Sports apparel colossus Nike (NKE) - Get NIKE, Inc. (NKE) Report gave its headquarters-office workers last week off to support their mental health, joining some other companies showing attention to the issue.
Nike manager Matt Marrazzo wrote on his LinkedIn page, “Our senior leaders are all sending a clear message: take the time to unwind, destress and spend time with your loved ones. Do not work.”
He’s quite happy with the policy. “In a year (or two) unlike any other, taking time for rest and recovery is key to performing well and staying sane,” Marrazzo wrote.
“This past year has been rough -- we're all human! and living through a traumatic event! But I'm hopeful that the empathy and grace we continue to show our teammates will have a positive impact on the culture of work moving forward.
“It's not just a ‘week off’ for the team. It's an acknowledgment that we can prioritize mental health and still get work done. Support your people. It's good business but it's also the right thing to do.”
Beaverton, Ore.-based Nike on Tuesday traded at $164.59, down 2% at last check. It has climbed 20% over the past six months amid stellar financial performance.
Dating app Bumble and LinkedIn also have given workers time off to boost their mental health.
As for Nike, Morningstar analyst David Swartz likes the company, giving it a wide moat, but thinks the stock is overvalued, putting fair value at $128.
“We view Nike as the leader of the athletic apparel market and believe it will overcome the challenge of COVID-19,” he wrote.