How wefox manages compensation plans accross Europe with Ledgy
“We are growing very fast and we need to be more conscious of our ESOP pools. Luckily, Ledgy allows us to track the details of our equity transactions and export the data to prepare for meetings with our CFO and board members.”
wefox has become Europe’s leading insurtech company by disrupting the outdated insurance industry. Through an integrated digital platform built on artificial intelligence, wefox acts as a digital marketplace serving customers, brokers and insurance companies.
Our recent chat with Rafaella Apuzzo, Compensation Manager at wefox, uncovered key insights into a company that charted record growth while staying true to their passion of empowering people. Their business model resulted in quadruple growth figures, an extended Series B of $235 million and the coveted title of Unicorn.
How wefox values people
Rafaella spoke to us about her reasons for joining wefox. It was clear to her from the start that the founders, Julian and Fabian, valued people and she really connected with the company's mission.
The fact that wefox wanted to create a compensation manager role proved their commitment to this value. And personally for Rafaella, it meant she would have the opportunity to build her department’s strategy from scratch.
The wefox philosophy on employee ownership
Beginning at the founder level, the theme of empowerment echoes throughout wefox, and equity policy is built around transparency.
Various communication channels are used to ensure that team members are kept well-informed. Company stand-ups, internal newsletters, and FAQs are just a few of the ways Rafaella and her team educate employees.
On the subject of employee stock option plans, CFO & Co-founder Fabian Wesemann, made it clear from the beginning that their incentive plans should be easy to understand so that everyone could really see the value in them. And to this day Fabian is hands-on, personally giving every new employee their orientation and answering all their questions.
Believing that empowered employees are key to the company's success, wefox Group decided to implement their incentive plans right from the beginning.
What type of compensation plans does wefox offer its employees?
Wefox uses PSOPs to incentivize employees throughout various stages of their career journey.
Options plans are granted during the hiring phase as part of the total compensation package and also as supplements to their salary in the form of promotions, bonuses, and anniversary gifts based on seniority.
All in all, it’s easy to see how wefox has been able to generate a deep level of commitment from their employees, one that clearly played a role in the company’s success.
But what does it take to manage an effective compensation department for more than 500 employees - while giving each one of them the individual attention they deserve?
Rafaella's day-to-day workflow
Rafaella manages the compensation plans for more than 500 employees.
This is no easy task!
CFO’s and Compensation Managers can confirm the pain of managing multiple spreadsheets with silos of information.
Extracting the right data at the right time and turning it into actionable insights can be a headache.
This is where Ledgy comes in...
Before and after Ledgy
How does Ledgy make the life of a compensation manager easier?
Before Ledgy keeping up with the many requests coming from employees was manual and tedious.
As Rafaella expressed, questions and concerns would come from a broad range of subjects - each of which took her manual input to answer. Most of them were centered on employees wanting the details of their options:
- When are my shares vesting?
- What is the exact vesting schedule?
- What is the current share price?
- How many shares can I exercise?
As the company’s single point of contact, Rafaella needed a platform that simplifies equity: a system that would manage their employee incentive plans and all equity-related activities.
Ledgy supports compensation managers by first empowering each employee with their own personal dashboard, keeping them well-informed on every aspect of their options.
Ledgy’s employee dashboard
Rafaella shows us in this quick video how Ledgy's Employee Dashboard empowers wefox employees and improves her daily workflows.
Making ownership transparent for employees means they can empower themselves with the information they need - in real-time, including historical and future valuations of their holdings, exercise requests, access to all their documents, and more.
The result is that compensation and benefits managers are able to shift their focus to higher-level tasks, like company-wide pool and equity management - which is also simplified by Ledgy.
As the administrator of Ledgy’s platform, Rafaella spends most of her time within the company admin's equity dashboard - calling it her “Go-To Place.”
wefox's hyper-growth makes it even more important to keep a tight track of the company's different equity pools. When necessary, she can enter into discussions with the CFO and board members with confidence, fully supported by data exports directly from Ledgy.
She can search transactions by name, date, type, or time-frame, which will pull up the documents she needs, along with all associated documents. No more missing documents, attachments, or searching for files!
This was just a brief overview of how wefox is using Ledgy to handle its equity management.