Last year the Christmas party for State Bank and Trust in Fargo, N.D., had a "Deal or No Deal" theme, with all the employees getting $1,000 to keep. At this year's party they got $1,000 to give.
Taking a page from Oprah Winfrey's "Pay It Forward" campaign from last year, the $1.7 billion-asset bank gave each of its 434 full-time employees $1,000 (and $500 to part-time employees) to donate to the cause of their choice, whether it be a family they know in need or a nonprofit organization.
The only rules are that the money cannot go to relatives and it has to be disbursed by June 30. They are expected to document the event with Panasonic digital video cameras that the company also gave employees — to keep or regift.
Employees can pool their money for a bigger impact, said chief operating officer Michael Solberg.
"We have focused on giveaways for the last few years. We've given away trips and cars," he said. "This year is more outward-facing."
There are no tax implications for the employees, as the money is never in their possession and is not a part of their taxable income. They just designate where it will go.
Employees are excited, Mr. Solberg said, especially since the giveaway was in addition to their annual bonuses, not in lieu of them.
The privately held bank typically takes 5% of its earnings each year and divides that for the annual bonus. That works out to about 4.5% to 5% of employees' annual salaries, Mr. Solberg said.
The news of the pay-it-forward campaign was delivered Saturday, Dec. 15, at the Christmas party by Oprah — well, an Oprah stand-in.
Mr. Solberg said the company tried to get the media tycoon to make the trek to Fargo for the party, but she was not available. So they looked to Las Vegas to provide the next best thing: an Oprah impersonator.
A stage was set up like the set of Oprah's talk show, and Mr. Solberg played a guest.
News of the company's gesture has spread fast and far; it was featured on ABC TV's "Good Morning America" and even on the BBC.
Company officials have gotten e-mails from as far away as Australia commending them on the gift, said human resources manager Julie Peterson.
"It has gone so far beyond what we were expecting," Mr. Solberg said.
Ms. Peterson said that a handful of employees have already submitted their choices, with others forming committees to try to decide where their pooled funds should go.
Ms. Peterson said she is still considering her options.
"I have a whole bunch of things going on in my head," she said. "I am going to research things and make the best decision."
