Furthermore, his argument is unrealistic. Most of us don't compare one job with no benefits vs. another with benefits. The situation in the Bay Area at least means that we are often comparing jobs with very similar benefits. Thus, the benefits offered by my current employer is nullified by the equally good benefits of the competing offer, just as companies offering the benefits hope they would do. In the end, most jobs in the Bay Area are fairly comparable in terms of benefits and pay. What matters are the less tangible things: culture, opportunity, challenge, etc. The biggest factor that's keeping me at my company right now are the friends I've made there over the years and I have no regrets about having tied myself down with friendship.