The Ultimate Employee Perk – Travel Stipends - American Society of Employers - Kristen Cifolelli

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The Ultimate Employee Perk – Travel Stipends

paid vacationIt’s winter and we still have a long way to go.  Many of us will look out the window at the cold and gray and imagine being somewhere warm and on the beach.  How would you like to work for an employer that actually provides you money on top of your paid time off to take that dream vacation?  The newest perk some generous employers have rewarded their employees with are travel stipends, or as some call it, “paid, paid vacation” that helps to take care of personal travel expenses.

 

So besides just being an awesome employer, why would companies incur this type of expense?  The companies that offer this kind of perk cite many of the same reasons:

 

  • Better work/life balance – providing employees with the chance to have a great travel experience that includes time to bond with family will improve their home life.  Having an improved home life will translate into a happier employee in the office.
  • Increased productivity – employees who have the opportunity to disconnect from work come back refreshed and ready to tackle new challenges.  It helps prevent burnout.
  • Better engagement – research shows that workplace culture improves when the organization promotes disconnecting from work and encourages time off.  This boosts engagement and lowers turnover rates.
  • Recruiting asset – organizations with a “paid, paid vacation” policy are part of a very small group of employers.  This benefit will definitely make the organization stand out from its competitors and shows how much they care about their employees.
  • Improved well-being – good vacation policies and time to rest and recharge can help to reduce healthcare costs.

 

FullContact is a tech company headquartered in Denver, Colorado that is one such organization that offers its employees most likely one of the largest travel stipends that is out there – $7,500/year.  According to their Communications Director, Brad McCarty, “It’s worked incredibly well. When someone returns from a paid, paid vacation, you see, without fail, people shining brighter, working harder, and more excited to get back into the swing of things.”

 

Some examples of other companies that have implemented travel stipends include the following:

 

  • Basecamp - At this startup, employees working there more than a year get an expense paid vacation to one of 16 amazing places around the world.

 

  • Afar Media: The travel media brand gives full-time employees unlimited vacation time and a $2,000 stipend to encourage them to travel to new places.

 

  • BambooHR: The software company gives employees a "paid, paid vacation" of $2,000 a year.

 

  • Evernote: The company behind the note-taking app offers employees unlimited vacation days and a $1,000 annual vacation stipend.

 

  • FullContact: With its "paid, paid vacation" policy, the tech company provides $7,500 per year for employees to travel and requires employees to disconnect.

 

  • Motley Fool: The business and investing site gives unlimited vacation time and runs a “Fool’s Errand” program where one employee a month wins $1,500 toward a two-week, off-the-grid vacation.

 

  • Moz: The software company reimburses employees $3,000 a year for vacation expenses.

 

  • SteelHouse: The online marketing and advertising company offers employees a $2,000 annual vacation stipend. Don't use it? You lose it.

 

  • TSheets: The time tracking and scheduling software company provides employees with a $1,500 per year travel credit, but you need to completely disconnect while you’re away.

 

  • Yesware: The Boston-based tech company offers employees a $5,000 travel stipend to fund a dream trip when they celebrate their five-year anniversary at the company.

 

For the vast majority of us, this type of perk will only be a dream, but for those organizations willing to be more creative and having the budget to do so, this is certainly a unique benefit to help recruit and retain employees.

 

Sources: Forbes 9/25/2019

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