I might challenge the "retain" part. You must know Silicon Valley turnover stats.
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Have you seen them at the places without free lunch tho?
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Other perk is that employees network and stay in office (less lunch time).
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I think it’s the tax minimizing play for everyone involved.
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If a startup is thinking about minimizing taxes IMO they’re screwed
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For established Valley companies they have to worry about that
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Sure, for huge companies all sorts of optimization problems start to make sense
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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 …
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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...”
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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)
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It saves ridiculous amounts of time too.
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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.
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Kind of like the CEOs that "realized" open offices were a great idea, right?!
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Can we throw “unlimited vacation” in with this?
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I'll allow it. :)
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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.
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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.
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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
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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.
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