Our LinkedIn event “Advancing Pay Equity through Job Architecture and Analytics” is coming up on October 30, and we know that you are as excited as we are. In the meantime, we caught up with one of our esteemed speakers - Bola Ogun, Group Head of Total Rewards, Performance, and ED&I at the London Stock Exchange Group.
With 25 years of experience across FinTech, Consumer Products, and Beauty industries, Bola has led critical HR initiatives, including managing M&As and IPOs while promoting performance-driven, inclusive, and bias-free pay structures. In this interview, Bola shares his insights on the power of data in addressing pay equity challenges, how to navigate compensation complexities during organizational changes, and the key strategies that drive fairness and performance in the modern workplace.
Bola, you’ve led Total Rewards and DE&I efforts across various industries. What inspired you to pursue this path, and what drives your continued focus on creating equitable pay and reward systems?
It’s a cliché to say that people are an organization’s most important resource, especially in today’s digital knowledge economy. They also represent one of its largest investment areas. Designing performance and reward systems that inspire employees to drive value is a critical challenge for any business. For me, the politically sensitive nature of pay, combined with the global economic landscape, shapes how I approach this — balancing the need to reward value creators with ensuring transparency and equity. This work intersects with economics and public policy, as compensation lies at the heart of why we work and how we experience our professional lives. I find this intersection both deeply stimulating and challenging.
You’ve long championed the use of data to address pay equity issues. How can companies use data effectively while being mindful of its limitations and ensuring they get a true picture of pay equity?
It’s essential that leaders make reward decisions based on reliable insights, ensuring fairness across the board. Moving beyond the emotional aspects of pay is crucial, and that’s where leveraging data becomes central. Data provides a solid foundation for pay decisions, whether it’s understanding market rates or identifying which areas of the business are critical for driving future growth.
That said, it’s important to be cautious about the data and always assess its relevance. For instance, tenure in a role might be a key factor in determining pay up to a certain point, as the individual becomes proficient in the role. However, after a certain length of time, tenure may no longer be a valid factor for future pay adjustments. It’s about testing both the reliability and relevance of the data to ensure it accurately reflects the current situation.
Leading through major organizational changes like M&As and IPOs is a significant part of your background. How do you ensure that pay equity and reward strategies remain at the forefront during such transformational changes?
During corporate transactions like M&As, it’s critical to assess the organizational design and the roles individuals will fill. Legacy benefits and pay structures often persist, and while it may be tempting to protect these, it’s important to evaluate whether it’s truly appropriate. Continuing legacy reward arrangements can perpetuate pay inequities, particularly in areas with high monetary value, such as contributions to 401(k) plans, healthcare, stock options, or annual leave entitlements.
While protecting certain legacy elements might be the right business decision in some cases, it’s essential to establish a clear timeframe for how long that protection will last. Ultimately, two individuals performing the same role and delivering similar value should be compensated based on their current performance, not past benefits. This helps foster unity within the organization and prevents friction between employees benefiting from historical perks and those operating under new structures.
Significant changes, such as an IPO or merger, present an opportunity for a reset, and it’s crucial to handle this process carefully.
You’ve worked across multiple sectors, from High Tech and FinTech to beauty. How does the approach to pay equity differ across industries, and what lessons can be applied universally?
While the intent behind pay equity remains the same, the complexity of addressing it can vary significantly depending on factors like company size, geographic spread, and whether the organization is centralized or decentralized. For instance, businesses in industries with varying shifts, hours worked, or complex structures like sales commissions or stock options may face greater challenges in accessing detailed data. Larger organizations, on the other hand, often have more advanced people data systems, making it easier to gain insights.
Regardless of the industry, it’s crucial to look beyond salary and assess how other components of a company’s total reward investment contribute to pay equity. Sales environments, where commission structures are common, can be particularly tricky. However, whether in FinTech, beauty, or FMCG, the key principles—such as conducting regular audits, carefully analyzing data, fostering transparency, and creating an environment where employees feel comfortable sharing personal data—are universal to achieving equitable pay practices.
As someone who champions both performance and DE&I, what role do you see equitable pay playing in driving overall business performance and fostering a more inclusive corporate culture?
Equitable pay is fundamental to fostering a sense of belonging and inclusivity within an organization. Employees want the confidence that they are being compensated fairly in comparison to their colleagues and that pay decisions are free from bias. It’s crucial for companies to ensure that personal characteristics—whether gender, race, or other factors—do not influence compensation.
“Ensuring bias-free pay decisions fosters transparency and builds trust. By actively testing for differences in pay outcomes based on personal characteristics, organizations can address inequities and uncover the factors driving those disparities. At its core, equitable pay strengthens the pay-for-performance model, ensuring that critical investments in talent are made both fairly and effectively.
What aspect of the upcoming LinkedIn Live event are you most excited to explore with your fellow panelists?
I’m excited to hear how other companies are navigating similar challenges in pay equity and job architecture. It’s always valuable to exchange insights with leaders from different fields and industries. Often, you come across advice or lessons that not only reinforce the value of the work you’re doing but also inspire you to keep pushing for progress in your own organization.
What will be the most valuable thing attendees will learn or benefit from attending the event?
Attendees will have the opportunity to hear from leaders across various sectors, whether they’re just beginning their pay equity journey or encountering roadblocks along the way. By learning how other companies are overcoming these challenges, attendees can gain valuable insights and avoid reinventing the wheel. It’s a great chance to see real-world examples of how these issues are being addressed effectively.
To hear more from Bola and other speakers, join us at the upcoming LinkedIn Live event, “Advancing Pay Equity through Job Architecture and Analytics” on October 30th. Reserve your spot now.
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