Dive Brief:
- An article at the Raleigh (NC) News & Observer profiled a marketing company called Principled Technologies, which offers a surprising perk to any of its 84 employees who donate a week's worth of time volunteering to help a favorite charity (while taking a company-paid sabbatical).
- Among other generous benefits, the company will either donate $5,000 to the charity, or pay the employee’s expenses for the week and give whatever remains from the $5,000 as a charititable donation.
- Creative benefits -- especially in the SMB space -- are a way for employers to ensure retention and encourage loyalty, especially when they need to compete with big names.
Dive Insight:
According to the News & Observer, the firm's sabbatical is in addition to costly benefits including healthcare coverage with no out-of-pocket employee costs, a 401(k) plan that doesn't require vesting, and salaries that are more generous than others in the sector.
“We think businesses that focus first and foremost on their clients, the people they serve, and their employees ... instead of maximizing shareholder value, for example, ultimately will do better,” said Mark Van Name, who co-founded the company with Bill Catchings in 2003.
Van Name said that his company’s lavish benefits strategy is expensive, but they have no problem doing it. Is it working? The article reports that Principled is growing (10 new hires this year), and clients include name brands such as Intel, Microsoft, Dell and Red Hat.
