The Old Standard
We’re all familiar with the standard compensation and benefits packages that typically include health insurance, retirement plans, and life insurance for full time employees. They are the same benefit packages our parents discussed at the dinner table and during the nightly news. Of course those options are still available for most individuals in the workforce, but the benefits packages today’s employees demand are not the same benefits packages of our parents’ era.
A dramatically evolving work force prompts the need for change. Employees are more empowered than ever and the millennial generation along with Gen Xers lead the pack as far as driving workplace change. To be more specific, employees want life-cycle benefits that add real value to their lives.
How can employers rise to the challenge?
Better Benefits Packages
One option is to offer what’s called an employer assisted housing program (EAHP). It’s a concept that is quickly taking a strong footing among today’s top companies. Organizations such as Facebook, Yale University, and Red Gold, along with many school districts, hospitals, and governments around the country are just a few who have stepped up their benefits package to offer their employees an employer assisted housing program through an individualized employee home ownership program.
EAHP benefit programs offer employers flexibility while meeting the needs of their employees. Since maximum ROI comes built into these programs employers can’t lose.
For example, partnering with a company specializing in this benefit costs $0.00 for the employer. An EAHP provider offers tools, education, resources, and general assistance to help employees navigate the home-buying process. This includes financial education, budgeting tools, credit repair, vetting finance options, locating agents or lenders, and much more.
Aside from the wow factor of built in ROI, organizations stand to gain much more by offering an EAHP option.
Research Backed Data
A paper published by the Joint Center for Housing Studies at Harvard University (written by William M. Rohe & Mark Lindblad) cites several benefits related to home-ownership. Some of the benefits include: improved health, lower crime rates, improved psychological health, and increased civic engagement just to name a few.
Healthy, civically engaged, psychologically sound individuals tend to be more productive, more reliable, and more invested in their work. The positive implications touch every point of what today’s business leaders deem critical to organizational success.
Meeting the demands of a rapidly changing workforce environment means HR professionals must take bold action. While it’s important to give employees what they need, cost must be considered. Employer assisted housing programs are perfect for meeting employee needs and while managing cost. Better yet, the positive benefits of home-ownership for employees carries over to their work life, translating to a healthy bottom line for the business.
For more information on employer assisted housing, visit https://advantagehomeplus.com/