In an interview with Forbes magazine Chief People Officer Laszlo Bock talked about the Google death in service benefits, that employee’s not only have perks in life, but in death.
Thousands of companies offer a Death in service benefit, but none quite so incredible as what Google have announced.
But Look on the Bright Side
Whilst death isn’t exactly what many people want to think about, Google has clearly spent a lot of time dwelling on it and in 2011 announced their death in service benefit to the Google staff.
If a Google employee dies whilst employed at Google, their spouse will receive 50% of the deceased’s wages as a yearly cheque, for 10 years after the deceased’s death. Even more impressive is that there is NO tenure* requirement to qualify for this benefit.
In addition; Google will also give any surviving children $1000 per month until they reach the age of 19, or 23 if they are in education.
Not only will Google pay for these benefits but also ALL stocks will vest immediately.
What’s the Catch?
Whilst we haven’t been made privy to the fine print such as pre-existing conditions etc… there really seems to be no financial win for Google on the face of it. And it really is a great package, so is there actually anything in it for Google?
By offering such an incredible package on top of the other perks such as free food, on site crèche, high-tech toilets (seriously) and an incredible maternity/paternity package, Google will attract the best and brightest in their field.
People who want to work at Google will often have to relocate, and with such attractive perks, Google really do go all out to make sure you WANT to work there, you don’t mind staying after hours, and you’ll go that extra mile, why? Because Google are for you.
It’s a really great move by a company that has the money to do it, and is willing to put its money on the line to make sure its staff feel secure in their roles and the future of their families.
* Tenure is more of an American process, usually within hospitals or universities where the person granted tenure is granted immunity of dismissal without certain criteria being met, such as a vote from a board of directors.