This webinar unpacks key findings from Ravio's recent pay equity report, including the difference between the unadjusted and adjusted gender pay gap, the state of gender representation, and why there are so few female leaders in European tech.

One of the biggest focus areas for companies today is improving the gender pay gap. But doing that isn’t a simple task. What does the gender pay gap really look like? What other factors are at play? 


In Ravio’s recent webinar, host Merten Wulfert, CEO and Founder at Ravio, unpacks some key insights from our recent pay equity report. He discusses the broader topic of representation and the adjusted and unadjusted gender pay gap with the panel: Vaso Parisinou, Chief People Officer at Ravio and Emma Baker, Chief of People Operations and Reward at Zoopla.


The unadjusted and adjusted gender pay gaps, the difference between the two, and why this matters

How pay equity varies across Europe, and which countries are leading the way

What factors contribute to the lack of female leaders

Not got time? Here’s some key takeaways from the discussion.

There are different types of gender pay gaps, and a huge representation problem

The gender pay gap is not simply just a gap in wages. There are different ways to look at the gender pay gap, which can usually be broken down into the unadjusted gender pay gap and the adjusted gender pay gap. 

When we look at the gender pay gap across the board (median, unadjusted), then women earn 25% less than men. When we look at the gender pay gap as a like-for-like comparison (median, adjusted), then women earn 2.5% less than men for doing equal work of equal value. 


Merten Wulfert unpacks what these both mean and what the gender pay gap is for both of them. 


"The unadjusted pay gap looks at the median earnings of women compared to median earnings of men… The adjusted pay gap controls for these factors [like job level and country] and provides more of a like-for-like comparison of people who perform jobs of equal value.” - Merten Wulfert


Merten then also discusses the relationship between the unadjusted gender pay gap and representation: that there are less women in European tech overall, and especially in senior positions. This differs when we look at each country across Europe.

There are less women in European tech than men

The panel discusses the biggest, and somewhat hidden problem when it comes to the gender pay gap today: the lack of women in European tech. Representation is the single biggest contributor to the gender pay gap today. 


In the webinar, Merten asks panellists Vaso Parisinou and Emma Baker why there are so few women in European tech, especially in senior positions. 


Vaso Parisinou discusses a lack of female role models and how this can act as a deterrent for women wanting to enter the tech sector. 


Emma Baker from Zoopla (part of Houseful) also discusses the importance of ensuring a fair candidate pipeline, and how as an organisation they have focused on transforming education that young women receive in schools.

“A lack of female role models in tech is what is keeping women out of applying into roles in tech… [It encourages] a societal perception that tech is predominantly a male space. There'll be tons of men who work in that company, which encourages the kind of thinking that women might not belong.”

There are significantly less senior women in European tech than men

The panel also discusses the problem at the top: there are less women in senior positions than men. 


Vaso Parisinou runs through three key contributing factors to the lack of female senior leaders in tech: 


Raising a family: Vaso discusses the change women have in their career aspirations since having children and how the tech sector still has a way to improve when it comes to parental leave.

Perceptions and attitudes: Vaso explores how the vast majority of women feel they still don’t have equal opportunities to men within their organisation. 

Difficult work environment: Vaso’s last point discusses how women still have a difficult time getting their voice heard at work, and how the majority of women feel they are less influential than their male colleagues. 

Merten Wulfert asks the panel a question about senior leadership not seeing gender diversity as a priority, and how companies can navigate this challenge to still ensure the gender pay gap continues to close.

“[Senior] men and women look at the data and they acknowledge the fact that they have a very male dominated workforce. But they don't necessarily see it as an issue. If those people happen to be in the critical leadership positions, I imagine it's very hard to bring about any change.”

In the last section of the webinar, Emma Baker, Head of People Operations and Reward at Zoopla dives into some initiatives they have at Zoopla to address pay equity this year. 

Improving the female candidate pipeline and ensuring a fair hiring process 

Providing a varied range of policies to support parental leave, flexibility, remote working

Training managers to be able to have robust, supportive conversations within the organisation, including a senior leadership development programme

Improving the promotion process, ensuring a diverse panel. Having managers submitting very clear business cases which have clear criteria linked to career frameworks.

“[We want to} package it all up to ensure that people returning to work, people within the business that have got caring responsibilities, families, women in particular, returning from maternity leave, have got that all rounded support from the business.” - Emma Baker

Want to know more?

Webinar recap: Unpacking pay equity and representation in European tech

Vaso Parisinou, Sarah Jeffreys, and Jenny Packer discuss how to prepare for pay reviews in 2025 – including exclusive data on market trends from Ravio and Gallagher

A compensation review should bring a company together.

Yet, without proper management and preparation, it can easily break one apart.

