At Omada, we’ve built a digital therapeutics company aimed at tackling one of the most pervasive public health crises of our time: obesity-related chronic conditions. In the last seven years, our team and partners have made significant strides in serving participants from all 50 states. We’ve partnered with healthcare and benefits leaders to develop and deliver technology-enabled intensive behavioral counseling for those at risk for obesity-related chronic disease. And while there is a great deal of work still to be done, we are immensely proud of the impact we’ve had to date.
Our success has only been possible because of the creative, dedicated, and determined team that comes to work everyday to make Omada’s mission a reality. We’ve worked incredibly hard to recruit and retain individuals who are not only extraordinarily talented in their respective fields, but share a passion for using those skills to tackle the biggest challenges in healthcare, at a mission-driven organization.
In the world in which Omada operates, the ability for an employee to build equity by vesting stock options is one of the best ways we have to reward those who have contributed to our success. But over the last few years, we’ve noticed that vested stock options can force employees into a difficult choice when they depart the company -- in most cases, they have only 90 days after separating to decide whether to purchase those options.
We’ve seen recently how employees forced to make this choice in a compressed time period are often making big financial decisions without having all the information you’d normally want. In the worst case scenario, we’ve seen how this compressed timeline can more significantly impact employees outside the executive suite.
At Omada, one of our core values is to “Grow Together” -- meaning we realize that our corporate success depends on creating a collective environment where individuals can thrive and develop their careers. One of the most common questions we ask in development conversations is where our employees want to be in five or 10 years. The question itself isn’t uncommon -- but what may be is that we encourage employees to also tell us where those ambitions might extend beyond Omada. We will maximize employee’s time at Omada, but we aren’t naive enough to believe their career ambitions will never extend beyond our walls. Bottom line - we invest in our team’s current success, as well as their future.
That support is one way we try to put our values into action. Today, we’re announcing another -- aimed at making sure that long-tenured employees at Omada have time to gather enough information before making a big financial decision.
Beginning this year, every employee who has been with Omada for a minimum of three years will have the choice to take up to two years to exercise their stock options. That exercise period will increase as the employee’s tenure at Omada does the same.
Why are we doing this? Inspired by early movers like Pinterest, Quora, and Asana, we shaped a solution that sat at the intersection of our people strategy, our company culture, and our business needs. Fundamentally, implementing these changes was an opportunity to put one of our core values into action. We want to create a work environment where individual contributors have all the tools necessary to drive our continued success, and the opportunity to make the best financial decisions for themselves and their families upon separation from Omada. Today’s announcement starts to make that scenario a reality.
Hundreds of companies in the Bay Area have been founded on the basis of a great idea; the ones that succeed do so because of their people. We believe our people are an investment worth making.