Starting in April, Alibaba Group Holding Ltd. is introducing a new employee incentive plan that combines stock with cash. It’s a significant adjustment designed to help the e-commerce giant attract and retain talented employees despite fierce competition.

The Hangzhou-based company told employees in a company-wide memo that the changes are aimed at “increasing the certainty and liquidity” of rewards, according to people who saw the announcement. Starting April 1, employees will receive “long-term cash awards” in addition to stock options. Those instruments will vest quarterly instead of annually, according to the memo. Alibaba representatives did not respond to an emailed request for comment.

The latest move comes at a time when Alibaba’s stock is near historic lows, reducing its effectiveness as a motivational tool. The company, once valued at more than $800 billion, is struggling to revive its business after years of regulatory scrutiny and an economic downturn.

Chief Executive Eddie Wu has reshuffled senior management, directed investments in artificial intelligence and explored the sale of non-core assets, among other efforts to revitalize growth in divisions from commerce to cloud computing. On Monday, his media and entertainment division pledged to invest at least HK$5 billion (US$639 million) in Hong Kong movies and content over the next five years.

One of Wu’s top priorities is to boost morale among his more than 200,000 employees, especially as Beijing’s campaign to curb private enterprise stifles growth across the tech industry.

Other Chinese tech companies have also made changes to their pay systems to boost morale and retain employees amid fierce competition and uncertain consumption.

Last year, ByteDance Ltd. offered to buy back employee shares at a price 3% above the previous share price, which the company said was aimed at providing liquidity and motivating employees.

Competitor JD.com Inc. has also planned massive pay raises for its employees this year, including nearly doubling fixed salaries for some first-line employees.