What Silicon Valley has taught us about employee
retention?
Author: Medha N.
Nov 2020 | 4 min read
(Hint, it's not a fat bonus)
It starts by taking a pause and aligning your company's long-term goals with
your employee's needs. Also, keeping in mind where your company is in its journey helps. Employee
perks can be used as an amazing tool to attract, retain and engage young talent. Studies show that
Gen-Zs and millennials care more about paying for experiences than owning things.
Caveat: Employee perks should not be confused with company culture, no SaaS
platform can claim to build your company's culture for you, that is your leadership's job. Employee
perks are also not a substitute to underpay your employees.
Most businesses can’t afford to lose a single employee, yet they lose the
majority of their employees within three years. One of the reasons for this is that most businesses
have no idea how to retain their people and no way of measuring their employee retention. For the
last 15 years, Silicon Valley has been at the forefront of changing how companies think about
employee retention.
Did you know that some of the highest valued companies in the world use
perks for employee retention? Companies like Google, Twitter, and Facebook offer benefits like free
meals, haircuts, and yoga classes to employees. For some businesses, this is commonplace as they
provide a positive workspace to keep employees happy, healthy, and productive. It is now time for
all companies to learn from them and change how they manage their own talent.
Silicon Valley may have started a trend but we are starting a revolution
With working from home becoming a mainstream, Silicon Valley may have to
rethink new perks to attract and rethink talent. Most tech companies are planning for a hybrid model
where employees will only be expected to work from the office certain days of the week. Silicon
Valley now needs to think of better ways to keep attracting fresh talent if it wants to stay
competitive.
Perkfix on the other hand has cracked the code on providing perks
that
employees really want and care for in 2021. Gone are the days of "Employee Discount Stores"
giving 10% off for a movie or 5% on a Samsung TV, you can get a better deal on Amazon.
Employee
discounts don't work.
At Perkfix we provide a monthly Perk-Budget ranging from $200-$500/mo to its team members to
be used on categories ranging from fitness, online training to a contact-lenses
subscription. It's what your employees need and care about.
What does a Perk Program say about a company's priorities?
For all the benefits of employee retention, most recruitment companies and
businesses still struggle with the problem. What if I tell you that we have built a system that
gives you all the analytical tools you need to measure, track, and manage your employees'
engagement? And a system that educated them and gives them the tools needed to succeed? Our Employee
Retention, Engagement, and Attraction programs will give you this information and help you build a
company people want to be part of for years to come.
Our Perk Specialists can take one look at a company's Perk Program and
determine where their priorities lie. Whether they want to invest in their employee's health or if
their goal is to up-skill their employees as an example.
With the average company losing 50% of their employees by year 3, we have
developed an amazing retention system that hasn’t lost a single employee. We have also created a
simple way of measuring it.
No more worrying about employee retention, no more losing the best people
because your HR department is too busy filling out forms. We will show you how to retain your best
people, look after them and show them you care.
Check out the cool perks here on our
Catalog
page.