Google Challenge: Keeping Wealthy Workers
Google Challenge: Keeping Wealthy WorkersGoogle Challenge: Keeping Wealthy Workers
Saturday October 2, 10:33 am ET
By Lisa Baertlein
SAN FRANCISCO (Reuters) - As Google Inc. (NasdaqNM:GOOG - News) nears the end of its first quarter as a public company, industry watchers say one of its emerging challenges is how to keep soon-to-be wealthy workers from cashing out and moving on.
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"The loss of key employees is a real risk for a technology company after it goes public," said Eric Jackson, an early PayPal executive who left after the online payment company's IPO and acquisition by eBay Inc. (NasdaqNM:EBAY - News)
Based on Google's share price of around $130, Salary.com senior vice president Bill Coleman estimated that around 60 percent of the 1,900 Google employees with the company at the end of March each now hold stock options worth at least $1 million.
While some workers may choose to go back to school, start a new company, or join the ranks of high-tech early retirees, analysts also note that $1 million is not what it used to be.
"If you live in Mountain View, California, and someone gives you $1 million, you might be able to pay off your mortgage, but you can't retire," said Coleman, referring to Silicon Valley's sky-high home costs.
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