Shopify offers workers greater say in compensation structure to attract talent

The emblem of Shopify is seen exterior its headquarters in Ottawa, Ontario, Canada, September 28, 2018. REUTERS/Chris Wattie

Sept 16 (Reuters) – Shopify Inc (SHOP.TO) mentioned on Friday it has launched a brand new compensation system that permits workers extra flexibility in restructuring their awards between money and fairness, because the e-commerce main seeks to draw and retain staff.

As many as 91% of the eligible workers have already enrolled within the new system, Flex Comp, the corporate mentioned.

“An worker saving to purchase a home can select to take residence extra in money. Somebody planning for his or her youngsters’s future can go for extra RSUs or choices,” Shopify Chief Human Sources Officer Tia Silas mentioned in an interview.

The share vesting will start instantly as one-year cliffs on fairness have been eliminated, Silas added.

The corporate, which presents instruments and fee techniques for retailers to arrange their on-line shops, final week named funding banker Jeff Hoffmeister as its monetary head to assist it navigate a difficult surroundings with a number of headwinds together with excessive inflation and decrease demand.

The Canadian firm has mentioned up to now it could minimize a couple of tenth of its workforce and assessment its operations to slash spending given a difficult surroundings, with cost-conscious customers reducing again on on-line purchases.

Shopify, whose shares have been down about 4% in early buying and selling amid a broader decline in shares, mentioned it has no further workforce reductions deliberate.

Reporting by Nivedita Balu in Bengaluru;
Enhancing by Vinay Dwivedi

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