Nigerian food procurement startup Vendease, backed by Y Combinator, has implemented significant changes to its employee pay structure after laying off 44% of its workforce. The startup has transitioned from traditional salaries to a performance-based compensation model, which includes an Equity Share Option Plan (ESOP). Employees will receive a phased salary increase linked to performance targets, though specifics of these targets remain unclear. The company aims to navigate towards profitability amid its restructuring efforts, emphasizing technology as its core operational focus.
Vendease has restructured both its business and operations. We're a software company, and we want to focus on facilitating OPEX-heavy operations with technology rather than handling them ourselves.
The restructuring was necessary to navigate to profitability, as indicated by the significant layoffs and transitions in employee compensation structures.
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