Oprah Winfrey gave her staff of 100 people a mediterranean cruise costing $1 million. That works out to $10k per person. Not to mention I’m guessing the time off to go on the cruise. A very generous gift right? Absolutely.
But I’m wondering if anyone is sitting there thinking, hmm…I’d rather have $10k cash? Honestly that was my first thought. I’d rather have $10k cash to spend/save as I wish. What would I do with it? Well it would likely be my IRA contributions for the year for DH and I, $5k each.
Granted I am assuming this gift is tax free. But then I stepped back and thought about it more. Maybe that’s why Oprah gave her staff a luxury trip? Because she knew they wouldn’t spend it on fun? That most of them might save it instead. So instead of truly enjoying a once in a lifetime gift, it’s set aside.
If it were me, I would definitely have a hard time spend the $10k. I might take $100 and splurge on a fancy meal, but the majority of it would be saved. And if my DH or I were offered that sort of bonus that was not cash, would I take it? Heck yes. Would I appreciate it? Definitely. I’d probably be grateful to get anything in this economic state.
But I wonder if Oprah wanted to life the spirits of her staff in such a down economy? And cash would have just fattened the piggy bank but not lifted their hearts?
What would you feel if you were given this type of gift? Have you ever gotten a bonus at work like this?
7 responses so far ↓
1 444 // Jul 19, 2009 at 9:32 am
I know I’m different than most people for a number of reasons surrounding this theoretical issue, but I’d be extremely disappointed and upset if someone spent $10,000 on me but dictated how it was to be spent (on a cruise in particular, I mean.) And I know it’s their prerogative to buy me whatever they want or give me nothing at all as an alternative, but I’d really NOT want to go on a cruise and I’d really, really want the money instead. I’d consider it to be… I can’t even think of the word… to give that kind of gift, ignoring what I really want and need. It would be kind of like someone delivering 10K worth of liverwurst to you if you really can’t stand it and could really use the money instead. A questionably nice gesture.
2 calgirlfinance // Jul 19, 2009 at 11:17 am
Oprah probably wouldn’t have gotten the same sort of publicity by giving each staffer $10K. Personally I would love it since I’ve always wanted to go on a cruise and I am in a good place financially.
3 Meg from FruWiki // Jul 19, 2009 at 12:19 pm
Well, part of me would want the money so I could help out my finances. But honestly, I’d probably be happier to be given the trip because my lifelong dream is to tour the Mediterranean and at this point it’s still quite a few years away because I want to be out of debt first and have a bigger emergency fund.
4 Kristen // Jul 19, 2009 at 11:42 pm
The cynic in me says that the cruise was probably a better PR move for Oprah.
It’s also probably a pretty good team building move. Employees across the company can talk about the cruise before, during and after the trip. On the other hand, conversations about $10,000 bonuses between employees with very different salaries could be uncomfortable.
Kristen
@ filife
5 Lynn // Jul 20, 2009 at 11:43 am
My father gives his long term employees a nice vacation for their big anniversaries (cruises, week-long vacations at nice resorts in the British Virgin Islands etc). He knows they would never spend the money themselves and they have appreciated it. I don’t think its necessarily right to sit back and look a gift horse in the mouth and say that you would rather have the money. Wouldn’t we all? I am sure this is written off as a business expense and therefore can be justified. If the company can afford to do it then great. If it helps the morale of the employees then even better. Nevermind the PR that she is getting from it. I really can’t stand Oprah so I don’t look at anything she does as being out of the kindness of her heart.
6 Mike // Jul 20, 2009 at 8:17 pm
I never got a significant bonus at work because they wanted to surprise the employees “just because.”
I have recieved sign-on bonuses and other bonuses in exchange for certain conditions being met, but they never really were a surprise. In all those cases, I just deposited in the bank like I did with my paycheck. I never once increased my spending because of the bonus.
7 LAL // Jul 23, 2009 at 10:18 pm
I’d love to get a $10k gift, and wish it were cash, but it’s better than nothing!
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