As advancing technology continues to drive the demand for tech skills, nearly every company faces the issue of how to snag — and keep — the best and brightest tech employees on the planet. Without it, competitors could crush you.
It's no surprise that the top five publicly traded tech companies — Facebook, Amazon, Apple, Microsoft and Alphabet-owned Google — which collectively are valued at nearly $4 trillion, lead the way when it comes to attracting exceptional talent.
Fiercely competitive, they offer everything from extensive benefits for parents — Facebook gives four months of paid leave, daycare reimbursement, adoption fee reimbursement and $4,000 cash to pay for new arrivals — to free meals, car washes, swimming pools and volleyball courts at Google's Googleplex facility, and some pretty hefty salaries: The average salary at Facebook is $117,000, at Google $113,000 and at Apple $120,000. With the job market getting even tigher, at 3.7 percent unemployment, those numbers will likely increase.
What is surprising, though, is that the retention rate at each of these companies is still no more than two years.
"[The FANGs] are susceptible to any great start-up," said Juliet de Baubigny, senior partner of Kleiner Perkins, at CNBC's Productivity@Work event on Tuesday in New York City. The conference, which marks the second event in CNBC's three-part series @Work: Tech, Transformation and the Future of Jobs, examines how CIOs and CTOs are managing the transition to a digital future.