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Opinion Editorials

How employee perks give competitive companies a serious edge

(BUSINESS) Breakneck speeds of innovation are now the norm in business, and the most competitive are offering employee perks in the name of progress.

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The nature of business is simple when you boil it down: get the edge and monetize it. To keep the doors open, companies either have to do one thing extraordinarily well that transcends trends or innovation, or they must continually progress and change the rules of their platform with each release.

Case in point, there’s little to improve on when it comes to a Chicago hot dog or a New York slice; these culinary feats will forever be favored because they’re ingrained into the culture as a staple. A pair of Levi’s jeans or Vans sneakers don’t need to innovate, the classic appeal of the brand sells itself.

Technology is a different animal. Innovation is everything.

People wanted a new app or SaaS (Software as a Service) tool yesterday, and they want to hit a button on their phone to get it. We want new apps to automate mindless tasks, and we’re always looking for a way to cut paperwork when it applies to everyday life. We want to pay bills with a click or know who’s ringing the doorbell via the camera attached to our network. We love Nest because it controls our house and who doesn’t love a Spotify playlist connected to a wireless speaker out by the pool?

Companies bending over backwards to create faster and with more of a wallop allowed for these breakthroughs.

Because anything technology-related is crushing financially-speaking, there’s a constant hunger for talent. And talented developers, marketers, SEO junkies, office managers, all use the hyper-competitive talent market to their advantage. If a new job pops up that pays more with better benefits, people will bounce without so much as more than two-week notice and a “sorry, not sorry” letter of resignation.

The company loyalty of the past is long, long gone.

Companies like Twitter or Google throw the kitchen sink at their teams to keep them happy and offer everything from education stipends for their kids, dollar for dollar 401(k) matching, improv classes, catered gourmet meals, and even monthly mani-pedis. These things seem crazy, but they’re small measures to make sure the best talent doesn’t walk for a huge reason – they need the best minds to keep pushing the brand to new heights.

Make no mistake; if a SaaS tool is dominating the market, there’s one right behind it, ready to pounce at the first sign of weakness. Because of the dog eat dog landscape, retention is critical. If the best members of a team move on after a year or two, pushing the brand forward becomes harder and harder because there’s a rotating door. Teams have to find ways to keep their staff engaged not only through work that matters and a thriving culture, but the perks offered need to be sticky and make it hard for employees to walk away from.

One of the more revolutionary retention methods of the last few years has been student loan debt repayment, and as a result, teams are staying together, longer.

The probability market for student loan repayments is massive.

Nearly 70% of new grads walk off the stage with at least 25K owed to private and federal institutions and the debt clock is ticking upwards toward $1.4 Trillion, with a T.

Because student loans are a soft target, it’s an easy win. Often touted as the new 401(k) for millennials, many companies are offering to match dollar for dollar with their teams or just make a monthly contribution on their employee’s behalf. For the companies, this move is killer because of simple math: the average student loan bill is low thanks to all of those deferments, loan interest rates, etc.

In some cases, the loan amount could be as low as a $200 monthly contribution, which is easy for an enterprise-level businesses pocketbook. The employee’s student loan is out of sight, out of mind, and often with a few bucks extra, moving the debt needle faster. The best part: the employee feels like the company has a vested stake their well-being and future growth.

One of the easiest wins for a company is how they view time spent in the office. Because wifi is everywhere and checking email on an iPhone is only a swipe away, more and more companies allow for staff to work remote. Life happens and some days, sitting at the desk is a real wrench in the gears if the dog needs to go to the vet or the AC goes out in mid-July.

A change of scenery helps, and for many people (and let’s be honest), banging out six hours of good work is a more realistic output than drifting through eight hours of “sort of” productivity. Fully 53 percent of workers want free time over a raise.

Companies with a liberal work from home policy lead the charge in perks employees want. Same goes for generous vacation time policies. Even if the average employee doesn’t come close to using their allowance, the central thread that matters is the freedom of knowing they can.

Another way to put a lid on employee churn? Companies are taking a real swing at healthcare.

Because affordable medical care isn’t always available, many companies are covering significant portions of what’s taken out of an employee’s check. Some ultra-progressive businesses like Google or Atlassian even offer 100% covered healthcare for their American workforce. While universal healthcare would make sense, many companies are picking up the slack and are keeping their employees healthy.

Employees, especially millennials, see these moves toward a workplace with a work/life balance, but also as a place that cares about their wellbeing. Gone are the days of death by a thousand papercuts during the workweek. Today’s workforce knows what they’re after and it’s up to companies to decide if they’re willing to play ball to make that work.

