The Herman Trend Alert
May 16, 2018
Paying for Dreams
Whenever labor markets tighten and employers get creative to win the war for talent, we see the appearance of unusual perks. The global software company Qualtrics seems to be this year's winner for most innovative perk.
Once-in-a lifetime opportunities
Instead of giving out $1000 USD Christmas bonuses, this January, the Provo, Utah-based employer began offering $1,500 USD to pay for once-in-a-lifetime experiences for its 1,700 employees. The enlightened leaders at Qualtrics offered this benefit to encourage people to fulfill their dreams, instead of spending their Christmas money on everyday expenses.
This employer walks its talk
Mike Maughan, head of global insights for Qualtrics said it best, "We help organizations manage the experience of their employees and their customers. It's important for us to do the same for [our] employees."
Qualifying does not take a lot
Any full-time Qualtrics employee, who has worked at least one year at any of its 14 offices may submit a form outlining the experience he or she wants to schedule---irrespective of their job performance rating or review. Once approved, Qualtrics deposits the money into the employee's account; it's that simple.
From surfing lessons in Hawaii to diving with sharks to climbing a volcano in the Philippines to tickets to the Broadway musical Hamilton, 668 Qualtrics employees have enjoyed this leading-edge perk. Though this special bonus is available annually, unused bonus money does not carryover. The company wants their employees to use the perks to enjoy life.
Not all self-serving
One employee launched a charity that raised more than $4,000 USD for an African orphanage. With the funds, the orphanage purchased bought clothing and medication for the children, constructed a fence to keep out thieves and even purchased a goat. The fellow who climbed the volcano in the Philippines also took the opportunity to bring much-needed books to children at a local village.
The perfect perk for Millennials
Though living their dreams appeals to people of all ages Millennials are especially focused on experiences. Millennials are looking for experiences they can share.
Expect more innovative perks like this one
As labor markets become increasingly competitive benefits like this one will provide a competitive advantage to the employers who are smart enough to offer them. Wise employers will consult their employees and begin developing similar perks; those who ignore this trend will find themselves unable to recruit and retain the best and the brightest young talent.
Special thanks to Special thanks to SHRM's HR News for bringing this new perk to our attention. To read their entire article, click here.
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