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Chinese company gifts ₹1.5 crore flats to employees in unique bid to retain top talent
A Chinese company has come up with a unique solution to attract and retain top talent — gifting flats to employees who stay with them for five years.
A Chinese company has come up with a unique solution to attract and retain top talent — gifting flats to employees who stay with them for five years.
Zhejiang Guosheng Automobile Co Ltd, a firm that manufactures automotive fasteners, has purchased 18 flats near its campus that will be handed out as reward to employees. According to a report in The Standard, the flats were purchased two years ago, when they cost less than they do today.
The owner of the company spent over 10 million yuan (approximately ₹12.7 crore) on acquiring the units.
Flats as gift to loyal employees
A recent job posting by Zhejiang Guosheng Automobile revealed that employees who remain with the Wenzhou-headquartered company for five years will qualify for a free flat. The company has a total workforce of 450 employees.
So far this year, five flats have already been given away. Two of these flats went to employees who rose from entry-level positions to management rank. Recipients must sign an agreement to stay for another five years with the company after receiving the property.
Wang Jiayuan, the General Manager of the company, explained that the idea behind gifting flats is to reward skilled workers.
“This year, we’ve distributed five flats. Next year, we plan to allocate eight more, with a total of 18 planned over three years,” he told the National Business Daily, as reported by South China Morning Post. “Our goal is straightforward: to attract exceptional talent and retain our core management team.”
More about the flats
According to Wang, all the flats are located within 5 km of the company and range in size from 100 to 150 square metres. In this area, the average price of a second-hand home is between 7,000 and 8,500 yuan (about US$990 to US$1,200) per square metre.
At this rate, the average price of a flat would range anywhere between ₹1.2 crore to ₹1.5 crore.
One employee couple has already been allotted a 144-square-metre flat.
Employees are required to sign a housing agreement and move in once the company finishes the renovations. After completing five years of service, ownership of the home is transferred to them, with the employees expected to repay the renovation costs to the company.
