And I quote: ” The way they do it is by offering candidates obscene amounts of money which confuse even the most loyal employee, not to mention the damage this causes to the entire market.” I am sorry, but how arrogant do you have to be to say that “loyal employees” are “confused” by being offered more money than their current employer? Typically, when a person is offered three times what they are currently earning to do the same job, they will leave, and leave happily at that. This is the same guy that wants to “upend” the entire insurance industry (call it “disruption” or whatever you want but he has openly spoke about his intention to destroy traditional insurance) and he is whining like a child on a social media platform because he cannot compete with his competitors by offering equivalent salaries? Spare me. Sounds like the opining of a spoiled technocrat.
I could not agree more Augustine. The VC’s that funded Lemonade are going to get rich at the expense of the techs being paid crumbs of 100k to 150k per year. If the VC’s and LLC had any common sense, contracts with guarantees at termination and non-competes would be in order. Unfortunately, VC’s only look at talent as a commodity as does Amazon. While I’m not a Bezos fan by any stretch, the penny pinching start up is getting what they deserve. Having worked in a VC funded start-up they are doing one of 2 things – selling losses to investors that need them or paying people below market to achieve their end goals with those people in the latter category not reaping any of the rewards of their labor.
No contract and no non-compete for 2 years after termination shows how arrogant or stupid Lemonade leadership and the funder’s behind it truly are.
Good luck Lemonade. AI in selling insurance sounds like an extremely high loss ratio in your future. If you think your combined ratio will offset your loss ratio, I would like to meet the modelers that put that one together.
Perhaps he/they should spend more time improving their products instead of philosophizing on Linkedin. From where did their company hire all of their employees? They did not create them as raw recruits but I trust hired them from other companies. Did they consider themselves as poachers? Oh, I bet not.
Lemonade’s employees should are free to change jobs at will. If that job change puts them at Amazon, so be it. If Lemonade wants to retain their talent, they need to be prepared to pay the salary required to do so. Employees are not property, they don’t belong to you, but are free to make whatever market moves best meet their financial needs.
Well, if Lemonade is going to be a Non Profit insurer, they should not be surprised that they are unable to pay their talent to stay, if the talent is going for a higher salary at a “For Profit” entity. Maybe Lemonade needs to start looking to make money to compete.
And I quote: ” The way they do it is by offering candidates obscene amounts of money which confuse even the most loyal employee, not to mention the damage this causes to the entire market.” I am sorry, but how arrogant do you have to be to say that “loyal employees” are “confused” by being offered more money than their current employer? Typically, when a person is offered three times what they are currently earning to do the same job, they will leave, and leave happily at that. This is the same guy that wants to “upend” the entire insurance industry (call it “disruption” or whatever you want but he has openly spoke about his intention to destroy traditional insurance) and he is whining like a child on a social media platform because he cannot compete with his competitors by offering equivalent salaries? Spare me. Sounds like the opining of a spoiled technocrat.
I could not agree more Augustine. The VC’s that funded Lemonade are going to get rich at the expense of the techs being paid crumbs of 100k to 150k per year. If the VC’s and LLC had any common sense, contracts with guarantees at termination and non-competes would be in order. Unfortunately, VC’s only look at talent as a commodity as does Amazon. While I’m not a Bezos fan by any stretch, the penny pinching start up is getting what they deserve. Having worked in a VC funded start-up they are doing one of 2 things – selling losses to investors that need them or paying people below market to achieve their end goals with those people in the latter category not reaping any of the rewards of their labor.
No contract and no non-compete for 2 years after termination shows how arrogant or stupid Lemonade leadership and the funder’s behind it truly are.
Good luck Lemonade. AI in selling insurance sounds like an extremely high loss ratio in your future. If you think your combined ratio will offset your loss ratio, I would like to meet the modelers that put that one together.
You’re certainly open to adverse selection by taking underwriters out of it aren’t you?
Perhaps Lemonade should pay their remaining employees a $1,000 bonus like many others have done and give them a raise.
We were getting along so well, Agent. Please don’t get divisive on this one, just pass around some likes and save the vinegar for another article.
Different, I didn’t think I was responding to you. Are you a Lemonade employee? Go fly a kite.
Hmmm, my lemonade is a bit sour, can you pass the sugar please?
Lemons? All I see here is sour grapes
SHAI,
Welcome to the NFL.
NFL definition – Not for Long
Perhaps he/they should spend more time improving their products instead of philosophizing on Linkedin. From where did their company hire all of their employees? They did not create them as raw recruits but I trust hired them from other companies. Did they consider themselves as poachers? Oh, I bet not.
What you just said they did isn’t poaching, so no probably not.
Lemonade’s employees should are free to change jobs at will. If that job change puts them at Amazon, so be it. If Lemonade wants to retain their talent, they need to be prepared to pay the salary required to do so. Employees are not property, they don’t belong to you, but are free to make whatever market moves best meet their financial needs.
Well, if Lemonade is going to be a Non Profit insurer, they should not be surprised that they are unable to pay their talent to stay, if the talent is going for a higher salary at a “For Profit” entity. Maybe Lemonade needs to start looking to make money to compete.