3y
Thank you for taking the time to share your feedback. I can tell that you have put a lot of thought into this. First, I am glad that you enjoy the people that you work with and the flexibility that you have. The people are the best part of our company. That is why I am so disappointed to read this. I understand how important compensation is to our employees. We do keep a close eye on our salaries, especially in the current inflationary environment. I can assure you that the managers and supervisors in this organization have no incentive to avoid promotions or pay increases, and we encourage both of those things for our employees who perform well. Traditionally, somewhere between a quarter and a third of our employees experience a promotion or job change each year, which is wholly separate from those who receive performance based merit increases. Our services teams, in particular, have a very well defined career path that allows for quick progression through the organization which can result in salaries rising quite rapidly. Sovos changes quickly, and often, especially in the past two years. I acknowledge that has led to some teams being busier than others. We have made a point to mention TOIL at our quarterly townhalls, but I will make sure to follow up with all managers and make sure that it is being communicated appropriately. I also want to address your comments around diversity. Although we have hired some Executives recently who are male, a good portion of our Executive team, as well as a large number of our senior leaders are female. In the VAT compliance organization, for instance, the fast majority of our managers identify as female. We care very much about having equal representation for all underrepresented groups at Sovos. Finally, we have grown tremendously both organically and, as you mention, as a result of acquisition. It feels like many of the changes that you have witnessed are those that haven’t been explained well, and have caused some incorrect assumptions about our motivations. I would hate for you to continue to feel that way and I would love to go through each of your questions in more detail. Please reach out to me directly if you’d like to take me up on that offer, my door is always open.