As business owners continue to face a tight labor market, companies have been searching for ways to stand out from their competition. While many businesses have resorted to increasing salaries and implementing hybrid work schedules, others have increased their benefit options. Researchers say that 51% of employees say that benefits play a significant role in talent retention. As 2023 approaches, finding ways to stand out from your competitors will be essential.
Employer-Assisted Housing Programs
Recently, businesses have begun helping their workers purchase homes by offering employer-assisted housing programs (EAHPs). EAH programs provide a channel through which employers can help their employees with the cost of owning or renting a home, typically in neighborhoods close to the workplace.
The following are ways in which assistance could be provided:
- Down payment grants
- Loans
- Homeownership counseling and education
- Rental subsidies
- Direct investment in the construction of rental housing
Why This Is Becoming Popular
The COVID-19 pandemic has affected everyone in various ways. Alongside that, inflation has increased prices for necessities for individuals to survive. 49% of Americans say that the availability of affordable housing in their community is a huge issue. In addition, mortgage rates throughout the U.S. have climbed over seven percent for the first time in 20 years.
EAH programs help build employee loyalty and increase productivity through the following:
- Improved morale
- Enhanced employee work/life balance
- Decreased absenteeism
The unavailability of affordable housing makes it challenging for employers to attract quality employees. Employers can set themselves apart from their competitors when they offer housing benefits, ultimately improving their competitive position. A study showed that those who own homes often work harder and longer for their employer.
Outsource Your Benefits Administration
If retaining and attracting top talent is essential for you, you’ve come to the right place. Partnering with GMS provides benefits outsourcing services that allow your company to offer competitive, cost-effective benefits while you focus on growing your business. If providing your employees with EAH programs is too big of a step for you right now, we will work diligently with you to get you the benefits your employees want and need. Contact us today to learn more.