Shopify has adopted a new pay structure that gives employees more freedom to restructure their awards between cash and equity. 

The company has announced the changes as it strives to recruit and retain staffers.

The company said up to 91 percent of the eligible workers have already signed up for the new Flex Comp scheme. 

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Staff will be able to choose a mix of cash, restricted stock units, and stock options, with the option of taking equity withdrawals instantly. 

Shopify CEO Tia Silas 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.”

He said that because the one-year equity cliffs have been eliminated, the vesting of shares will start right away.

The company provides tools and payment methods for merchants to set up their online stores. 

The Canadian business appointed investment banker Jeff Hoffmesiter as its financial head last week. 

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It is to help the firm in navigating a difficult market that has a number of obstacles, such as rising inflation and weak demand. 

The business has previously stated that it would reduce its employees by around a tenth and reassess its business practices. 

Given the difficult situation, it intended to reduce expenditure by encouraging consumers to make fewer online purchases. 

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

Source: Reuters

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