Perks for retention, perks for productivity

We’ve all heard about the legendary Google perks – free gourmet food, free Wi-Fi-enabled coaches shuttling workers to the office, engineers spending 20 % of their work time on Google-related projects of their choice (which led to Gmail, among other innovations), not to mention on-site haircuts and dry cleaning and taking your pet to work. That sets the standard, at least for Silicon Valley.

But lest you think these perks are solely for the benefit of employees, think again. The company benefits, too. Keeping good employees gets harder every day because of the shrinking, greying workforce. The best way to keep good employees is to engage them with good jobs and be a company they’re proud to work for, and to chain them with gold handcuffs in the form of great perks and working conditions, and high salaries.

When companies get it right, great perks can increase productivity, too. The free meals at Google, for instance, don’t just provide food for connoisseurs. They also provide carefully contrived opportunities, or ‘manufactured moments of serendipity’, as Google calls them, where a chance conversation in the food queue might spark a great idea. Laszlo Bock, Google’s head of people operations, says that less than three minutes queuing provides too few serendipitous moments and more than 10 minutes provides too many. That’s the real reason Google measures its lunch queues.

Source: ‘Business Practices: The Perks of the Trade’, Bethany McLean, Vanity Fair, October 2012.

What does your organisation do to keep good employees? What do you personally do to keep your best team members? How do you provide ‘serendipitous moments’ to help your team members bond and spark good ideas?