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AustenAllred's profile
Austen Allred
Austen Allred
Austen Allred
Verified account
@AustenAllred

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Austen AllredVerified account

@AustenAllred

CEO @LambdaSchool (YC S17): A CS education that's free until you get a job. I have made remarks that I do not agree with.

San Francisco, CA
lambdaschool.com
Joined December 2010

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    Austen Allred‏Verified account @AustenAllred Sep 6

    This tweet goes out to whatever Silicon Valley CFO realized that it’s way cheaper to attract and retain employees by giving them lunch and free perks than by increasing salaries even $10k/yr

    12:02 PM - 6 Sep 2018
    • 41 Retweets
    • 525 Likes
    • Black Dragon Greg Anderson Maja 🦋 Leann Abad Shareed Sait Lubos Kolouch Deep Thrill Big Heart Trump puts the POS in POTUS 🇺🇸
    27 replies 41 retweets 525 likes
      1. New conversation
      2. Rob Kornblum‏ @rkorny Sep 6
        Replying to @AustenAllred

        I might challenge the "retain" part. You must know Silicon Valley turnover stats.

        1 reply 0 retweets 8 likes
      3. Austen Allred‏Verified account @AustenAllred Sep 6
        Replying to @rkorny

        Have you seen them at the places without free lunch tho?

        1 reply 0 retweets 33 likes
      4. Dundon‏ @TedDundon Sep 6
        Replying to @AustenAllred @rkorny

        Other perk is that employees network and stay in office (less lunch time).

        0 replies 0 retweets 4 likes
      5. End of conversation
      1. New conversation
      2. Michael‏ @mmay3r Sep 6
        Replying to @AustenAllred

        I think it’s the tax minimizing play for everyone involved.

        2 replies 0 retweets 24 likes
      3. Trevor McKendrick‏Verified account @TrevMcKendrick Sep 6
        Replying to @mmay3r @AustenAllred

        If a startup is thinking about minimizing taxes IMO they’re screwed

        1 reply 0 retweets 4 likes
      4. Bennett Tomlin‏ @BennettTomlin Sep 6
        Replying to @TrevMcKendrick @mmay3r @AustenAllred

        For established Valley companies they have to worry about that

        1 reply 0 retweets 4 likes
      5. Trevor McKendrick‏Verified account @TrevMcKendrick Sep 6
        Replying to @BennettTomlin @mmay3r @AustenAllred

        Sure, for huge companies all sorts of optimization problems start to make sense

        0 replies 0 retweets 3 likes
      6. End of conversation
      1. New conversation
      2. Laurène Tran‏ @LaureneTran91 Sep 6
        Replying to @AustenAllred

        Reminds me of Matt Levine on free diner for young bankershttps://www.bloomberg.com/view/articles/2018-09-04/wells-fargo-had-a-fake-dinner-receipt-scandal …

        1 reply 1 retweet 4 likes
      3. matias‏ @MatiasFMolinari Sep 6
        Replying to @LaureneTran91 @AustenAllred

        Love this: “...it’s an early exposure [...], to an economy of gift exchanges [...]. One day the bank is buying you $25 worth of Seamless [...], the next day you’re buying a client’s CFO $200 worth of steak while you pitch her on a bond deal...”

        0 replies 1 retweet 3 likes
      4. End of conversation
      1. New conversation
      2. Amit Kumar‏Verified account @akumar Sep 6
        Replying to @AustenAllred @pmarcas_likes

        In my first founder/CEO gig we made healthcare 100% free. we'd pay for everything. you'd just have to fill out a few forms - but no co-pays, no payments, nothing. people hated it. (because... forms) human happiness in general is hard to figure out (obvious in retrospect)

        2 replies 1 retweet 21 likes
      3. 1 more reply
      1. New conversation
      2. Randall Bennett‏ @randallb Sep 6
        Replying to @AustenAllred

        It saves ridiculous amounts of time too.

        1 reply 0 retweets 3 likes
      3. Austin M. Craig‏ @austinmcraig Sep 6
        Replying to @randallb @AustenAllred

        And things like providing lunch on premises fosters/generates the kind of relaxed conversation among colleagues that can actually produce meaningful insights and change at work.

        0 replies 0 retweets 4 likes
      4. End of conversation
      1. New conversation
      2. Adam Clark‏ @adamhclark Sep 6
        Replying to @AustenAllred

        Kind of like the CEOs that "realized" open offices were a great idea, right?!

        1 reply 0 retweets 2 likes
      3. Brandon Croft Weekes‏ @bcweekes Sep 6
        Replying to @adamhclark @AustenAllred

        Can we throw “unlimited vacation” in with this?

        1 reply 0 retweets 3 likes
      4. Adam Clark‏ @adamhclark Sep 6
        Replying to @bcweekes @AustenAllred

        I'll allow it. :)

        0 replies 0 retweets 1 like
      5. End of conversation
      1. Andrew "Not a Fed" Glidden‏ @asglidden Sep 6
        Replying to @AustenAllred

        At $10 a meal, 2 meals a day is $5000, tax-free and with a time savings of 10-60 minutes depending on employer alternatives. It's a *very* smart move.

        0 replies 0 retweets 9 likes
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      1. Muni‏ @muni_d1 Sep 6
        Replying to @AustenAllred

        This reply goes out to whatever Silicon Valley exec who realized that the goober excited by free lunch and foosball will do nothing but work.

        0 replies 0 retweets 5 likes
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      1. David Fong‏ @FoodieFong Sep 6
        Replying to @AustenAllred

        I think this may actually be rational for employees. Remember the perks are consumed on a post tax basis while salary increase is pre tax. If I was going to buy lunch and dinner anyways it could be better to get it from employer without paying taxes

        0 replies 0 retweets 3 likes
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      1. Friendly‏ @MrNickFriend Sep 6
        Replying to @AustenAllred

        I have yet to find an employee I want to retain who wants free lunches & distracting perks more than income/advancement. I'm willing to bet at the interview one of their first questions was about vacation time. I see your point though; every company/situation is different.

        0 replies 0 retweets 4 likes
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