(Reuters) – Shopify (NYSE:) Inc said Friday it has introduced a new compensation system that gives employees more flexibility in restructuring their awards between cash and equity, as the e-commerce giant seeks to attract and retain workers.
The company said that up to 91% of eligible employees have already enrolled in the new system, Flex (NASDAQ 🙂 Comp.
“An employee who saves to buy a home can choose to have more cash back home,” said Tia Silas, Chief Human Resources Officer at Shopify. “Anyone who is planning for their children’s future can choose more RSUs or options.”
Silas added that the vesting of the shares will begin immediately after the one-year slopes on equity are removed.
The company, which provides tools and payment systems for merchants to set up their online stores, last week appointed investment banker Jeff Hofmeister as its chief financial officer to help it navigate a challenging environment with several headwinds including high inflation and low demand.
The Canadian company has said in the past that it is seeking to cut about a tenth of its workforce and review its operations to cut spending in a challenging environment, with cost-conscious consumers cutting back on online purchases. It did not provide a timetable for the proposed actions.