Employer Assisted Housing
Employers have long offered benefits and perks for employees. Generally, these benefits can make an employer more attractive to strong employees and help cultivate high satisfaction and morale among staff.
A relatively new addition among employee benefits is employer assisted housing. Employer assisted housing programs can be administered in-house or by service providers such as creditunionrate.com. These plans cost relatively little to operate (an average company with 500 employees can expect plan administration to occupy about an eighth of one employee’s work time). In fact, the savings realized with employer assisted housing programs out weigh the costs.
Consider the following:
- Homeowners remain in and invest in their communities at higher rates than do transients (renters). The result is reduced turnover, higher morale and productivity.
- Employer assisted housing programs can help revitalize neighborhoods with targeted home buying incentives. You’ll generate a good deal of community good will, which boosts your profile, and ultimately, your profits.
- Targeted home buying incentives can reduce commuting times as well as commuter drag. As you might imagine, the benefits are at least three-fold.
- Employees will spend less time commuting and have more time for work/life activities
- Natural resources (such as gas) and the environment benefit from reduced drive times, and fewer cars on the road as some employees may even be able to walk or ride transit
- Employee expenses related to automobile wear and tear are reduced; and
- Employees arrive at work less stressed by the morning commute and ready to work rather than wind down (studies show that the effects of a stressful commute do not diminish for several hours).
Homeownership has been a long cherished dream for most. Unfortunately, there are a few obstacles that make the goal of homeownership seem unattainable. If your employees want to purchase homes but have concerns about how they will save enough money to cover down payment or closing costs, an employer assisted housing program may be the perfect addition to your benefits portfolio. Employer assisted housing programs may offer:
- Deferred or repayable loans
- Grants
- Home buyer education specials
- Matched savings
- Forgivable loans
Other options are available as well. If you would like to learn more about offering this valuable employee benefit, contact us at creditunionrate.com. We are here to help. Experienced benefits professionals can help you customize an employer assisted housing program that fits your budget and your employees’ needs. Contact us today for more information.
Credit Union Benefits: Give Employees a Raise at no Cost to You
In times of economic uncertainty, it is important to be creative with the benefits offered to employees. One of the best benefits that a company can offer to its employees is a credit union membership. Many credit unions will agree to give memberships to the employees of a certain company. For a company, this is just like offering a raise, but at no cost to the company. It is a valuable employee benefit that is effective on more than one level, as it not only provides financial advantages, but also offers an emotional connection to the company.
On one level, the credit union membership as an employee benefit provides direct monetary advantages. Most credit unions offer lower interest rates on loans and higher returns on savings accounts. In this way, it is very like offering a raise to employees. Lower interest rates on mortgages and auto loans means more money in the pocket. Higher annual percentage yields on savings accounts and CDs also puts more money in the employees’ pockets. By providing a way for employees to better put their money to work, companies can offer a way for employees to keep more money, and it really is much like getting a raise.
There is also an emotional side to using a credit union membership employee benefit. When a company takes the time to find and recommend a financial institution that give premium rates and special services at lower cost, it sends a message that the company cares about the financial wellbeing of its workers. This translates into a more positive working culture, and one in which high quality is important, as employees who feel valued are more likely to work well.
Some of the other benefits that come with credit union membership and that can be seen as benefits to employees are things like special auto financing, low rate institutional credit cards, and free checking (often with no minimum balance). Additionally, many credit unions offer special deals to their members on things like amusement park entrance and hotel discounts. Also, many credit unions offer one-on-one personal service for loans, and make fast loan decisions.
Credit union membership is a low-cost benefit that anyone in your company can take advantage of, and it does not cost your business anything. Show your employees that you care by offering them a benefit that provides tangible financial advantages, as well as fun and convenient perks.
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