Canada’s Shopify to allow employees to pick between cash and stock
2022.04.08 17:58
FILE PHOTO: An employee works at Shopify’s headquarters in Ottawa, Ontario, Canada, October 22, 2018. REUTERS/Chris Wattie
(Reuters) – Canada’s Shopify (NYSE:SHOP) Inc, will change its compensation package to give employees the flexibility to choose between cash and stock, looking to attract and retain talent in a highly competitive labor market.
The change, which will start from July, was introduced by top boss Tobi Lutke, the company’s spokesperson said in an emailed statement on Friday, adding the change will be across all roles and geographies.
Shopify enables businesses to set up online stores, but is struggling as the pandemic-driven ecommerce boom fades while spending heavily on a network of fulfillment centers.
The company’s stock has lost roughly two-thirds of its value since hitting a record high in November.
The Globe and Mail first reported the move on Thursday, adding it was disclosed at a town hall.
