Shopify offers workers greater say in compensation structure to attract talent
Reuters
Published Sep 16, 2022 08:52AM ET
Updated Sep 16, 2022 12:26PM ET
(Reuters) - Shopify (NYSE:SHOP) Inc said on Friday it has introduced a new compensation system that allows staff more flexibility in restructuring their awards between cash and equity, as the e-commerce major seeks to attract and retain workers.
As many as 91% of the eligible employees have already enrolled in the new system, Flex (NASDAQ:FLEX) Comp, the company said.
"An employee saving to buy a house can choose to take home more in cash. Someone planning for their children's future can opt for more RSUs or options," Shopify Chief Human Resources Officer Tia Silas said in an interview.
The share vesting will begin immediately as one-year cliffs on equity have been removed, Silas added.
The company, which offers tools and payment systems for merchants to set up their online stores, last week named investment banker Jeff Hoffmeister as its financial head to help it navigate a challenging environment with several headwinds including high inflation and lower demand.
The Canadian company has said in the past it would cut about a 10th of its workforce and review its operations to slash spending given a challenging environment, with cost-conscious consumers cutting back on online purchases.
Shopify, whose shares were down about 4% in early trading amid a broader decline in stocks, said it has no additional workforce reductions planned.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.