It’s the No-Wait 401K Vesting, Stupid

The Google employee benefits-at-a-glance handout is a jaw-dropping experience for anyone who’s ever wished the boss would uncork a few more perks.

Aside from providing free lunch and dinner, “Google 401(K) Plan contributions can be up to 60 percent of salary, accompanied by a generous Google match with no vesting schedule!”

“New moms and dads are able to expense up to $500 for takeout meals during the first four weeks that they are home with their new baby.”

There’s a lot more (examples are below).

Google’s employee benefits are downright mouthwatering, and an interesting part of a Yahoo vs. Google hiring trend spotted by Cowan & Company Internet & New Media analysts Jim Friedland, David Geisler et al.

They found, among other nuggets, that Google’s out-hiring Yahoo. In 2006, Google has so far had 1,800 open positions, representing about a quarter of its overall work force.

Meanwhile, Yahoo’s hiring is flat-to-down in comparison to 2005. The Sunnyvale, Calif., firm has 800 open positions, or 8 percent of its work force versus 12 percent last year.

Google’s on-site oil changes, fitness classes and dry cleaning surely help bring the best and brightest to the Googleplex in Mountain View, or any of Google’s overseas offices.

But if Yahoo’s not hiring as much, isn’t the competition between Google and Yahoo for Internet search’s best and brightest employees not as intense? Given that Yahoo’s apparently not hiring as much, does Google really still need so many “come hither” perks to lure all the best brain power?

So maybe scale back on the ski trips?

Given Google’s infamous “Googley” culture, this all sounds like heresy.

WARNING: Google Employee Perks Ahead

“When your regularly scheduled child care falls through, Google will provide you with five free days of child care per year.”

“Google contributes up to $3,000 per year from eligible employees to non-profit organizations.”

“$5,000 in adoption assistance.”

“Tuition reimbursement is $8,000 per calendar year. You must maintain a B average.”

“Onsite oil change, car wash, dry cleaning, massage therapy, gym, hair stylist, fitness classes and bike repair.”

“Ski trip, company movie day, summer picnic, Halloween & holiday party, credit union, sauna.”

“Five minutes from the Googleplex, full and part-time child care for children ages 12 weeks to six years.”