Business

Update on team re-organisation and new compensation structure at Flutterwave

At Flutterwave, we’ve continued to build solutions that enable us to be the bridge between Africa’s payments landscape and the rest of the world, helping multinationals across the world drive growth in Africa and African businesses take flight across the world.

By the end of 2023 we made a data-backed decision to recommit resources to our core business; enterprise payments.

We also committed to doing more with our growing remittance segment; Send App. As a result, we have rebuilt the teams to more efficiently utilise the opportunities in these markets.

Consequently, we’ve made the difficult decision to support the transition of 24 Wavers accounting for 3% of our workforce.

These Wavers are some of the most hardworking people you’d meet. We put in the work and I can confidently say that at Flutterwave, we have a competent workforce where everyone actively contributes.

But once the data and the business is pointing us to a specific direction, it would be counterproductive for us not to listen and create the right mechanisms to move faster on the opportunities awaiting us.

To the Departing Wavers

Thank you for joining us on this journey. I need you to know that we’ve got your back and will give you a smooth transition.

  • Final Payment: We will pay an average of 3 months gross salary, depending on the country where the employee is based. We will also be monetising your unutilised accrued leave days.
  • Education and Training: You will continue to have free access to our professional training platform for 12 months after your transition.
  • Career Support: We will be providing you with free outplacement service for 3 months.
  • Stock options: For Wavers with stock options, we will support you with an additional vesting period of 6 months.
  • Healthcare: You will have 3 months of free healthcare.
  • Mental health: You will continue to have access to our mental health and career coaches for 3 months post transitioning.

We hope this softens the impact this sudden transition has on you personally and professionally.

To Wavers – New Compensation Framework  

Some of your friends, colleagues and team members are leaving and we understand how difficult it is to process this news. While we will continue to adapt to the data-driven needs of our business, we understand that you make things happen and you are Flutterwave.

In response to recent employee feedback and a thorough analysis of market trends, we are implementing a company-wide comprehensive compensation review.

  • Base Pay – A thorough market analysis was conducted to ensure that we are competitive within our industry and so a majority of you will see an upward adjustment to your base compensation.
  • Performance based bonus – The new discretionary bonus structure will tie directly to individual and team performance and will be based on specific, measurable KPIs that align with our strategic goals.

The introduction of the new base and bonus compensation structure at Flutterwave is a strategic move to ensure that we are aligning our compensation strategy with employee needs and market trends while also building a high-performing team that is motivated, engaged, and committed to the company’s success. Our new compensation structure places us at the 95th percentile for junior employees and 85th percentile for senior employees.

Going forward

Our aim remains to be the payment gateway of choice for enterprise businesses expanding into and across Africa. We will continue improving our solutions and strengthening our ability to give our customers the best-in-class services they deserve. This includes hiring for key senior roles in line with our renewed focus and scaling up talent that help us to support our customers even better. We’re currently hiring for Risk, Compliance, Engineering, Data, Finance etc.

For our remittance service; SendApp, we’re in the process of operationalizing some of the additional licenses we’ve received, which means that more countries will come online, for both senders and receivers.

For our enterprise solutions, we’re experimenting with ways to provide faster and more personalised support.

To our developer community, we’ve not lost sight of the fact that you’re the internal advocates for us in your various organisations and we’ve heard your invaluable feedback and we have some exciting improvements and updates coming your way soon.

To you 

Flutterwave is at a strategic point in its growth and we are not resting on our laurels. Instead, we’re taking this opportunity to speed up our growth, development and innovation. And as we approach our next significant milestone, we’re making progress in preparations. We’ve become great at taking feedback that helps us be better. In all, we thank you for sticking it out with us.

The plan is to build a business that will impact the next generation of digital citizens in Africa, and to build a business that will outlast us all.

We hope to do this with all of our Wavers and ex-Wavers, from day one till now, whether as supporters on the sideline or active contributors to our future.

One thing remains true: once a Waver, always a Waver.

Thank you
GB

 


Enews Nigeria