How I Avoid Employee Churn
Summary
- Coinbase is a $1 billion company with about 4,500 employees.
- Most employees at Coinbase do not stay longer than 15 months.
- According to reviews on Glassdoor, employees at Coinbase say there's no work-life balance, it's a very intense workplace, and there's constant uncertainty about job security.
- The high demand to work at Coinbase allows them to attract and pay for good talent despite high turnover.
- I don't like this approach; I prefer companies that value their employees more.
- Neutrogena is a $4 billion company with only 750 employees.
- The average tenure at Neutrogena is 10.2 years, which is impressive.
- Employees at Neutrogena feel appreciated, have work-life flexibility, and feel like they matter.
- People value working at Neutrogena for the praise, good benefits, and fair pay they receive.
- If it's possible to build billion-dollar companies with either approach, why use punishment when you can value and appreciate your employees instead?
Video
How To Take Action
I would suggest implementing strategies that focus on appreciating and valuing your employees, as this will make your business more successful and keep your team happy for the long term.
Create a Positive Work Environment: Encourage work-life balance by offering flexible hours and remote work options. Happy employees are productive employees.
Show Appreciation Regularly: Simple gestures like thank-you notes, shout-outs during team meetings, and small rewards can make employees feel valued and appreciated.
Provide Clear Job Security: Communicate openly about company goals and expectations. When employees know they have job security, they are more likely to stay longer and be more committed.
Offer Fair Compensation and Benefits: It doesn’t have to break the bank. Regularly review salaries and benefits to stay competitive, even if it’s just small annual raises or additional perks like wellness programs, which can be low-cost but high-value.
Encourage Growth and Development: Provide opportunities for career growth through training and mentorship programs. This shows employees you invest in their future with the company.
Gather and Act on Feedback: Use employee surveys or regular check-ins to understand their needs and concerns. Act on this feedback to continuously improve the work environment.
By focusing on these low-cost, high-value strategies, you can build a productive and loyal team, much like Neutrogena, which values its employees and enjoys long-term success.
Full Transcript
coinbase $1 billion dollar company but they have about 4,500 employees majority of the employee base does not last past 15 months if you look on their glass door these are some of the quotes from it no work life balance most intense place I've ever worked never know when it's your time to go because the demand is high enough due to the pay and status of working at this place that they can afford to turn at that rate they can still get in good people pay them a lot of money and it will be fine I'm not saying I like it I don't like it in fact what I like is this Neutrogena $4 billion company 750 employees average 10 year 10.2 years absurd what do people say about warh Neutrogena right I feel appreciated for my work there's flexibility in work life integration I feel like I matter what do people value about working there they value the praise they get the good benefits and the fair pay if this is true and you can build billion dollar companies using either of these things why use punishment at all