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Expensify Recognized by Fast Company’s 2022 World Changing Ideas Awards for Their Employee-controlled Compensation Program
Expensify joins a prestigious group of innovative, employee-driven companies that have designed programs to reinvigorate workplace culture PORTLAND,
About this update from Expensify, Inc.
[{"type":"text","content":"\nExpensify joins a prestigious group of innovative, employee-driven companies that have designed programs to reinvigorate workplace culture\n\n PORTLAND, Ore.--(BUSINESS WIRE)--\nExpensify, 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.\n\nExpensify’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.\n\n“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.”\n\nAnother 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.\n\n“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 Anur...