Progress is everything in business and if companies are looking to continue to lead trends or upend the status quo, they can’t have their brightest and best looking toward the horizon wondering what else is out there. Perks most definitely matter.

Robert Dean is a writer at ScaleFactor, Umuse, and The American Genius. He is a writer, journalist, and cynic. His most recent novel, The Red Seven is in stores. Currently, he’s working on his newest novel, Tragedy Wish Me Luck. He also likes ice cream and panda bears. He currently lives in Austin. Stalk him on Twitter.

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3 Comments

3 Comments

  1. Tina

    February 26, 2018 at 3:48 pm

    Great article! Human Resource Departments need to look at hiring creative “employee happiness coordinators” who aren’t corporate ingrains, who can feel the pulse of the workers. As a small start-up, I wish we had the funds to pay our employee’s student loan debt. Instead, we try to do what we can, like stock their favorite K-cups (so they don’t stop to buy coffee every morning) and I purchase lunch fixings each week so they don’t spend their money on fast food. I would love to hear from other small business/start-up business owners on what small perks they are offering their employees!

  2. Colin

    March 1, 2018 at 10:27 pm

    Great article! You are definitely correct in saying that the company loyalty of the past is dead. I agree with the comment up above that HR departments need to look into hiring employee happiness coordinators who can feel the pulse of the workers. Often HR is out of tune with what employees really want for their work perks, and hiring somebody who can focus on that is a great idea.

    I think one idea that can help give companies the edge is in their reward and recognition program. It may seem small, but the way you reward employees can have a huge impact on retaining and attracting the best talent for the company. Companies like Bucketlist are breaking through to give employees experiential rewards instead of gift cards, and something as small as that can have a huge impact on company culture and attracting the right talent.

  3. Jeddie Busch

    March 3, 2018 at 9:51 am

    Employee perks are great but they often change early on especially for start ups. I would recommend only adding in a poerk if you were confident it would be in place for at least a year. Nothing worse than having something “cool” go bye bye.

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Opinion Editorials

How to turn your complaint mindset into constructive actions

(EDITORIAL) Everybody knows someone who complains too much. While being open is important for mental health, constant bellyaching is not.

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Everybody knows someone who complains too much. While being open is important for mental health, constant bellyaching is not, so here are a few tips on turning your complaints into constructive actions.

It’s important to understand the difference between “complaining” and “addressing.” Talking about problems which mandate discussion, bringing up issues slated to cause larger issues down the line, and letting your boss know that you have the sniffles all fall into the latter category due to necessity; complaining is volitional, self-serving, and completely unnecessary in most contexts.

Complaining also puts you in an excessively bad mood, which may prevent you from acknowledging all the reasons you have not to complain.

Another point to keep in mind is that complaining occasionally (and briefly) isn’t usually cause for ostracization. Constant or extensive complaining, however, can lead others to view you as a largely negative, self-centered person — you know, the kind of person literally no one actively seeks out — which is why you should focus more on redirecting that negative energy rather than using it to remind your barista why they gave up their dream of becoming a therapist.

Complaining stems from two main sources: the need to be validated—for example, for others to know what you’re going through—and the need to be comforted. Addressing a chronic complaint mindset, then, is largely about validating and comforting yourself. This is a simple solution which nevertheless can take years to manifest properly, but you can start by doing a couple of things differently.

“Focus on the positive” is perhaps the hokiest advice you’ll get from anyone, but it works. In virtually any situation, you can find a positive aspect—be it an eventual outcome or an auxiliary side-effect—on which you can concentrate. Think about the positive enough, and you’ll talk yourself out of complaining before you’ve even started.

It’s also good to remember that no one, no matter how much they care about you, can handle constant negativity. If you find yourself constantly hitting people with bad news or tragic personal updates, try mixing up the dialogue with some positive stuff. That’s not to say that you can’t be honest with people—friends, family, and colleagues all deserve to know what’s going on in your life—but make sure that you aren’t oversaturating your listeners with sadness.

Lastly, keep your complaining off of social media. It’s all too easy to post a long Facebook rant about being served cold pizza (no one likes cold pizza on day one), but this just results in your loding a complaint reaching a larger number of people than vocalization ever could. If you have to complain about something in earnest, avoid doing it anywhere on the Internet—your future self will thank you.

