Pay transparency at Swan: not a revolution, a consequence

Pay transparency is one of those topics that sounds simple in theory and gets very real, very fast, in practice.

At Swan, it didn’t come from a desire to do something “radical.” Pay transparency arrived as a natural consequence of the structuring of a company that is deliberately choosing to grow up. Over time, it just felt bad not being transparent.

Laying the groundwork for pay transparency

From our early years, we were always trying to improve on clarity, hoping to save ourselves from unnecessary chaos later.

Very quickly, we put in place a role framework organized by level, with a clear definition of expected impact and responsibilities for each level, from one to seven. We were fortunate to be able to structure all of our roles this way from the outset.

After that, we introduced salary grids aligned with these levels. At first, they were mainly a hiring tool, and they didn’t cover all roles or levels yet.

Then came a much bigger step: in summer 2025, we worked closely with our managers to document detailed competency frameworks for nearly 80 roles across the company, structured across those same seven levels. These frameworks were deployed directly into our performance management tool and now form the backbone of our annual performance reviews. That’s when things started to click.

Once competencies are assessed objectively, once the relative weight of roles is properly evaluated, and once evaluation practices are harmonized, the need for transparency becomes not just logical but obvious.

Because at that point, compensation is no longer a matter of individual negotiation or opaque decisions. It’s the visible outcome of a structured system. And so if the rules are clear, the criteria are shared, and the levels are defined, hiding the numbers can really start to feel inconsistent with the rest of the framework.

Realizing we were ready (and taking our time)

But it’s not just about making the numbers public. We knew we needed to prepare the people who would carry these conversations every day: our managers.

Together with our long-time partner Figures, we designed a dedicated training programme covering compensation fundamentals, benchmarks, and statistics. All managers completed the full programme in autumn 2025, and we deliberately opened the salary grids step by step, giving everyone time to fully understand and own what they had helped build.

At the same time, we did some necessary housekeeping. Some grids still didn’t exist yet and had to be created. We also made clear structuring choices. For example, in France, we stopped differentiating between Paris-based salaries and salaries elsewhere in France. One level of skill now corresponds to one framework, regardless of location.

We also prepared our employee representatives (CSE). Pay transparency comes with rights, responsibilities, and a stronger role for social dialogue; so dedicated training sessions were an essential part of the journey.

And finally, we met with everyone at Swan. We were even joined by the CEO of Figures for a masterclass that helped put everything into perspective!

On January 1st 2026, we published our full salary grids.

Here’s how it’s going!

This is our first compensation review cycle where both employees and managers have full visibility into salary levels across the company.

We’ve already noticed a shift in mindset.

As Romain Rouquier, our VP Data, put it:

“As an individual, salary transparency is a great tool to remove all the questions around inequality, but also to project ourselves into the future. And as a manager, it makes us accountable to fairness and helps us align across departments. I’m convinced this is going in the right direction, and the fact that Swan is taking the lead and embracing this change sends a strong signal to Swanees.”

Jawad Abdaim, AML Supervisor in our Transaction Monitoring team, shared this perspective:

“From my perspective, salary transparency has a strong positive impact on company life, both as a manager and as an individual contributor. It brings clarity and removes uncertainty around compensation, which is often a sensitive and complex topic.

This transparency creates a more fair and trusting environment, where employees can focus on their growth and performance without relying on assumptions or comparisons. It also encourages more open and constructive conversations about career progression and development.”

And that’s exactly what is changing.

Discussions are more objective, arguments are better grounded, clear rules exist for handling similar types of situations. This helps our managers feel more accountable, and employees better equipped to understand their trajectory.

Transparency didn’t necessarily remove complexity - but it did remove ambiguity! And that is a welcome change for all.

What we’ve learned so far

Conversations around compensation are simply better when we can be truly transparent.

But transparency doesn’t start with numbers. It starts with the unglamorous work: structuring roles, aligning expectations, training managers, and trusting people with clarity.

That work takes (a lot of) time, rigor, and courage to get through it…But it really pays off.

Because this kind of clarity is what lets a company grow while staying consistent and fair.

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