Feeld Sets £60,000 Minimum Salary to Boost Employee Retention
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Chapter 1: The Birth of Feeld
Feeld, a dating app founded in London, has recently made headlines by establishing a minimum salary of £60,000 for its full-time employees. This initiative raises questions about its potential impact on employee retention.
The app was launched in 2014 by Dimo Trifonov and Ana Kirova, who were in a romantic relationship. The idea for Feeld stemmed from Ana's revelation of her attraction to women, prompting the couple to create a platform that catered specifically to couples. This unique approach set Feeld apart in a market saturated with traditional dating apps.
Fast forward to 2021, and Feeld boasts over 700,000 connections made each month, alongside more than 10 million messages exchanged on the platform. According to the New York Times, the app achieved over 1.5 million downloads by 2016. But what about the newly announced salary?
Section 1.1: The New Salary Strategy
Recently, Feeld declared a minimum salary of £60,000 for its full-time workforce. Notably, 40% of its 55 employees will see a pay rise as part of this initiative.
In addition, the company offers equity options, the ability to work remotely, a £3,000 budget for computer equipment, and a monthly allowance of £225 for coffee, mental health support, co-working memberships, or any other resources that enhance productivity. These benefits are particularly vital during a time when many employees are seeking better work conditions.
Subsection 1.1.1: The Current Job Market
The pandemic has led to unprecedented job turnover, with a record 4.4 million Americans leaving their jobs in September alone, surpassing the previous record of 4.3 million in August. The current labor market favors employees, making it crucial for businesses to adopt strategies to retain their talent.
Section 1.2: The Cost of Employee Turnover
For many small businesses, up to 40% of their time may be consumed by non-revenue-generating tasks, such as hiring. These indirect costs can accumulate quickly. Additionally, the direct costs of recruitment and training can be significant, with fees through recruiters ranging from 15% to 25% of a new employee's first-year salary.
The £60,000 salary minimum thus appears increasingly justifiable. It benefits both the business and its employees. Ana Kirova, Feeld's CEO, stated to TIME Magazine, "We're profitable, and we want to give back to the people."
Chapter 2: A Call for Change
This approach could serve as a model for other employers looking to improve retention and employee satisfaction.
In conclusion, as Feeld demonstrates, prioritizing employee well-being through competitive salaries and substantial benefits can lead to a more stable and engaged workforce.