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Festi is a prominent player in Iceland employing over 2,000 staff across 6 subsidiaries: Krónan supermarkets, N1 fuel/electricity sales service stations, ELKO - the largest electronics store in Iceland, Yrkir eignir real estate, Lyfja pharmacies and Bakkinn warehouse services and distribution.
Employee stock option (ESO) programs provide employees with a marginal ownership stake and a tangible way to share in the firm’s future success. However, this requires careful consideration to ensure fairness and legal adherence.
Festi needed a way to manage this process in a consistent way for all subsidiaries allowing employees to opt in to the program, e-sign a contract, upload this documentation into the corresponding payroll system and track who hadn’t responded to send appropriate reminders.
Adding an additional layer of complexity, employees under 18 require a guardian to complete the paperwork which needed a different process.
Managing this process manually for 6 subsidiaries was not a viable option as employees had a limited time to complete the opt in process and all brands needed consistency. The robust automation capabilities and seamless integrations with existing tools meant 50skills was the ideal solution.
Festi benefitted from being able to:
The automation capabilities of 50skills helped save Festi over 200 hours of manual input. This efficiency allowed the HR teams to focus on more strategic initiatives, rather than administrative tasks.
With 50skills, Festi ensured all employees and subsidiaries followed the same process. Automated workflows and standardised forms ensured compliance, eliminated discrepancies, and reinforced a unified company.
Employees found the ESO opt-in process to be intuitive and user-friendly thanks to digital forms and e-signatures, and email and SMS reminders meant no one missed the opportunity to participate. For employees under 18, the added steps for guardian approval were seamlessly integrated, making the process hassle-free.
With a streamlined process and regular reminders employees found it easier to opt in and complete the necessary documentation, leading to positive engagement in the program. Participation not only benefited the employees but also aligned them with Festi’s long-term goals, fostering a sense of shared success and ownership within the company.
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Dealing with the complex requirements of an ESO program across multiple subsidiaries can be a daunting task. However, with 50skills, Festi turned this challenge into a seamless, efficient process. The HR team manages the ESO program with ease, ensuring fairness, compliance, and high employee satisfaction.
Festi’s success with 50skills demonstrates the transformative power of robust HR automation tools. By freeing up valuable time and resources, Festi can now focus on growing their business and supporting their employees in the most effective way possible.
