In the not-so-distant-past, companies employed workers for almost their entire lifetime. Many companies also adopted seniority programs where the longer an employee remained with the company, the more money they eventually made.
However, especially after the recession, organizations started cutting expenses and boosting profitability by cutting staff, and redesigning their benefits program. This created high levels of job insecurity, just as millennials began to enter the workforce.
The end result was a generation of workers forced to accept that working with a company for life was no longer an accurate expectation, and moving on to another competitor was often as good as a promotion. Now, NVIDIA plans to change that – at least where their employees are concerned.
Recruiting and RetentionIn an attempt to continually recruit and keep the best in their industry, NVIDIA put together an attractive compensation package. As the cost of recruiting and training new employees is high, NVIDIA and other smart corporations aim to reduce their turnover rates.
So, the company hoped to become an asset in the life of its employees, besides the brick and mortar building they go to work at all week. And so far, it’s working. According to the director of corporate communications for NVIDIA, Hector Marinez:
“We’re a unique company… In the last 10 years, we have doubled the number of employees we have. The benefits here have grown with the company. It is top-notch. If you go to many companies that are 20-years-old, you don’t feel the invigoration and energy that is here at a company like NVIDIA.”
Compensation PackagesNVIDIA’s competitive compensation packages offer benefits that could entice practically anyone to quit their job and apply at the tech-giant. The compensation packages embody not just the company’s commitment to being the best by employing the best, but also the high value it places on its employees. After all, a tech-company is only as innovative and productive as the people on the payroll.
One of the most impressive offerings from the company helps recent graduates repay up to $30,000 of their student loan debt. This naturally grows the millennial pool at the company, helping bring new and fresh ideas, in spite of two decades in the business.
NVIDIA also attracts the attention of an older workforce through great retirement plans and high-deductible health care options. In April, the company also launched a clinic closer to work to make healthcare less expensive and more accessible to its workers. There is also a tuition reimbursement program for employees furthering their education, along with child care, and subsidized meals.
NVIDIA has quite simply thought of it all.
Public RelationsPutting their money and benefits where their mouth is, wages a serious public relations war, raising the bar for other tech companies looking to attract the best talent. This makes them an employer of choice, which in human resource management, is one of the best positions a company can enjoy.
These acts of goodwill towards employees also create a general, good public image of the company attracting more customers. After all, the way a company treats its employees is a reflection of how it treats its customers. It also gives the company its limelight in the media for all the right reasons and compels satisfied employees to attract satisfied buyers, by spreading the good word.
This is an ingenious plan by NVIDIA, which while benefitting their very lucky employees, also benefits them as a continued leader in technology.
David Firester is an intelligence analyst and founder of TRAC Intelligence.