{"id":29900,"date":"2022-08-25T03:21:49","date_gmt":"2022-08-25T02:21:49","guid":{"rendered":"https:\/\/pley2win.com\/pc\/gamestop-will-start-paying-some-employees-with-meme-stock\/"},"modified":"2022-08-25T03:21:49","modified_gmt":"2022-08-25T02:21:49","slug":"gamestop-will-start-paying-some-employees-with-meme-stock","status":"publish","type":"post","link":"https:\/\/pley2win.com\/?p=29900","title":{"rendered":"GameStop Will Start Paying Some Employees With Meme Stock"},"content":{"rendered":"


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\"GameStop<\/div>\n<\/div>\n

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Photo: Michael M. Santiago (Getty Images)<\/figcaption><\/p>\n<\/div>\n

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GameStop, a very coherent and logical company that sells physical video games but also fluffy toys, worthless NFTs<\/span> and the promise of a get-rich-quick scheme<\/span>, just announced an \u201cimproved compensation\u201d scheme for the most senior employees of its bricks-and-mortar video game stores.<\/p>\n

In a memo sent to employees earlier today\u2014and shared by Axios\u2019 Stephen Totilo<\/a><\/span>\u2014GameStop CEO Matt Furlong says that \u201cwhile we continue evolving our ecommerce and digital asset offerings, our store fleet will remain critical to GameStop\u2019s value proposition\u201d, and as a result will be \u201crolling out an improved compensation model for Store Leaders\u201d.<\/p>\n

For Assistant Store Leaders and Senior Guest Advisers, that comes in the form of an undisclosed increase in their hourly pay. For Store Leaders it comes in the form of $21,000 worth of GameStop stock (that\u2019s vested for three years<\/span>) atop their regular pay, along with \u201cthe opportunity to earn additional compensation every quarter by hitting goals for performance-based equity grants\u201d.<\/p>\n

Here\u2019s the memo in full:<\/p>\n

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Subject: Investing in GameStop\u2019s store leaders<\/p>\n<\/blockquote>\n

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All,<\/p>\n

After spending a year strengthening our assortment, infrastructure and tech capabilities, we\u2019re now focused on achieving profitability, launching proprietary products, leveraging our brand in new ways and investing in our stores. Our stores, in particular, are a differentiator that will help us maintain direct connectivity to customers and position us to have localized order fulfillment capabilities across more geographies. While we continue evolving our ecommerce and digital asset offerings, our store fleet will remain critical to GameStop\u2019s value proposition.<\/p>\n

With this said, I\u2019m excited to announce we\u2019re rolling out an improved compensation model for Store Leaders. The new model, which goes into effect next month, provides every Store Leader a time-based equity grant of $21,000 (vesting over three years) and the opportunity to earn additional compensation every quarter by hitting goals for performance-based equity grants. This is in addition to each Store Leader\u2019s existing base pay.<\/p>\n

Stock compensation associated with this new model is covered under GameStop\u2019s existing equity plan, which was approved by stockholders. Leadership believes the model accomplishes the dual goal of increasing pay for every Store Leader and instilling a stronger ownership mentality across the org. In conjunction with this investment, we\u2019re also increasing hourly pay for Assistant Store Leaders and Senior Guest Advisors.<\/p>\n

In the coming weeks, additional details will be provided to Store Leaders and impacted associates. We look forward to continuing to attract and retain passionate, quality talent across our stores.<\/p>\n

Matt Furlong<\/p>\n<\/blockquote>\n

The memo comes two months after overworked and underpaid staff at a GameStop in the Gateway Mall in Lincoln, Nebraska, made international news after closing down the store and walking out<\/span>, and one month after mass layoffs at the company\u2019s HQ and Game Informer<\/span> which were made in an attempt to help the company operate more \u201cnimbly\u201d as it pursues profitability through an \u201cintense owner\u2019s mentality.\u201d<\/p>\n

It also comes just a few months ahead of the busy holiday shopping season, which last year saw rank-and-file employees\u2014who were not mentioned in the memo\u2014pushed to their \u201cbreaking point\u201d<\/span>. <\/p>\n

We\u2019ve contacted GameStop for specifics on the raises for those affected, but if you\u2019re an employee and would like to let us know yourselves you can do so here<\/span>. <\/p>\n<\/div>\n