This company is requiring employees take PTO this summer — and is offering some a $1,000 vacation stipend
The prebiotic soda brand valued at $1.85 billion recently launched a program requiring its staff of roughly 220 to take at least one full week of PTO. It's also raffling off a $1,000 stipend to four employees each month from June to September to spend on their vacation.
"I have no concern that our employees, writ large, should be able to afford a vacation, but things are expensive, right?" Olipop CEO Ben Goodwin told Business Insider, adding that he wants to send an "ultra clear" message about Olipop's workplace.
The company said the "Summer Recharge" initiative is intended to prevent burnout, boost performance, and model a healthier relationship with PTO.
Olipop CEO Ben Goodwin said the idea came about after the company launched a summer program for customers to win a soda-inspired hotel suites or one of 5,000 influencer-style PR Boxes for just five cents.
After seeing data about US workers not using all their allotted PTO, Goodwin decided to create a similar program for Olipop's employees.
A survey published by Eagle Hill Consulting last November found that 48% of US employees anticipated having unused vacation days by the end of the year, and over one-third of respondents said they hadn't taken a vacation at all in the past year. 85% of the 1,387 survey respondents said they would support a requirement to use a minimum number of vacation days a year.
Olipop offers unlimited time off. Goodwin said that while unlimited PTO can give employees a sense of freedom, these sorts of policies can lead to employees taking less time off. That notion "was unacceptable," he said and he didn't want it happening at his company.
Goodwin said it's "really important" that the company effectively facilitates employees' work-life balance. He says that Olipop's employees are hard workers and that, since its founding in 2018, he can count on one hand the number of employees who haven't pulled their weight.
Goodwin described the Olipop work environment as "intense" and said the staff is competitive and mission-oriented. Last year alone, the company had nearly 400,000 applicants, he said.
While Goodwin invests heavily in employee wellness, he said he is still working on his own ability to disconnect from his job.
"I have to take somewhat extreme measures to really, like, take a breather," Goodwin said, adding that he needs to leave the country to detach himself.
Goodwin said that Olipop has experienced triple-digit growth nearly every year since its inception, and he has to maintain his performance by following routines like exercise and therapy.
Mandatory summer vacation isn't the only perk Olipop offers. Rather than investing in office facilities, Olipop runs remotely and pays significant costs in employee benefits and perks.
The company pays for employees to have a gold PPO plan and covers 95% of insurance costs, Goodwin said. Olipop also offers department off-sites, a party at the end of the year with a DJ and a hotel stay, new hire orientations, and a program for leadership called Olipop Leadership University.
As a relatively small company in a high-growth phase, Goodwin said he has no plans to pull back these perks. In fact, he said he's in active discussions with Olipop's new head of people about expanding some initiatives. Goodwin said he's exploring the launch of a "company rainy day fund for employee emergencies."
To Goodwin, it's all part of the company's mission to benefit others. He also said it creates incentive for employees to perform better.
"How much time do you want to spend using punitive measures to keep your employees in line, and how much do you want to use incentivization and meaning to inspire them in the same direction?" Goodwin said.
The CEO added that you can "tell which model we prefer."
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