From unlimited holidays to giving over a salary of £50,000 for even the lowest-paid staff in their company, businesses all across the globe are working with their colleagues to grow their company culture.
Unlimited Holiday Lots of companies have adopted unlimited holidays as part of their employee benefits. Big companies such as LinkedIn and Netflix employ staff under ‘Unlimited Paid Vacations’. Netflix, already ranked by Forbes as a top employer, adopts this for their staff and has since 2010. When implementing this, their staff do not have their days off tracked, or any restrictions. Their work can be flexible with communication, and so there is no need for a vacation policy. Jobs board ‘Reed’ has reported that jobs that advertise unlimited holidays for their employee benefits package have a 20% hike in applicants over those who don't. This makes the jobs that have been advertised under this very competitive. A healthy work/life balance can and often will attract top industry talent. Another big company to employ this is LinkedIn. They offer Discretionary Time Off (DTO) for their staff to give their employees ‘more flexibility and a sense of empowerment. A major 57% of millennials consider work-life balance to be “very important,” whilst an estimated less than 1% of companies offer unlimited vacation. This creates major competition, not just for new recruits, but also loyal workers. Discretionary Time Off allows employees to work with their manager to request time off when they need it, and so there are no set minimum or maximum days set for vacation time within a given time frame. This was introduced in 2015, and this model is still implemented today. Tori Ahl spoke for LinkedIn’s Talent Blog just two years later, stating that ‘historically, employees don’t abuse the policy and—if they do—it’s a great warning sign that they’re not invested in your company’.
4 day work weeks Many companies have worked with a 4 day work week and seen major success across their employees. Think Productive have incorporated this work schedule since 2011. After running a 1 month trial on this 4 day work week, measuring productivity and stress levels through staff surveys. They found they achieved roughly the same amount, however, the staff were much happier.
50k salary Another tactic is raising all staff to a higher salary. Gravity Payments, a credit card processing, and financial services company, did exactly this in 2015. Their lowest paid staff members are on $70,000 (roughly £51,300), and this formula has grown his staff's loyalty, as they stay longer and are of better value to the company. The staff even worked together to recently buy their Chief Executive Dan Price a new Tesla. Whilst creating a company culture so nice that the staff want to buy you a Tesla is quite an achievement, ultimately making your employees feel valued and listened to is key, as well as helping them to live fulfilled lives outside of the workplace.
Overall, businesses are seen to gain more loyal employees when offering benefits that work with said employees. Notes of happier staff members across the board, consistent productivity, and a big hike in applications from companies with such great employee benefits, than those without.
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