Special Guests: Timothy Chi - WeddingWire.com CEO
LIZ MACDONALD, FBN HOST: Next up, even people with a job will want to hear this story. Maryland based WeddingWire.com is about to take the cake for the best vacation policy ever. Just do your work and you can take off all the time that you want. True to form, CEO Tim Chi is joining us from his vacation.
Tim, we love this story. So how many days do you get to work before you get to take unlimited vacation?
TIMOTHY CHI, CEO, WEDDINGWIRE.COM: Actually, this policy is going to be a new one that we implement January in 2012. But the idea conceptually is that you just got to get your work done and then you just take whatever you need.
MACDONALD: So say I get my work done in one day, and I can take what, a year off?
CHI: Depending on the department, right? We do set goals that are typically monthly or quarterly that have to be met. But in concept, we are a results oriented, performance oriented culture. And that is what we want to focus on.
MACDONALD: Why did you come up with this idea?
CHI: So it was actually -- you know, you sit down at the end of each year and you -- as a company, you always want to look for ways to ensure that your doing everything that you can to create a happier and more productive work environment. So when we were reviewing our vacation policy, we really it just boiled down to three very simple things, Liz.
First, everyone, you and me included, likes control and values our own time and likes control over it. Secondly, studies have shown that a happier worker is a better performer. And third, as I mentioned earlier, Wedding Wire is a performance-oriented, results-oriented culture.
So when you sit down and you read those things together, it really didn't make sense for us to limit the bucket -- limit the amount of time someone could take off. We wanted to take the attendance out of performance.
MACDONALD: Right. Quickly, I want you to answer two things. Tell the viewer what Wedding Wire does. And then what is your policy if somebody is taking off too long? Are you going to send somebody after them to bring them back to work?
CHI: Sure, so Wedding Wire is a consumer reviews resource site for anyone getting married. Engaged couples come to our site. And they not only discover, but they're able to decide on who the best service providers are that are going to fit their big day. Sort of like Yelp for weddings.
And with respect to an employee taking too much time off, I mean really the lens is going to be shifted just on whether or not you're getting your work done. It is not going to be based on the amount of time that you spend in the office.
MACDONALD: All right, Wedding Wire basically covers the country, right? Trying to cover the best deals for weddings countrywide.
CHI: Yes, we do. We are a resource site with consumer reviews across all local businesses.
MACDONALD: And you are hiring, right?
CHI: We are.
MACDONALD: Go ahead. Tell me about that.
CHI: We staff aggressively. We've had the good fortune of growing our business and more than doubling in size consecutively for the past three years.
MACDONALD: Are people coming in mentioning the unlimited vacation, saying that is why they walked in your door?
CHI: I think we just sort of get -- that cat got out of the bag just in the past couple days. So I would expect to see that take place when we all sort of get back in the office.
MACDONALD: You can probably expect people moving into your local home town. Who else is doing this unlimited vacation?
CHI: Well, we certainly weren't the first to -- we certainly weren't the first to create it. There are other corporations out there that do it. And we're real happy to be part of the more progressive thinkers. There are large companies that do it, like Blockbuster, Netflix and a couple others.
MACDONALD: Interesting. Tim Chi on a growing trend that his company is doing, unlimited vacation, if you get your work done. He's hiring. Tim Chi of WeddingWire.com. So good to be with you tonight, sir. Thank you so much for your time.
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