'It's about removing barriers to support our employees in achieving their dream of homeownership'
Organizations across the world are going above and beyond to make employees stay amid the so-called Great Resignation - but one employer just took their benefits package to a whole new level. Dallas Area Habitat for Humanity, which has been making homeownership more affordable to families for more than 35 years now, just expanded their benefit scheme to make homeownership more accessible for their workers.
Dubbed the "Welcome Home Program," the new benefit assists the company's employees in purchasing a home by providing them with down payment and closing cost assistance of up to $13,000 in the form of a loan forgivable over a five-year term.
"We implemented this program for many reasons, but at the core, it's about removing barriers to support our employees in achieving their dream of homeownership, just as they do in their work for Habitat families every day," Dave Crawford, CEO of Dallas Area Habitat for Humanity, told HRD.
"Dallas Area Habitat for Humanity employees deeply understand how homeownership can change the trajectory of lives, enabling families and individuals to build wealth and enjoy long-term financial stability. This new program will allow employees to experience this change for themselves and their families," he added.
All employees have the opportunity to benefit from the program, according to Crawford. To qualify, employees must be employed with the organization for at least six months and purchase a home after July 1, 2022.
Answer for retention, recruitment issues
The benefit comes amid housing "crisis" fears across the US, particularly in Dallas, where a recent study showed the home price appreciation is "vastly" outpacing the median family income. These issues could push employees out of the city or the state and further contribute to retention and recruitment challenges reported by organizations.
According to Crawford, their latest benefit seeks to address these workforce problems as well.
"This program was designed to drive talent recruitment and retention amidst the competitive labor market we are facing in Dallas and across the country. Homeownership is a big priority for many, so providing that support will drive hiring and retention for Dallas Habitat as a critical added benefit," he told HRD.
"We hope to continue to build our Dallas community and economy by having our employees live in the city versus moving somewhere they find more affordable."
Crawford said the implementation of the "Welcome Home Program" stems from the rollout of their employer-assisted housing initiative, where Dallas Habitat could partner with local employers so they can support employees in accessing homeownership affordably.
"As we dived into this concept, we asked ourselves: What better way to introduce this program into the market than to debut it at home and invest in our people?" he said. "A leadership principle I try to follow is 'If you don't live it, you don't believe it.' We believe in affordable housing, and we believe in our employees."
"We hope that other employers, too, will see the impact that increased access to affordable housing makes for both their employees and their community."