology.
- 2Develop and consistently adhere to a clear compensation philosophy that dictates how the company approaches merit increases, bonuses, and its position relative to market pay (lead or lag).
- 3Conduct regular, objective pay equity audits to identify and rectify discrepancies, ensuring similar pay for similar roles across all demographics.
- 4Overcome the fear of imperfection in compensation strategy; mistakes can be corrected through continuous self-audits and flexible adjustments to pay bands or individual salaries.
- 5Transition from managing compensation in spreadsheets to leveraging dedicated compensation management platforms that provide real-time data, analytics, and automation.
What most organizations get wrong
- •Relying on Excel for comprehensive compensation management is a pitfall, despite its common use, as it lacks the advanced capabilities of specialized tools.
- •The free version of Glassdoor is not a credible compensation tool, and HR leaders should caution employees against relying on it for salary expectations or raise negotiations.
- •Don't let the pursuit of a 'perfect' compensation strategy prevent progress; it's acceptable to make mistakes and iterate, as adjustments can always be made.
In Trevor's words
“First bullet point I would say is build structure. Have something, have a program. Start with pay bands, tie them to benchmarking data., find a technology that can help you manage those things.”
This quote lays out the foundational advice for establishing a robust compensation program.
“You need to subscribe to a compensation philosophy as a company and then live by it.”
It emphasizes the strategic and consistent application of compensation principles within an organization.
“The free version of Glassdoor specifically is not a comp tool. So don't rely on that.”
This is a direct and important caution against using an commonly perceived source as reliable compensation data.
“Don't let perfection get in the way of progress. Like you can make mistakes in building a compensation program for your company. You can always correct them too as well.”
This offers crucial reassurance to HR professionals, encouraging them to initiate compensation programs without fear of flawless execution.
“Ditch Excel, graduate from that. Look at a program that's going to help you really do a good job managing compensation.”
A clear and concise call to action for upgrading HR technology in compensation management.
The problems this episode addresses
- •Companies struggle with inconsistent and inequitable pay structures due to lack of a defined compensation program.
- •Over-reliance on basic tools like Excel for complex compensation management leads to errors and inefficiency.
- •HR professionals often lack in-depth compensation expertise, leading to intimidation and inaction.
- •Inaccurate compensation benchmarking due to using unreliable sources such as the free version of Glassdoor.
- •Difficulty in maintaining competitive and internally equitable compensation strategies in rapidly evolving industries.
- •Stale compensation plans that fail to adapt to market changes or identify internal pay disparities.
In this episode
Built by People podcast features insights from world's top HR leaders
Built by People
I've been in HR for probably the better part of 20 years
WSJD Live: Starting Out in HR
Trevor has transitioned from large organizations to smaller tech companies
How to Manage Compensation at Large Companies
You need to subscribe to a compensation philosophy as a company and then live by it
Compensation Management: Five to 7 Rules
Many companies struggle with compensation management due to bias or lack of proper tools
Possible Pitfalls in Compensation Management
How do you ensure your compensation strategy remains competitive while maintaining internal equity
How to Raise Compensation While Remaining Internal Equity
What role does technology play in effective compensation management
Technology's Role in Compensation Management
Topics covered
Organizations and entities mentioned
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