Automation of staff incentive scheme
A client in Hong Kong runs a staff incentive scheme in which several hundred employees participate in an annual equity allocation. This involves issuing legally effective notices to all staff, in response to which they can make a number of choices. Depending on their responses, unique equity allocations then have to be approved and administered. Traditionally this has occupied several of our lawyers, full time, for several months.
For the 2017 equity allocation, we refined the insurance process, and prepared an automated version of the notices and subsequent documents. These were populated automatically from a central database linked to a programmed template. Employees responded by accessing an online portal, which in turn generated the follow up documentation, based on the individual’s responses. Although additional upfront effort and planning was required, a major timesaving was achieved in the first year, and all of the work will be reusable in future years.