Jack Altman and Eric Koslow, co-founders of people management software Lattice, usually warn their employees on their first days within the company — Lattice will not be their forever job.
In an interview with Inc. Magazine, Koslow said that he always tells new hires the following words: “There will come a day that you will want an opportunity that Lattice can no longer provide, and that is OK.”
Cool employers, right? Lattice’s openness to their employees quitting earned them a sport in Inc. Magazine’s Best Workplaces 2022.
This does not mean that the company is not interested in keeping its workforce. Amid the Great Resignation, Lattice’s attrition rate remained at single digits. They also hand out numerous benefits such as coaching programs, weekly grocery stipends, and one month leave to employees who had worked in the company for four years. The business administration also has a set goal in mind — to onboard at least 150 new employees every quarter.
Lattice invests in their people
To meet this, Lattice had started offering one perk that stands out among others: seed money.
Launched in February 2020, Lattice’s “Invest in Your People Fund” aims to pay their current employees $100,000 to quit and start their businesses. The terms of the deal are as follows:
- Start a business within one year after quitting Lattice
- Lattice retains a two per cent equity stake in these start-ups — or less if it attracts a valuation of more than $5 million.
With this scheme, both co-founders said that they are starting to attract the interest of various talents.
“We’ve had a lot of people join us because they heard about this program,” says Koslow. “They’re like, ‘I want to work for a business that treats employees this way.’”
Maintaining this program may not be cheap but it works well within Lattice as they are now valued at more than $3 billion. This signifies that it is important for a company, nowadays, not only to upskill their workers but also to allow them to grow beyond what the organization could do for them.