HR Pulse - Summer 2008 - (Page 50)

Employer-Assisted Housing Has Its Time Arrived? By Mike Kanter and Lynn M. Ross, AICP This labor shortage is further compounded by the escalating cost of housing and the decreased availability of affordable housing near employment centers. Despite the present downturn in the market, affordable housing remains out of reach for many hospital workers. This is especially true in urban areas. Hospitals are contending with a workforce that is moving further away from work order to obtain affordable housing. In some instances, hospitals lose these employees to more affordable areas, though pay scales are lower. For those long-distance commuters remaining with the hospital, absenteeism and stress levels have increased, leading to reduced productivity and morale. The shortage of affordable housing and a shrinking workforce have left hospitals in a precarious situation. Hospitals, like many other larger employers, are looking for creative approaches to recruiting and retaining high-quality employees. Employer assisted housing (EAH) offers one possible solution. Fannie Mae, a housing ﬁnancial services organization and leading provider of EAH technical assistance, deﬁnes EAH as “an employee beneﬁt that helps an employer achieve business goals while helping their employees with housing needs.” EAH beneﬁts everyone involved: the community, the employer, and the employee. Employees receive the most obvious beneﬁt in that they receive educational and ﬁnancial assistance that may help them get into previously unattainable housing. EAH can create a powerful incentive for employees to remain invested in both the hospital and the larger community. Use of EAH programs also can signiﬁcantly improve the quality of life experienced by the employee by improving housing conditions and reducing commute time. In tight housing markets, EAH helps employers recruit and retain employees. Employee turnover can be incredibly expensive—the equivalent of a signiﬁcant portion of the departing employee’s salary not to mention negatively affecting remaining employee’s productivity and morale. EAH also helps employers—hospitals in particular—revitalize deteriorating neighborhoods with soft housing 50 HR Pulse Summer 2008 ttracting and retaining a talented workforce is always a challenge, but hospitals are seemingly at major crossroads. The labor crunch faced by hospitals is mainstream news. Some experts estimate that by 2020, the nation will face a shortage of up to 1 million RNs. Baby boomers currently working in health care will be retiring and joining the ranks of a growing, aging population that increasingly relies on the health care system. In many parts of the country, vacancy and turnover rates currently exceed 20 percent. A

Table of Contents Feed for the Digital Edition of HR Pulse - Summer 2008

HR Pulse - Summer 2008 Contents Pulse Points Executive Director's Letter President's Message HR Leader Profile: Carol Bank, SPHR Special Report: Building a Thriving Workforce Creating A Best Place to Work Employee Morale Don't Set Up Your Managers to Fail From Tedious Task to Strategic Process Employer-Assisted Housing Changing the Paradigm of Nurse Recruitment Workforce Recognition: Simple Gestures Go a Long way Advertisers' Index

HR Pulse - Summer 2008

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