On Friday, Shopify (NYSE:SHOP) Inc said it had introduced a new compensation scheme allowing the staff greater flexibility in restructuring their awards between equity and cash, as the e-commerce company aims to attract and also retain workers.

The company has reported that nearly 91 per cent of the eligible employees have already enrolled in the new system ‘Flex Comp’ software.

Tia Silas, the Chief Human Resources Officer at Shopify, said that an employee saving to purchase a house could opt to take home more in cash. Someone planning for their children’s future can choose more RSUs or options. She further said that the share vesting would begin immediately after one-year equity cliffs have been removed.

Last week, the company, offering payment systems and tools for merchants to set up their online stores, named investment banker Jeff Hoffmeister as its financial head to help it navigate a challenging environment with several headwinds, including lower demand and high inflation.

The Canada-based company had stated that it seeks to cut about a 10th of its workforce and review its operations to slash expenditure given a challenging environment, with cost-conscious consumers cutting back on online purchases. However, it has not provided a timeline for the proposed actions.