Most companies don’t know how to retain their best employees, that’s according to Laszlo Bock, the SVP of Google’s People Operations.
In a recent panel interview at Bloomberg Bock, who is also author of a new book, ‘Work Rules!’ said: “People don’t stay for the money”.
Bock said that more than a third of Google’s original 100 employees are still with the company, despite having already amassed a large amount of money in its IPO.
Bock revealed that he has two ways of ensuring that talent stays at Google, even in a candidates market.
Firstly, it’s about the quality of the people they work with: “That’s why hiring is so important,” he said. Google has a stringent hiring process and every applicant, regardless of their seniority and position they’re applying for must be screened by their prospective boss, potential colleagues, a hiring committee, and finally by Google CEO Larry Page.
And once the right people and through the door, they need to feel that the work they do is meaningful. Bock said: “People want to do more than just make a buck. People want to do something that means something.”
Bock also said that while Google may be famed for providing staff with lavish perks, they are not the reason people stay. He said: “The dirty secret of all these perks is it doesn’t actually retain people or even attract people. While the perks may provide efficiency, community, and an inviting atmosphere, he believes they ultimately won’t swing people who are thinking about leaving. “