Free food. Free in-office massages. On-site dry cleaning. Concierge services. The list goes on…
These perks are so easily copied, not to mention prevalent in certain industries, that they hardly qualify as retention policy, AKA, people holders.
Are these really the perks on which to spend your money?
Think about it and consider far more dynamic policies that others are doing.
- Cliff Bar has gone back to the future with sabbaticals.
After every seven years of service, employees become eligible for a six-to-eight week paid sabbatical, which they can use to spend time with their families, travel, and accomplish longstanding personal goals — no strings attached.
- Tower Paddle Boards observes a 5 hour workday.
Aarstol believes that a shortened workday could motivate employees to work more efficiently. And he is proving to be right through his own company, Tower Paddle Boards, which continues to expand, even after a year of rolling out the five-hour workday. Last year, it was named the fastest-growing private company in San Diego. Aarstol even published a book titled “The Five Hour Workday” this month.
- Paid days off result in better work-life balance.
REI, for example, gives its employees two paid days off a year, called “Yay Days,” to enjoy their favorite outside activity. The World Wildlife Foundation (WWF) takes every other Friday off, coining those “Panda Fridays.” We also give our employees every other Friday off — and we pay them for it. We call it the “18-Day Work Month,” and we truly believe it’s the key to a more productive workforce.
- Gusto extended its standard fertility help to everyone.
Gusto, a startup with 300 employees in San Francisco and Denver, just became the first midsize company in the US to cover fertility treatments in a way that will help single women and same-sex couples, according to Cigna.
However, some of the best perks cost the company nothing.
- SEI makes helping employees achieve their goals the centerpiece of its culture.
SEI made Forbes’ 2016 Best Small Companies list earlier this year, in part because of its unusual employee goal-setting policy. Twice a year managers meet with reports who lay out goals, including compensation, and SEI pledges to support employees’ wishes.
- Tech companies like Google and Facebook are known for sumptuous perks, but are those really what keeps their people from leaving?
The main point: this is not a high-profile kind of job at Facebook, not a developer building a feature that will be used by millions, nor an engineer working on some of Facebook’s moonshot projects like its solar-powered drone or Internet.org.
“At Facebook we believe that ‘Nothing at Facebook is somebody else’s problem’ — it’s yours,” she writes. “I’m tasked with finding creative, innovative and realistic solutions for my clients, even if it has never been done before.”
In other words, she feels a sense of empowerment.
In fact, academic research shows that there’s a strong correlation between job satisfaction and employee empowerment. People who are given the freedom to solve problems in their own creative ways simply like their jobs and their companies better.
In fact, it’s the willingness of management to help their people function at their highest level, grow and succeed, i.e., a manager who cares, that is worth more than most tangible perks.
Flickr image credit: allen watkin