Based on a Brightlights survey* of Tech Companies in the GTA/Kitchener-Waterloo area, February, 2016
There’s a bombardment of articles that outline the over-the-top and idyllic tech company culture throughout Silicon Valley that may sway you to believe that you need to cater meals for your employees on a daily basis, order a keg of beer or put hammocks and foosball tables in your office.
The startup culture is definitely rewriting the script for what the modern workplace environment looks like, but that doesn’t mean you need to go all out in order to attract, retain and motivate your employees.
The fact of the matter is that people don’t buy ‘what you do’ – they buy ‘why you do it’. This doesn’t just apply to consumers. It extends to the corporate culture and is at play every day. Hence, tech companies that provide a positive work environment with strong leadership end up winning on the talent front over and above all the tangible benefits.
Regardless, it doesn’t hurt to sharpen your competitive edge and offer perks and benefits that provide substantial value to the lifestyles of the modern employee. But first, you need to know what tech employees actually want most and what competing companies are offering so that you’re in the running to attract and keep top talent.
Here’s a snapshot of what we uncovered in our survey:
80% of the companies surveyed have an employee bonus plan of some type. Out of those that have a bonus plan, 60% have it for all employees, 18% for executives only and 3% exclusively for salespeople.
One company we surveyed provides an unlimited number of holidays but no one has yet applied for it.
- 65% of companies surveyed started at 3 weeks vacation and then moved to 4 weeks after being at the company for 5 years.
- For Director-level positions and above, the majority started at 4 weeks.
Health and dental
- 50% of companies surveyed offer comprehensive health and dental packages
- 40% offer a co-payment plan
- 10% don’t offer health and dental at all
Download the whitepaper right here to get an exclusive look at what the top tech companies are offering employees and answers to these questions:
- Are medical and dental benefits still the Holy Grail?
- Is an unlimited vacation policy on the rise?
- Where does RRSP matching fit in?
- Do people still value gym memberships and daycare services?
If your hiring process has become a minefield to navigate – take advantage of Brightlights’ Peoplescope Service and get a thorough perspective on what employees really value and how to offer the benefits they actually want in this competitive marketplace.