So one of the biggest issues Silicon Valley has is wealth inequality. On one hand, you have tech billionaires eating good. But on the other hand, even people making $100,000 a year struggle to eat and pay rent. However, one company fights that. Survey Monkey starts a Silicon Valley movement.
So Survey Monkey is a $2 billion company that provides online surveys. Like many tech companies, they hire third-party contractors. Generally, tech companies give third-party contacts perks, like free food and tech toys. But among most of these workers, there is a feeling of second-class citizenship. Then you have issues like affordable housing. However, unlike most tech companies, Survey Monkey took a poll with their contract workers. They found out their perks aren’t enough. So they did something about it.
Starting in January 2018, Survey Monkey gave contractors more benefits, like health, and paid time off. They offered free public transit to and from work. Also, they offered paid sick time if a family member is ill. This generality is paying off. Though they don’t pay a 401k plan, they have advisers to help all their employees obtain one. This may not sound like much, but it’s making a world of difference. One contractor even said nobody invests in them anymore to this extent. Another was so grateful she had tears in her eyes as they gave her these benefits.
It comes at a time when the IT service world over there seems to be financially coming apart. Remember when I said making $100,000 a year barely pays the bills? Well, try making $19,000 a year in Silicon Valley. Or try being a white collar worker making $55,000 a year. Now $55,000 might go a long way in some parts of America, but not where the average one bedroom apartment costs over $2,800 a month. People and whole businesses are leaving that area because of this inequality. I hate to say it, but greater Boston isn’t much better. Yes, our area is becoming a tech hub. But near our computer service shop, rent cost have doubled in just the last 15 years. Will Survey Monday start a Silicon Valley movement?