Shopify Introduces Flex Comp to Change How Compensation Works

November 27, 2022 | | Updated: April 03, 2023

Shopify introduced Flex Comp to simplify the compensation process at the company. They aim to redefine the future of remuneration and plans to extend the feature outside Shopify in the future. The structure is based on three key elements. By bringing the agency to the employees, the company empowers them to choose how they want their compensation with respect to cash or equity. Shopify brought more clarity to the remuneration structure through their UX design bundles that listed all parameters of total rewards as a one-stop shop for understanding pay structure. The third parameter is impact. They have set employee remunerations to grow based on the positive impact they create on the firm’s mission. Shopify made this pay structure overhaul to avoid disparities in compensation based on feedback from teams worldwide.