This year, People and Reward leaders in European tech have a lot to prepare for – from volatile hiring markets to incoming pay transparency legislation.

To help, we partnered up with the Gallagher Reward Consulting team and two of their most experienced Reward experts, Sarah Jefferys (Head of Reward Consulting) and Jenny Packer (Senior Reward Consultant). Sarah and Jenny have over 35 years combined experience helping companies nail their compensation reviews.

Ravio’s Chief People Officer, Vaso Parisinou, hosted the discussion. Vaso has helped build the People function at Deliveroo, Carwow, TrueLayer, and now Ravio – so brought a huge amount of experience and insights to the discussion too. 

Exclusive market data from both Gallagher and Ravio, revealing how the compensation and hiring markets have changed this year

The key details of incoming pay transparency legislation 

How these both impact how you should run pay reviews in 2025

Access the full webinar on demand

On-demand webinar: Preparing for pay reviews in 2025

Exploring Ravio’s recent webinar on compensation management, including total compensation insights, pay reviews, and budget planning with top reward leaders.

Gone are the days when compensation was just about base salary. Today, compensation management is a strategic tool that helps companies attract, retain, and engage top talent. But as European tech companies brace for a “tech winter” marked by hiring freezes, tighter budgets, and cautious spending, the role of a compensation expert and reward leader has become more complex than ever.

That’s why Ravio recently hosted an interactive webinar, diving into some of the most pressing challenges in the compensation review process and exploring other compensation levers to pull. 

Vaso Parisinou, Ravio’s Chief People Officer and Zalando’s Senior Reward Partner, Olga Flegontova, shared valuable insights on the latest compensation trends across European tech, smart budget planning for pay reviews, and the balance between performance-based and market-based pay.

💡If you missed it, here’s a recap of the discussion – or you can watch the full recording on Ravio’s YouTube channel.

Section 1: European tech braces for a “tech winter”

The discussion kicked off with an overview of compensation trends across European tech, taken from Ravio’s Compensation Trends report. 

Vaso Parisinou, Chief People Officer at Ravio, walked the audience through a high-level summary of salary increases, hiring rates, and attrition trends – which were, for the most part, all down from last year. It signals a cautious approach from European tech companies, especially at growth stage companies where a lack of funding is being felt hardest.

“Now, given the worldwide uncertainty, businesses are taking more of a cautious approach when thinking about expanding headcount, especially in tech companies. Overall, it’s setting a different pace for the coming year.” 

- Vaso Parisinou, Chief People Officer, Ravio

Olga Flegontova agreed that hiring freezes and restrained recruitment have become more common, leading to what she called a “tech winter.” 

Companies are responding by balancing competitive salaries with tighter budgets, even as employees look for more financial support to counter rising living costs.

“Employers are seeking more support during these turbulent times of high inflation. Attrition rates are down, and this gives companies a chance to catch their breath in the constant race for the top talent, and evaluate efficiency of the rewards programs.”

Section 2: Different approaches to budgeting

Next, Vaso Parisinou introduced two primary budgeting approaches that companies are adopting: finance-led and HR-led. 

Finance-led budgeting often emphasises alignment with financial forecasts and business goals, offering stability and predictability, but it can feel restrictive, especially when responding to talent needs in real time. In contrast, HR-led budgeting allows for more flexibility, enabling adjustments based on specific retention and engagement goals. However, this approach can sometimes lead to cost overruns if not closely aligned with overall financial objectives.

“Successful budgeting is about partnership. Each of us has a unique way of managing the resources, managing the process, and managing the stakeholders. But each approach comes with its own advantages and challenges.”

Olga shared how companies are finding ways to bridge these two methods, stressing the importance of early communication between HR and finance to align on priorities and ensure a shared understanding. By balancing finance-led rigour with HR’s adaptability, companies can set realistic budgets that achieve both business objectives and employee satisfaction.

“HR led budgeting helps address specific talents needed in real time, so we are much more flexible. However, the challenge with a HR-led approach is keeping it aligned with the broader financial goals and to avoid overspending. Striking this balance usually means combining and blending both approaches.” 

- Olga Flegontova, Senior Rewards Partner, Zalando

Don't miss the full webinar discussion

Section 3: Pay-for-performance model versus market adjustment

With tighter budgets and cautious spending, the topic of balancing market adjustments with rewarding individual achievements took centre stage.

Market-based adjustments ensure salaries stay competitive and align with industry standards but can overlook individual performance, potentially leaving high performers feeling undervalued. Performance-based pay rewards top performers directly but can be difficult to apply fairly across an entire organisation.

💡 In a poll, 92% of webinar attendees favoured a combined approach that balances market benchmarks with performance-driven rewards.

Despite market-based adjustments being popular, Vaso Parisinou believes we are seeing a rebalancing across the two models. 

