“If you’re able to get great people to join the company and work together towards a common goal,” he says, “then you will end up with a great product.” Musk adds that a great product attracts buyers, and the more buyers you have, the more successful your company will be.
As simple as this concept may seem, it’s still challenging to find and hire top talent, which is why more companies are employing various tactics beyond standard compensation to attract new hires. Over the years, these incentives have become increasingly extravagant, with perks like pet-friendly offices and catered lunches becoming more common, particularly in the tech sector where there’s already a shortage of talent.
At their Redmond, Washington, campus, Microsoft employees have access to an organic spa and receive benefits like pet insurance and a free shuttle to and from work. Meanwhile, Apple employees receive discounts on company products and have access to an onsite wellness center at their Cupertino, California, headquarters.
As indulgent as these benefits may seem, the results speak for themselves. Both Microsoft and Apple consistently top the lists of companies where job seekers want to work.
However, companies must provide more than free perks in order to engage and retain top performers. According to organizational experts, employees who feel like they’re contributing toward a shared vision for the company are much more productive and driven than their counterparts.
During Microsoft's early years, for example, all employees were awarded stock options, which created “Microsoft millionaires” when the company went public in 1986. (The company has since eliminated this program.)