What makes the FAANG companies stand out in terms of people practices (5 mins Read)
People dream to work at Facebook, Apple, Amazon, Netflix and Google. These 5 tech giants are known as the FAANG companies. What are the practices they follow to take care of the millions of employees who work so hard for them to make these companies what they are today.
Let’s have a look at some of the best practices which make them stand out from the other leading companies operating in the market.
Facebook provides 21 days of paid vacation each year to all the employees and over and above that free health check ups periodically, insurance and dental care. The company has a holistic work culture that ensures all the employees stay always energetic and passionate. At Facebook employee engagement and motivation is on top priority. Free food is served throughout the day, four months of paid maternity and paternity leave, there are enough of open office spaces to foster collaboration and continuous feedback is provided on work which are just few of the best practices that make Facebook a dream company to work at.
APPLE
Apple offers its employees amazing perks like gym membership for the entire year,however the work culture is very strict when it comes to collaboration. The design engineers can’t discuss with other colleagues about which project they are working on in order to prevent competitors from finding out the details about the company’s next initiative. This non disclosure policy sometimes cause a lot of frustration among the employees as they don’t even know the specific role for which they are being hired for at times. But, these limitations help a lot in making them stand out from the other competitors. The key competitive advantage of the company is init’s ability to develop innovative products which share the same operating system, software and applications. This minimizes the risk, costs and the timescale of the product development, enabling the company to launch a stream of new products and stay way ahead of their competitors.
AMAZON
Although, Amazon offers some of the best benefits in terms of an extensive and free employee assistance program which assists with all the aspects related to work and personal life but there’s is still a lot which can be improved. Amazon is famous for its quick and top service but many a times it has failed when it comes to good people management.For many years, the company reported a high turnover rate showing a delayed focus on employee retention. Amazon has been trying to revamp its HR Management by adopting better management practices,so we hope that Amazon overcomes these HR challenges with its renewed focus on retention, diversity and performance.
NETFLIX
Efficiency of the employees is more important for Netflix and it is also reflected in their recruitment process. Netflix conducts the employee evaluation in the form of a keeper test which is a measure to decide whether the employee is required for the job or not. In order to pass this test, a lot of work and effort is required. The company believes in hiring one best person and paying the top market salary rather than hiring two average employees. Netflix provides unlimited parental leaves to it’s employees, comprehensive dental and vision plans, lucrative employee stock options and last but not the least is that they encourage you to go on vacations. The company offers unlimited paid time off to its employees which encourages the employees a lot to work more happily and productively. The entire emphasis is on employee freedom, flexibility and excellence which makes the work culture of Netflix stand out from the crowd.
Google is quite often crowned as the number one employer in the world. Termed as the best company to work for by various survey sand magazines and it has certainly earned that title which it deserved. People working at Google get access to nap rooms at any time of the day they want where you can instantly rejuvenate after working hard. In addition to it, you are free to interact with the other employees whenever you want. It can be in the kitchen to their desks, there is no place which is out of bounds. They have a Happiness Project in place to make the lives of their employees easy. They believe that their employees are the company’s greatest asset and they’re their competitive advantage over other competitors. So, they want to attract and retain the best talents, provide them with the best of the facilities and perks, give them a lot of encouragement and stimulus, and make them feel that they are an important part of the company’s mission.
CONCLUSION: While some of these FAANG companies have understood about the best practices in the people management and are reinventing, some are still working on adopting the best practices which lead to better employee satisfaction, retention and improves productivity. However, it can be easily concluded that if you ever get an opportunity to work in one of the FAANG companies, you should never miss that as all of them will ensure that you not only do very well in your work and but in your life too.