But there is a challenge here: scaling this is really difficult. Inequities can appear across organisations organisation. What's more, companies who focus on performance-based adjustments may not always keep pace with market shifts, especially where there's very competitive fields.

“Market-based adjustments were all the rage a few years ago, but I actually think we're slowly seeing a rebalancing on the other side with much stronger performance based adjustments. Merit adjustments allow us to directly reward individual contributors, fostering a culture of real achievement."

Olga agreed, explaining that many companies are moving towards a blended model, using market data to set salary bands while also incorporating performance metrics to recognise individual contributions.

For Olga, a blended approach is ideal — using market data for salary band adjustments, coupled with performance metrics like attrition and new hire data. This combination allows companies to stay agile in a competitive market.

"Market-based adjustments need precise benchmarking, using structured data rather than anecdotal feedback, and require investment in both tools and skilled professionals. While they keep us competitive, they can sometimes overlook top performers, which impacts retention."

Section 4: The role of equity in total compensation

Equity has become a core component of total compensation, especially in tech. In this webinar, both speakers explained how equity incentives align employee interests with company success, offering long-term financial rewards and helping early-stage companies compete for talent.

“Equity itself is a powerful tool – it gives employees a real stake in the company, driving commitment and engagement, especially for those focused on growth. But to be effective, equity programs require a lot of enablement for both leaders and employees, especially in complex tax landscapes like Germany, where equity can sometimes sound very complicated.”

Olga added that while equity was traditionally reserved for executives, more European companies are offering it to employees at all levels. However, she emphasised that equity plans need to be tailored to each company’s size, maturity, and industry standards to be effective.

The final part of the webinar featured an engaging Q&A session, where attendees posed their top questions on compensation challenges. 

Here’s a snapshot of some of the questions asked –

How much visibility should finance teams have into individual salaries and equity allocations to support precise budget planning?

The level of visibility finance teams have into individual salaries and equity allocations can depend on the company’s stage and size. In larger, more developed companies, finance often plans at a high level, so accessing individual salary details may not be necessary for all team members. However, in smaller companies, finance teams are more likely to have full visibility into individual salaries to support more granular budget planning. Generally, there will always be a few key roles in the finance team, such as payroll or FP&A (Financial Planning and Analysis), that have access to all salary and equity data, even if it's not available to everyone in the department.

How commonly do companies use a merit matrix as a default guideline in merit cycles, compared to using it as a flexible recommendation tool or not at all?

Using a merit matrix by default is more common than applying it purely as a recommendation tool. Larger companies often use the matrix consistently, while smaller companies may apply it more flexibly as a guideline. For organisations seeking flexibility, offering a range within the matrix and allowing managers to challenge recommendations through a defined process can ensure fairness and increase buy-in, helping the merit cycle feel balanced and participative.

At what stage do companies typically offer equity only to select roles instead of all employees?

There isn’t a straightforward progression from offering equity to everyone to only select roles – it varies widely by company and depends on factors like headcount and the potential dilution of equity. Some companies start by offering equity only to executives and then expand it to more employees as part of their engagement strategy. However, as companies grow, offering meaningful equity to all employees can become challenging due to administrative effort and the risk of providing small, less impactful allocations. In those cases, it may be more beneficial to focus equity grants on key roles and offer cash-based rewards to others.

Should equity grants be prorated for part-time employees compared to full-time employees?

Equity grants should generally be prorated for part-time employees to ensure fair and proportional compensation. However, companies need to check specific share option plan rules, as some require employees to work a minimum number of hours to qualify for equity grants.

As for employees on parental leave, common practice varies, but it’s often recommended to allow equity vesting to continue during leave, as it’s part of the reward package. Some companies, including Ravio, continue vesting share options during parental leave, recognizing it as part of the employee’s total compensation. However, practices may vary based on company policy and the specific terms of the equity program.

Curious on how Ravio can help you on your compensation journey?

Webinar recap: Compensation trends, budget planning, and pay reviews in 2025

Jeffrey van Brakel, Yara Wattel, and Noor van Boven, Founder discuss key compensation trends and insights in the Dutch tech ecosystem, to inform compensation strategies in 2025.

In this webinar from December 2024, Jeffrey van Brakel (Head of Benelux at Ravio), Yara Wattel (Founding Partner at 7People), and Noor van Boven (Founder at Invested) discussed key compensation trends in the Dutch tech ecosystem.

Jeffrey shared key insights from Ravio’s Compensation Trends report for 2025:

Hiring rates are declining more rapidly in the Netherlands than across the rest of Europe – especially for early-stage tech startups.

At the same time, attrition rates are also declining, likely a result of employees seeking stability amongst the tech layoffs of recent years. 

