In technology, job security is not the only benefit of a life-threatening work life. To hear Cassandra tell it, compensation, culture, and perks are fast moving toward extinction as the once-thin air of Silicon Valley grows thick with fear.
Vox stated, “The glory days of Big Tech are coming to an end.” “The Big Tech Dream Job Is Losing Its Luster,” CNBC reported. The Guardian warned: “Major investor asks Google owner to cut aggressive staff and refund wages.” For the pièce de résistance, Elon Musk gave Twitter employees an ultimatum to behave “hardcore” — which had the opposite effect, causing hundreds, possibly thousands, of people to quit, as Vanity Fair noted.
But some workplace experts aren’t so convinced that the sloppy culture that defines technology is dying out. “In any economic downturn, people start looking at where they can cut back, and while I think we’re going to see a pullback in these benefits — and this kind of arms race when it comes to benefits is definitely going to lose some momentum — it’s definitely not going to go all the way. away,” said Micah Remley, CEO of flexible workplace platform Robin, which partners with companies like Peloton, Hulu, and TripAdvisor.
In fact, Remley believes office perks and amenities — including everything from catered lunches to golf simulators — will continue to be a major driver for businesses, especially as they entice their people to return to the office. . “I don’t see any of these benefits disappearing,” he said.
Stephanie Reynolds, Chief People Officer at Unifi, said: “Companies still invest a lot in caring for their employees, and then there are others who try to go back to that… and you know, it’s never coming back.” Consulting, a management consultancy firm whose clients include Google, Amazon and Microsoft. “There is no doubt that it is a mistake of judgment to distance yourself from the culture and not put your people first, and in the long run it will come back to bite companies,” she said.
Reynolds sees a divide between companies that strive to keep doing the right thing through their people and companies with a “fit or leave” attitude, the latter losing team members because of the “humanity and value of people”. Because of complete disregard for needs”. She pointed out that many other companies remain forward-thinking and strategic about the perks and benefits, such as the widely popular option of continuing to work remotely, for example, even as the RTO movement intensifies.
Despite the economic pressures, highly skilled and experienced workers in the tech sector will continue to be in demand, and Reynolds sees employers failing to keep sweetening the pot when it comes to attracting them. “That’s why you’ll see that benefits are still a really important part of the equation,” she said. “People can see whether or not you’re investing in people, and they can see if you’re authentic and if you’re really transparent.”
Reynolds argues that recent high-profile cost cuts at big companies are not, as the headlines seem to suggest, the end of the road for the tech industry as we know it. Nor does the pressure on technology necessarily have an impact on the larger workforce. Analysts at Morgan Stanley, noting that layoffs in the tech sector are small compared to the total U.S. workforce, said the sector’s problems pose no real threat to the overall job market. While what’s going on in Silicon Valley could be seen as “foreshadowing the beginning of a dystopian future for workers,” it’s unlikely to spread to the larger economy, according to Reuters columnist Ben Vink.
As the job market became increasingly competitive, companies increased their benefits, offering everything from unlimited vacation time to Botox treatments, even Rolex watches. But even during busy times, what employees said they valued most weren’t free massages or an office ping pong table, but perks like childcare and flexible work arrangements.
Employees continue to work from home even as remote job openings decline – and bosses wanting a return to headquarters have been proven to bode well for companies looking for opportunities. In a recent survey, flexible workplace firm IWG, which partners with companies like Microsoft, Uber and Slack, found that nearly 95% of 1,000 HR managers in the US see hybrid working as an effective recruiting tool, while 88% believe they can reduce headcount turnover if they offer more attractive benefits.
In times of economic turmoil, hybrid work arrangements aren’t just about giving employees what they want — they can also save companies money, perhaps as much as $11,000 per employee.
While luxury watches may not be commonplace these days, protecting core benefits like the freedom to work from home at least part of the week should be a no-brainer for businesses. As Mark Dixon, founder and CEO of IWG, states, work flexibility “not only provides the employee with a better work-life balance, but also leads to cost savings, flexibility, increased productivity and employee happiness, and greater retention for the employer. “