Festi improves employee stock option process with 50skills

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:

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.