Salary increases have remained consistent overall in the last year – but there is significant variance across company stages, with early-stage Dutch tech companies having seen a decline in the average salary increase (6.7% to 5%) in the past year and late-stage companies having seen an increase (6% to 7.1%). 

The speakers then discussed the implication of these insights on compensation strategies going forward, with key discussion points including:

Why are early-stage Dutch startups facing sharper declines compared to the rest of Europe?

How do hiring slowdowns and attrition drops shape reward strategies and workforce planning for Dutch tech?

How can equity compensation help Dutch tech companies attract global talent and support sustainable growth?

How do you match the compensation philosophy with business goals and the economic environment?

Is it more important for annual salary increases to be aligned with market benchmarks or employee performance?

On-demand webinar: Dutch Compensation Trends in 2024-5

Vaso Parisinou (CPO at Ravio), Eamonn Stanley (Head of Reward at Typeform), and Vicky Peakman (Pay Equity Consultant) discuss how to effectively communicate compensation to employees.

Educating employees on your company’s compensation approach is an absolute must.

When employees understand the rationale behind compensation decisions it increases their level of trust in the company and leadership – vital for employee engagement and retention objectives.

Plus, with the implementation of the EU Pay Transparency Directive creeping closer, rolling out transparent compensation practices is a top priority for many Reward teams in 2025.

But compensation conversations aren’t easy to get right.

From company-wide compensation education, to training line managers on the compensation approach and supporting them with 1-2-1 conversations, to documenting compensation processes in-line with pay transparency laws – there’s a lot to plan.

Ravio’s Chief People Officer, Vaso Parisinou, Eamonn Stanley, Head of Reward at Typeform, and Vicky Peakman, Pay Equity Consultant at Fair Pay Partners tackled this topic in our Reward Community Office Hours webinar for February 2025.

A particular highlight was Eamonn sharing his experience rolling out transparent salary bands at Typeform this year – here's a few audience questions that were discussed:

Did you have to fix any compensation issues beforehand e.g. fixing outliers below their band minimum?

How did you prepare managers ahead of the roll out so that they were prepared to answer questions from their team?

What are the biggest lessons learnt so far from the roll out? 

Access the webinar recording on demand

About Ravio’s Reward Community Office Hours webinar series

Attrition rates are stabilising and hiring is back on the cards, but budgets remain tight – that’s the overall theme for 2025 that we’ve heard from our Reward Leader community.

To attract and retain the talent needed to achieve sustainable growth, effective compensation strategies are more important than ever.

The pressure’s on, but you don’t have to go it alone.

In our monthly Rewards Community Office Hours throughout 2025, expert panels will tackle the most top of mind topics for Rewards leaders. 

We'll share exclusive data from the Ravio platform to support the conversations, and there will always be plenty of time for interactive discussion and Q&A too.

Each session is hosted by Ravio’s CPO Vaso Parisinou, harnessing her extensive experience building People and Rewards functions at Deliveroo, Carwow, TrueLayer, and now Ravio.

On-demand webinar: How to explain your compensation approach to employees

Join Vaso Parisinou (CPO at Ravio), Anastasia Efremova (Director of Reward at Semrush), and Figen Zaim (Total Rewards Consultant at Olivier Reward) for an expert discussion on how to align a rewards strategy with business goals.

Compensation is a vital lever for attracting and retaining talent in a competitive market, as well as driving business performance by aligning employee incentives with company priorities.

It’s also key to cost management, with payroll and recruitment costs amongst the highest costs that a company’s budget needs to account for.

But, despite this, it’s still often a struggle for People and Reward Leaders to get a seat at the strategic table.

We’re tackling this topic in our next Reward Community Office Hours webinar, on Thursday 27th March 2025 at 2pm GMT.

Ravio’s Chief People Officer, Vaso Parisinou, will be joined by Anastasia Efremova, Director of Reward at Semrush, and Figen Zaim, Global Total Rewards Consultant at Olivier Reward.

Our expert speakers will share their advice on the topic of strategic Rewards and how to tailor a compensation approach to the unique business needs of a company.

Plus, there will be plenty of chance to ask your own questions or share experiences with fellow Rewards leaders, to learn from one another too.

Register to join the discussion

In our monthly Rewards Community Office Hours throughout 2025, expert panels will tackle the most top of mind topics for Rewards leaders.

Reward Community Office Hours

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Upcoming webinars

On-demand webinar: How to explain your compensation approach to employees

Upcoming webinar: How to tailor Rewards strategy to align with business goals

Previous webinars available on-demand

Webinar recap: Unpacking pay equity and representation in European tech

On-demand webinar: Preparing for pay reviews in 2025

Webinar recap: Compensation trends, budget planning, and pay reviews in 2025

On-demand webinar: Dutch Compensation Trends in 2024-5