Many top organizations have attractive benefits to attract the best talent. One good example is Google, which offers on-site doctors, gourmet food, free haircuts, and high-tech toilets. However, many people do not know about the death benefits Google offers to employees.
There are many reasons why Google offers death benefits to employees. One thing to keep in mind is the oldest employee at Google is 83. This is an indication of the age gap that exists whenever there are brnd new employees hired right out of college. The increasing scale of the company has led to the changes that have occurred to employee benefits.
Employees of Google have a death benefit that is similar to the death benefit which is paid out when a claim is made on a life insurance policy. However, the death benefit provided by Google will offer any surviving spouse, 50 percent of the deceased employee’s salary every year for a ten-year period. This is in the form of a check that is sent each year. One interesting aspect to note is Google does not institute any type of tenure requirement. This means most all employees of the company will qualify.
The death of a spouse or partner is a difficult experience. Google wanted to provide a way to offer help to a surviving spouse when their partner has passed away/. The death benefit was implemented back in 2011. There are also other elements that are offered besides the ten-year salary payment. All stock held by a deceased employee become vested immediately. If the employee has surviving children, then they will receive a $1,000 payment each month until they reach the age of 19. The payments continue if the child is going to school full-time.
Providing a death benefit to employees offers no value or benefit for Google. The company decided an employee death warranted some sort of monetary relief for a family. Anticipating major life events was something Google has done since the company began over a decade ago. The benefits that Google may offer are often better than those offered by other companies. Doing the right thing is the most important reason to offer valuable employee benefits.
Leading the Pack
Google is the leader when looking at paternity and maternity leave for employees. A new mom can take up to 18 weeks off of work with pay after a child has been born. New dads can take up to six weeks off with pay. One interesting aspect about maternity and paternity leave is stocks continue to vest. There is a link between retaining employees and maternity benefits. Google is leading the way – and reaping the benefits in this regard.