It’s never pleasant contemplating what happens if you die - but Google have clearly thought it through with this employee benefit which really ought to help them maintain high levels of staff retention!
Business Insider reports that Google have made a significant change to one part of their employee remuneration package - the benefits that arise to the dependants of employees who die in service.
“From now, if a Google employee dies, that employee’s spouse receives half the employee’s salary for 10 years. On top of the half-salary, the spouse will also receive stock benefits and children will receive $1,000 per month until they turn 19.”
And the generous benefit extends to everyone in the business, not just senior management or those who have worked for Google for a long period;
“...every one of Google’s 34,000 employees is immediately eligible regardless of how long they’ve worked there.”
By any measure, this is a significant and generous deal for Google employees. Just how many of Google’s relatively young workforce will eventually receive the benefit is uncertain, of course. But for students, this is a great example of how financial remuneration can be used creatively for support business objectives.
Google’s key competitive strength is the talent of its employees - particularly the software engineers who drive the product innovation which has made Google so successful. Imagine how the new benefit is likely to help Google retain those key staff and therefore lower staff turnover. And also how it might help Google attract and recruit further talent away from the competition.