Advantage Home Plus Employer Assisted Housing (aka employee housing assistance) is not a new concept. In fact, it has been around for quite a long time and is usually offered by larger companies as part of their benefits packages.
Unfortunately, it isn’t as widely discussed as say health insurance or life insurance but it’s just as important.
Employer Assisted Housing Programs offer a multitude of benefits for employees, employers, and their communities. It falls under the life-cycle benefits umbrella, which is gaining popularity, especially among millennials.
The philosophy fueling the adoption of life-cycle benefits boils down to one basic idea. Employers demonstrating genuine concern for their employees (and the milestones in their lives) attract and retain top talent. Employers benefit from caring.
For example, benefits to employees include cost savings during the home buying process. If the program offers a concierge, employees will have a team of professionals who will walk them through the process and assist with everything from financial counseling and loan qualification to finding an agent (and almost everything in between).
Employers benefit from increased productivity from happy employees and increased loyalty. Research shows that the home buying process is one of the most stressful processes known to working adults. So it stands to reason that when employers provide an avenue for their employees to minimize the stress associated with attaining a life goal, they are more likely to retain that employee long term.
How do communities benefit? Think about it: happy, productive homeowners are more involved in their communities. They are more likely to contribute to community projects, participate in their children’s school functions, and volunteer.
Employers who offer Employer Assisted Housing Programs have found that these programs are the holy grail of benefits provided to their employees with usage rates among the highest of all non-traditional benefits (medical, dental, 401k, etc). The reason is simple, the education, advice and substantial savings the employees can receive is top rate. In addition, the program is free to the company and free to the employees.
Imagine your employees driving home each day to a home their employer helped them purchase? A home that your employee will be making life memories in for years to come. The company not only increases the level of loyalty and appreciation within that employee but can also strengthen the companies brand. Employee who buy homes love to share about their new accomplishment. They are also excited to share how their Employee Home Ownership Program helped them get their home. Companies who embrace life-cycle benefits such as Employer Assisted Housing Programs, demonstrate to their employees that they are valued and cared about enough to help them achieve one of the biggest milestones in their lifetime.
If you’ve been looking for unique ways to increase employee engagement while improving loyalty, consider expanding your benefits package to include an Employee Home Ownership Program. Feel free to reach out to one of our non-commissioned Benefits Advisors. We’d be happy to help you create a program designed to fit the specific needs of your employee group. Your employees will be grateful you did!