Shopify gives employees more control over the remuneration plan in an effort to draw talent

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Last Updated on September 16, 2022 by Bitfinsider

In an effort to recruit and keep employees, Shopify announced on Friday (Sep 16) that it has implemented a new compensation scheme that gives staff members more freedom in rearranging their awards between cash and equity.

According to the corporation, up to 91% of the eligible workers have already signed up for the new Flex Comp scheme.

As one-year equity cliffs have been eliminated, the vesting of shares will start right away, Silas added.

Jeff Hoffmeister, a former investment banker, was appointed last week as the company’s financial head to help it navigate a difficult environment with a number of headwinds, including high inflation and lower demand. The company provides tools and payment systems for merchants to set up their online stores.

The Canadian business has previously stated that, in light of a difficult economic climate and consumers who are cutting back on online sales, it will reduce spending by around 10% of its personnel and reassess its operations.

Shopify said it has no further employee reductions planned despite its shares falling roughly 4% in early trade amid a larger stock market slump.

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