May 4, 2001

SAN JOSE: The Hoffman Agency has introduced a new benefit programme designed to assist employees with the still-astronomical cost of living in and around Silicon Valley. The move stands in stark contrast to the recent belt-tightening measures of its tech PR peers.Starting May 1, US staffers are eligible for low-interest loans of up to US$25,000 to apply to the purchase of a first home. Hoffman will award up to two such loans per year.

The agency will also provide cash payments of US$250 a month to 10 employees who rent within 10 miles of a Hoffman office in the US.

Finally, for renting employees who wish to start saving to buy a home, Hoffman will subsidize the use of a financial planner to help map out individual savings strategies.

“We are feeling the pinch, too, and our profitability won’t be at the level it was last year,” Hoffman CFO Leon Hunt explained.

Agency CEO and founder Lou Hoffman said similar benefits would be extended to Asian employees, though not necessarily related to housing.

“Our approach is to solicit input from staff in a given market so the programmes are tailored to what’s important to them,” he said.

In China, benefits include free health club membership, said Hoffman, while the agency pays for an English language tutor in most of its Asian offices, and offers a month sabbatical after four years.

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