Facebook, Coinbase, Amazon… Which Big Companies Are Doing Worse in Employee Retention During the Great Layoff?
Companies That Treat Their Employees The Worst
How long should you stay in a job? Most recruiters and employment experts say that less than 15 months in a position can affect your resume. After all, companies are not interested in hiring people with professional commitment issues.
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But you can’t blame employees for every short tenure. Because, as online resume maker Resume.io recently discovered, some companies suck at retaining employees.
Using average retention data collected from LinkedIn, the Resume.io researchers put together some graphs that highlight companies with the worst employee retention rates.
Cryptocurrency trading platform Coinbase leads the list of companies with an average tenure rate of 0.8 years!
The company is known (or some might say notorious) for its “high demand culture”. CEO Brian Armstrong also has a “unique” way of dealing with employees who don’t believe in Coinbase’s mission.
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In response to employee criticism of the company’s recent changes, Armstrong sent this nonsensical tweet:
“It’s easy to be a critic, harder to be part of the solution. If you can’t [be part of the solution], give it up. Thank you!”
Coinbase is not the only known tech company with a low retention rate. In fact, you’d be shocked by some of the other multibillion-dollar tech companies on the list.
Ashley graduated from the University of Manchester with a BA (Hons) in English Literature and Creative Writing. He started working as a freelance copywriter in 2015. He specializes in technology, higher education, ad copy and current affairs.
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Nine former Tesla employees who worked at the company between 2008 and 2019 described their least favorite parts of their jobs to Business Insider. Spencer Platt/Getty Images
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Like many companies in highly competitive businesses, Tesla is not always an easy place to work. From long hours to the stress of working with CEO Elon Musk, jobs at the electric car maker can be demanding.
Nine former employees who worked at the company between 2008 and 2019 described their least favorite parts of their jobs to Business Insider, each requesting anonymity for fear of retaliation from Tesla.
Are you a current or former Tesla employee? What are your thoughts on working there? Contact this reporter atmmmatousek@. You can also contact Signal at 646-768-4712 or email this reporter’s encrypted address at email@example.com.
“The worst part is the toxicity Elon creates – unrealistic goals without a realistic plan to achieve them,” said a former manager who worked directly with Musk. “It’s a culture where if you don’t have a solution to a problem and you don’t solve it in a few days or a week or two, you’re gone. So you better keep your mouth shut.”
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“The worst thing is just the growing pains of working with a new company,” said a former salesperson who left the company in 2018. “Sometimes it feels like a late-stage startup.
“There are a million things that can go wrong, from building a car to producing it for a customer. So that means we need a million smart, smart, capable people to make sure it’s everywhere, every step of the way. It’s all flawless. And it’s hard to do that in a young company, but… there are a lot of very motivated people who definitely go above and beyond.”
Another former salesperson who left the company in 2019 said, “The worst part is you keep feeling like your company doesn’t care about you and you don’t.”
The official said he felt Tesla didn’t seem to be paying enough attention to its solar division. Tesla also cut the commissions it gives salespeople during its tenure, the official said.
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A former production executive who left the company in 2019 said he nearly got divorced because of the long hours. He said it was not uncommon to work up to 70 hours a week.
“I’m glad I got fired because I worked really hard and my marriage is better now,” he said.
Another former production employee who worked for the company for more than 10 years expressed similar sentiments.
A shopper looks at a Model S P100 D at the Tesla store at Cherry Creek Mall in Denver. Photo AP/David Zalubowski
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“I really didn’t like the way they treated customers,” said a third former salesperson who left the company in 2017.
“There have been several times I’ve had a bad customer experience and I’ve had to upgrade to the network and would try to get free customer service for a year or two,” he added. “Every time I do that, they give me a hard time. I’m like, ‘Okay, you guys suck, I look bad.'”
A former production employee who left the company a few months after the layoffs in June 2018 said he didn’t like the feeling that he could lose his job any day.
A former employee who left the company in 2019 said he didn’t like Tesla’s stock price fluctuation in response to Musk’s tweets or the SEC’s attention.
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The SEC sued Musk in 2018, and Tesla said in a regulatory filing that year that the SEC had subpoenaed the company over comments it made in 2017 about the production of its Model 3 sedan.
A former delivery man who left the company in 2019 said his least favorite part of his job was “being on eggshells, not knowing if we could make it.”
Subscribe to our newsletter to get the latest tech news and updates – delivered to your inbox every day. Software company Qualtrics began offering its employees annual grants for experiences they would not otherwise have. Tony Spitz has details.
Companies that make their employees feel valued and satisfied with their work tend to have more productive workforces. While companies in general may want to have happy employees, not all companies do it right.
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24/7 Wall Street discusses employee satisfaction with Glassdoor community expert Scott Dobroski. “The top three drivers of long-term employee satisfaction are company culture, career opportunities and trust in senior leadership,” says Dobroski. Companies that do not provide this positive work environment often become unwanted workplaces due to low employee morale. These companies – especially those in competitive fields – may struggle to attract top talent.
Glassdoor is a platform for former and current employees to rate their companies. It has thousands of reviews from thousands of different companies on its website. On average, companies are rated 3.4 out of 5.0 stars. However, some large companies have significantly lower ratings, with the 18 worst companies rated 2.7 or lower.
To determine the worst companies to work for, Wall Street 24/7 independently reviewed employee reviews on Glassdoor – a report not commissioned by Glassdoor.
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Employees who rated Kraft Heinz on Glassdoor rated it one of the worst companies to work for, with an average score of 2.7 out of 5.0. The most common rating given by Kraft employees on Glassdoor is 1, the lowest possible score. However, employee perceptions of the company are improving. The company rated Glassdoor last year as
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