Expensify Recognized by Fast Company’s 2022 World Changing Ideas Awards for Their Employee-controlled Compensation Program
May 09 2022 - 9:00AM
Business Wire
Expensify joins a prestigious group of
innovative, employee-driven companies that have designed programs
to reinvigorate workplace culture
Expensify, Inc. (Nasdaq: EXFY), a payments superapp that helps
individuals and businesses around the world simplify the way they
manage money across expenses, corporate cards, and bills, today
announced that its Employee-Controlled Compensation Program earned
two finalist spots and an honorable mention in Fast Company’s 2022
World Changing Ideas Awards. A panel of eminent Fast Company
editors and reporters selected awardees from a pool of more than
3,000 entries from around the world.
Expensify’s Employee-Controlled Compensation Program allows any
employee to participate in the company’s compensation adjustment
process twice per year. Participating employees use in-house
technology to compare each of their peers’ profiles one-on-one in a
series of nearly 10,000 matches and rank them based on who they
believe contributes the most value. This process results in raises
that employees can split between cash and equity however they see
fit.
“Comp adjustments are typically made top-down and behind the
scenes by a select few, and that’s bullshit,” says David Barrett,
founder and CEO of Expensify. “Getting a raise shouldn’t be about
impressing a single person, excelling at a single project, or
having the best negotiation skills – it should be about
consistently being a great teammate. That’s why we built an
employee-controlled compensation program — to give employees a
chance to weigh in on the value their colleagues bring.”
Another unique facet of Expensify’s compensation program is on
the equity side, with a stock purchase and matching plan that
provides matching stock quarterly. Any employee who contributes to
the plan receives a quarterly 5% match that compounds for as long
as purchased and matching shares continue to be held by the
employee. The quarterly match percentage can increase based on
performance, as well. In any case, these matching shares are issued
consistently regardless of market conditions.
“We want every single Expensify employee to feel like this job
was the best investment they could ever make in terms of personal
growth as well as financial opportunity, so we design all of our
compensation systems to reflect that,” says Anuradha Muralidharan,
Expensify’s Chief Operating Officer. “From the beginning, we’ve
been building a company where employees are excited to stay for the
rest of their lives, and this program is just one of many perks we
have in place to make that a reality.”
To learn more about Expensify’s unique culture and job
opportunities, check out we.are.expensify.com.
About Expensify
Expensify is a payments superapp that helps individuals and
businesses around the world simplify the way they manage money.
More than 10 million people use Expensify’s free features, which
include corporate cards, expense tracking, next-day reimbursement,
invoicing, bill pay, and travel booking in one app. All free.
Whether you own a small business, manage a team, or close the books
for your clients, Expensify makes it easy so you have more time to
focus on what really matters.
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version on businesswire.com: https://www.businesswire.com/news/home/20220509005227/en/
Rose Grech, press@expensify.com
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