Have you ever been late to a meeting and kind of slithered into a chair in the back of the room so no one would notice?
Well, if you’re an employee at venture capital firm Andreessen Horowitz, your tardiness isn’t unnoticed and in fact, you better be prepared to pay up.
That is, if you’re late by one minute to a meeting with entrepreneurs, you have to dole out $10. So if you’re doing the math, if you’re late by five minutes it will cost you $50.
As per a video on Fortune, co-founder Ben Horowitz explained, “When you’re an entrepreneur, you work around the clock, you visit venture capital firms and the very first thing that you get is you sit in the lobby for 45 minutes waiting for them.”
So, his company decided to institute a tardiness policy and also underscore the importance of an entrepreneur’s time.
He added the push back he gets when employees are incurred with a late fee. “They [employees] go, ‘Why? Why are you charging me so much money? I had to go to the bathroom. What the hell?'”
Pointing out he collected about $180 from his co-founder, being tardy can certainly add up. It becomes less about the money and more about a reason to emphasize the company culture and importance of not keeping entrepreneurs waiting in the lobby.
Horowitz added, “And then we say, ‘Look, let us tell you the story of why we respect entrepreneurs and the entrepreneurs’ time.’ So every time someone is late we get to tell that story and that really builds it into the culture.”