“As we continue to grow and expand internationally,
also the role of HR is becoming more and more important.”

Minna Tuomikoski, Chief Human Resources Officer, iLOQ

An increasing headcount united in strong corporate culture

When such a tough year in terms of business is not reflected in the well-being of the staff, we can conclude that we are doing something right. Employee satisfaction has remained high and unwavering despite other hardships.

We’re still smiling
We already saw this during the height of the Covid-19 pandemic, and the economic hardships of 2023 had a similar effect; the well-being and satisfaction of our staff is the solid foundation a successful business has been built on. Year after year we see that the things that often affect employee satisfaction in an adverse way cannot shake us. Rapid growth in employee numbers and geographical locations or challenges in sales and profitability have not been able to undermine the commitment of our personnel. The flame index (measured by independent third party, Siqni), which measures the employees’ passion for their work, has remained at a staggering level, with a score of 81 (scale 0-100) in 2023.

Never stop growing
As mentioned, iLOQ continued on a path of growth also in terms of number of employees. By the end of the financial year, our headcount was at +40 compared to the same time the year before. While some of the numbers can be attributed to building an active sales force in the new iLOQ locations in the USA and Australia for example, it is worth noting that the clear majority of new recruits were focused on building our R&D capabilities. The shift in our strategy, that has taken us over the years from being a digital lock and key company into a technology company with digital, cloud-based solutions for smart living, is reflected in the staff structure of today. The role of software development particularly has changed the staff dynamic at the HQ in Oulu, Finland.

As we continue to grow and expand internationally, also the role of HR is becoming more and more important. Our team has also grown to include five dedicated HR professionals serving 15 countries where iLOQ has an established presence. We have dedicated time and efforts into building the needed channels and touchpoints for all employees to ensure that the culture we have built works its way into the fabric of life at iLOQ regardless of geographical location or role in the organization.

Continuous DEI efforts
Inclusivity and corporate responsibility are high on iLOQ’s agenda. In 2023, we carried out a comprehensive diversity, equity, and inclusion (DEI) survey where all our employees were asked to take part. As the first of its kind, it gives us a good baseline to start following our progress in regard to DEI-related topics. The results were encouraging and areas for further development were also documented. For example, new parameters for measuring success in DEI are being implemented during 2024.

We have continued to work towards achieving a higher degree of diversity in terms of cultural backgrounds and gender at our Oulu, Finland headquarters. With applicants for most open positions still almost exclusively being male, we continue to struggle in reaching our goals. This issue especially persists in sales positions, while we are happy to see the number of female applicants for roles in R&D constantly growing. The percentage of women employees in R&D has grown from 12% to 15% over the past year.

Our interns have brought a much-welcomed air of multiculturalism to our Oulu offices. This has also helped create a shift in the language used here. We continue to place emphasis on tackling any unintentional biases in the recruitment process by paying careful attention to wording and word choices as well as by making sure the career stories we publish provide equal representation.

Towards transparency in pay
One of the most important HR projects we have taken on has to do with developing the transparency of our remuneration policy. We compiled material for the entire staff, outlining our overall compensation model, including the guiding principles for both tangible and intangible elements that constitute our compensation framework.

We also described the types of salary structures in place, how base salaries are determined, and the variable compensation components we employ, along with the factors influencing their determination. Additionally, we provided insight to our staff on how our annual salary review cycle is conducted, detailing the stages involved and the decision-making process. We also reviewed other common compensation practices and benefits available within our organization.

Next, we proceeded to conduct a job grading project concerning all globally existing roles within iLOQ. We completed the grading by the end of the calendar year 2023 and are currently in the process of gathering data related to compensation. One crucial objective is to conduct a pay equity study. Our aim is to promote equality of opportunity across the entire organization and build sustainable structures and processes for a continuously growing company.

Cultivating a culture of success
As we celebrated iLOQ’s 20th anniversary all together in Oulu, Finland this year, it was abundantly clear to everyone that the iLOQ family spirit was as strong as it has ever been. We share that entrepreneurial approach to our work; we take responsibility beyond our immediate tasks defined in our job description, but also take pride in and rejoice the in the success of our colleagues.

Celebrating success together has always been an integral part of iLOQ’s DNA. From recognizing small personal wins, with titles such as the “Gamechanger of the Month”, to the company rewarding our joint efforts with events and experiences such as we had in Leverkusen when we reached the €100M mark. The anniversary celebrations, where the entire global staff of iLOQ came together to rejoice in where the journey started and how far we’ve come in 20 years, was a truly memorable experience.