Workers can now set how much of their total pay they want to receive in cash, restricted stock units (RSUs) and stock options. The company is also waiving the one-year waiting period for equity awards to begin vesting. Shopify will follow local requirements for minimum salary amounts and stock-based restrictions in countries that have them, said chief human resources officer Tia Silas in an email. (The Logic)

Talking point: The company’s new Flex Comp system has been months in the making. Shopify announced it to employees in April, after some expressed concerns or left because they were making less as the firm’s stock dropped. Its share price has halved since. The new system incentivizes staff to opt for more equity, offering a five per cent bonus on RSUs and options. Silas said Flex Comp gives workers more leeway to tailor earnings to their needs—more cash when they’re house-hunting, say—contrasting it with the “dictated mix provided in most traditional tech jobs.” The “vast majority” of employees will get a raise under the new system, she said. Shopify went digital by default in May 2020, and has hired significantly in the U.S., particularly in its upper ranks. Silas did not answer questions about whether the firm will adjust pay based on local costs of living, like the similarly remote-work-embracing Meta. In July, Shopify projected stock-based compensation will cost it US$750 million this year and that it would record a third-quarter loss after laying off 10 per cent of its workforce.