Being honest about how you feel is never a bad thing, but constant negativity will bring down you and everyone around you. If you can avoid a complaint mindset as a general rule, you’ll one day find that you have significantly less to complain about.

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Opinion Editorials

What Musk’s tweets say about toxicity of modern work culture

(EDITORIAL) Musk is an inspiring figure, but his recent tweets speak volumes of what’s wrong with work culture, especially in tech.

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Oh, Elon. Haven’t you learned yet? No? Your beautiful, sweet, brilliant mind. I don’t know whether you need a hug or a stern talking to — maybe both — after your crazy, erratic tweets, but Elon Musk’s Crazy Tweet of the Week™ shows a huge problem growing in the tech industry and modern work culture.

In case if you missed it, here’s what went down:

1. On Sunday, the WSJ wrote that Tesla is the “hot spot” of young job seekers and engineers, in spite of or even because of Musk.

2. Par for the course, Musk responded on Twitter with the following comments:

3. Twitter exploded with replies such as these:

If anything, this opens a discussion on a toxic tech — and honestly, American — work culture. But we’ve written about that. It seems like we’re slowly learning that 40 hour workweeks are often okay, and here’s why:

Elon isn’t normal and we shouldn’t compare ourselves.

The thing is, Musk does get more done in the average workweek than a normal person. But this is because he’s brilliant and has figured out ways to beat the system, and he has a million different ideas that other people are implementing. Elon shouldn’t compare himself to the average person, because, well, he isn’t. It’s clear he’s brilliant (and knows it), so we shouldn’t compare ourselves to him, either.

Something we can take from him: learning to automate the remedial tasks and spending our time to maximize efficiency and not waste time. And for the average person, that probably means getting a good night’s sleep or eating well (that means not just drinking Soylent. Looking at you, developers!) so you can actually be effective the next day at work or with your loved ones.

Improve your efficiency.

Are there productivity tools that you haven’t been using that you can? Are you tracking your time and how you’re spending it? If you’re an entrepreneur, or better yet, solopreneur, are there small tasks that take a lot of time that you can do better, faster, stronger? If you need some ideas, check out the years of tips accumulated here on AG.

Elon knows where his strengths don’t lie, and he has a lot of people doing those jobs. So take some of the things he does, but take it with a grain of salt. But unlike Musk, treat your employees well, don’t burn them out, and empower them to do the tasks you don’t do as well.

Most “average” humans have normal responsibilities: families, maintaining a healthy lifestyle (this means sleeping well, eating well, and exercising), and maintaining balance with other interests that make us better employees, bosses, and entrepreneurs. Remember: you’re a human being, not just a worker bee. Don’t let Elon’s Tweetstorms lead you astray.

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Opinion Editorials

How to crush your next remote job interview

(OPINION EDITORIAL) Working remotely is becoming more and more popular. Learn how to excel during a remote job interview.

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As the career landscape continues to change, so does the way in which we interview. With an increase in remote workers, there is also an increase in video interviews.

What immediately comes to mind for me was three years ago when I had a video interview with the fabulous COO of The American Genius. Since the company is based out of Austin, and I’m in Chicago, we had a video chat to see if I’d be a good fit for the company.

While it took some of the pressure off being able to be in my own home for the interview, there was definitely the con of…being in my own home for the interview. Fear of any noise or interruption posed as a slight distraction.

Like an in person interview, there are some pressures that go along with a video interview. The main one being that you need to sell yourself as an extremely responsible individual who can handle the freedoms and rigors of remote work.

Employers are looking for accountability in their remote workers. You must be able to execute your tasks in with a heightened amount of self-discipline.

This can be done through use of time trackers and proactive reporting. Keeping track of each task you do, and the time spent doing it, will provide something tangible for your employer. Be sure to explain during the interview that this is something you will provide to the employer.

Next, because there is a change in environment, and arguably a change in responsibility level, the questions asked during the interview may be different from your standard interview.

A few questions that may pop up to keep in mind: what hours will you be working? What is your remote experience like? Is this something you’re seeking for supplemental work, or trying to do full-time? What is your home workspace like? What tools do you use to keep yourself on task? What is your preferred method of payment?

In turn, there are some questions you should be prepared to ask, as in any other interview. For example: What would a typical day look like if we were working together in-house? Do you offer advancement opportunities? How many of your team members work remotely and how do we all stay in contact?

Working remotely can be a whole different beast in terms of proving yourself to your employer. Having yourself fully prepared for an interview can help start you off on the right foot.

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