Personalizing Benefits for your Employees
Progressive human resource departments have been taking proactive steps to foster employee camaraderie in the wake of hybrid and remote employment which helps to boost morale and retain talent throughout an organization.
However, beyond fostering connections and a supportive culture, the benefits offered by an employer play a crucial role in an employee's satisfaction and overall well-being. Many companies are now focusing on aligning their benefits packages with the personal needs and goals of their employees.
One significant gap that is widening in America is the ability to own a home. Many employees feel that homeownership is out of reach due to high interest rates that create expensive ownership costs. This presents an opportunity for companies to step in and bridge this gap with a homeownership assistance benefit.
This benefit provides employees with the financing flexibility to purchase a home and the option to refinance their loan to a lower rate within 18 months at no cost. On average, this could save employees $2,100 along with significantly reducing their monthly mortgage payments.
In addition to financing assistance, the benefit also includes a home maintenance product provision for a new lawn mower, snow blower or gas grill. This provision reduces the overall costs associated with homeownership and helps employees feel more financially comfortable in making a purchase decision.
While it's impossible to predict future mortgage interest rates, expert opinions from Fannie Mae, Mortgage Bankers Association, and Wells Fargo suggest there will be favorable rate changes in 2024 and 2025. Employees who take advantage of this benefit can enjoy homeownership now instead of waiting to try and time the market knowing they have access to free future costs savings opportunities.
By offering personalized benefits like homeownership assistance, companies can not only attract and retain top talent but also demonstrate a commitment to the personal goals of their employees.
