One employee benefit that employers should take note of is assisting their employees with purchasing a home. In an article with Forbes, the trend in employee benefits shifted towards a focus on mental wellness benefits. Every company knows that the reason for employee retention goes beyond a good payment plan. Employees tend to stay longer in companies where they know that they are not only well compensated, but they need to feel that they are protected as well. This means that the basic dental and health care plan just won’t cut it.
Companies should offer their employees assistance programs to help them achieve their goals, such as sending their children to college or helping them purchase a house.
Being a homeowner is a privilege that not many will have. It will be nice to have a place to call your own where you do not have to worry about paying rent or have to share a place with a bunch of strangers. However, buying a home entails saving up a ton of cash to make a down payment on one. Even when you decide to take out a mortgage, there’s no telling if you will be approved for a good rate or not. ;
CNBC‘s recent article stated that your company could help you achieve your goal of homeownership by either offering you a loan or becoming a guarantor for your mortgage. For the company, offering this employee benefit could mean employee retention on top of the loan’s interest.
This Is Why Companies Should Offer Affordable Housing Benefits to Their Employees
Companies know that their loyal employees keep their business up and running and that they are essential to the business’s success. To make your employees feel appreciated and well-taken care of, you know you will have to do more than just offer the odd gift basket at Christmas. Giving your employees a chance to own their own house and land is more beneficial to your company than you think.
It Will Give Your Employees A Sense of Satisfaction
Happy employees make for a healthy and happy work environment. One of the pet peeves of many employees is that their apartments are too far from their workplace, which makes for a longer commute. If your company would offer the benefit of more affordable housing to them, they will most likely be able to get a place that is closer to work and will have a lesser commute time.
It Will Attract More Potential Talent
A good company that gives great compensation speaks for itself, and word of mouth travels fast. Applicants will learn about how you compensate your employees from the source itself, or they may even read reviews of your company online. Remember that many applicants do not just look for high pay when they are considering what company to apply for, they are looking into other compensation packages as well. Offering assistance with homeownership will certainly put your company at an advantage.
You Will Have More Loyal Employees
A company knows the value of a loyal employee. They are those that stick around even when times are tough. To ensure that you have your employees’ loyalty, you must make them feel that they are appreciated and that you help them achieve their goals in life. For many, buying their own home is a goal that they wish to achieve, and when you help them achieve that goal, you know that you have won their loyalty.
Buying a home can get stressful because not only does it entail a lot of paperwork, potential homeowners also need to have a substantial amount saved up to make a good down payment on the property they wish to purchase.
Offering a form of financial assistance will help them realize this dream they cannot afford independently. You can make the offer more attractive by introducing them to the benefits package and how this will have only their best interests at heart.
Remember that creating employee benefits goes a long way into giving employees a sense of satisfaction and, ultimately, happiness when working for you. When you build a good reputation for yourself, you can be assured that you will be reaping the benefits. Your employees, after all, are like family to you.