FullContact pays employees $7,500 annually to take fully disconnected vacations
Bart Lorang · 20VC: Why Every CEO's Goal Should Be To Be The Laziest CEO, The Benefits of Being Both Founder and Investor At The Same Time & Why Every CEO Should Try A CEO Coach with Bart Lorang, Founder & CEO @ Full Contact · Jun 23, 2017 · at 15:41
Bart Lorang is the founder and CEO of FullContact. He outlines his company's famous paid-paid vacation perk and its three requirements.
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“Paid, paid vacation is a thing that we came up with about five years ago at Full Contact, and we pay every employee 7500 dollars once a year to take a vacation, and that's on top of their existing paid vacation salary, so they get a 7500 dollar stipend to go take a vacation. There's only three rules. One is they have to take a vacation to get the money. Two is they cannot work While they're on vacation. And three is they actually have to completely disconnect and go off grid.”
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More from Bart Lorang
Lorang: CEOs must spend 10% of their salary on personal growth
“If you're not spending 10% of your salary every year in your company on your own personal growth and development, like you're literally suboptimizing the company.”
Lorang: Early-stage deals relying on marginal IRR differences are bad investments
“If the IRR is 12% or 14%, and it's that close, like, it's probably not a good deal. It's got to be, like, no-brainer stuff that is just like, oh, if it works. If it doesn't, it's a zero.”
Lorang: Companies should capture over 50% of the value they create
“I don't know if I agree with that. I think that it should be over 50% if you had to put me, pay me to a number. I think you'd always leave things on the table, but that's But that's, that goes to the relationship dynamics.”
Lorang: Focus and simplification can cut work hours from 70 to 35
“People realize that you don't actually have to work 70 hours. You can actually knock it out in 35 hours, maybe, and if Just actually focus and simplify and declutter.”
Lorang: Executive control is a myth; leaders control basically nothing
“Control is a word that we should probably eliminate. It's a falsehood that we control. We control basically nothing, and I've given up a lot of control in my company in terms of my management style is very, very hands-off, or I like to think so.”