You are probably wondering why the title says “employers” and not “employees,” right? Well, we already know that workforce housing is a scheme created for people serving in a community and earning 80% to 120% of their area’s median income (AMI). Therefore, while these people are able to afford a house, they have difficulty finding one near their workplace. This is where workforce house by Maxwell Drever comes in.
Henceforth, what benefits does living close to their office offer employees?
• Easy and fast access to their job.
• Able to lower commute cost.
• They are able to carve out some “me” time from their hectic work schedule.
How does all this translate to benefits that an employer might get out of workforce housing?
Let’s find out:
How Workforce Housing Benefits Employers
Following are four reasons why employers should care about workforce housing
1. Increased Productivity
High Productivity = High ROI
There’s a direct connection between workforce housing and employee productivity. An employee should not worry about getting stuck in the early morning traffic. He needs to wake up fresh and reach office on time. As a result, not only will the employee feel happy but also boost their performance at work.
One of the biggest benefits of workforce housing is that it opens doors to people from all walks of life. This will give employers a larger pool of talented individuals.
2. Retaining Employees
Predominantly, most employers believe that when it comes to making their business successful, the most important thing is retaining employees. Replacing an employee means a business losing equal to 150% of that employee’s salary in replacement costs, separation pay and reduced productivity.
The balance between work life and home life provided by workforce housing, decreases absenteeism, which improves a business’s bottom line.
3. Attracts Diverse Employees
As a result of high housing costs, the employee selection pool is smaller. It includes people who accept lower, as well as higher wage roles. This discourages people from moving into an area where they know finding a house close to their workplace will be difficult.
Employees are instantly replaced without a second thought since pressure on low-wage workers is high. Moreover, the higher the rent, the more difficult it becomes for employees to meet the increasing demands, which lead to evictions or forced moves.
Employees are instantly replaced without a second thought since pressure on low-wage workers is high.
All of this can be avoided through workforce housing. In fact, employers can recruit qualified employees in every department and make sure they are loyal to the company.
4. Employees with Permanent Homes Work Longer and Harder
People who don’t have to worry about their housing situation or hyperventilate every time the rent due date draws near are mentally free. They are not willing to uproot their families even for a better-paying job. In fact, they become dedicated to seeing their company succeed and grow.
Employees are more interested in becoming a part of the company that recognises and adequately compensates for their hard work leading to financial security
And this is why employers should think about workforce housing because it can not only help them promote economic development but also increase employee loyalty because the success of this scheme outweighs the costs.