Improve Your Employer Benefits: Add HomeFundIt to Your Employee Package
Today, most companies offer their employees medical and dental, paid vacation, and 401K options. In one of the tightest labor markets in decades, relying on industry standard offerings to remain competitive is not a sustainable solution. With wage growth stagnating, you need more than the same type of benefits to attract and retain top employees.
Today’s incoming workforce faces some of the most obstructive financial problems in decades: compounding student debt and skyrocketing rents. According to Pew Research, only 22.0% of workers ages 18-35 have stayed at their employer for five years or more. In contrast, 63.4% of workers ages 18-35 have only been at their job thirteen months or less. The cost to replace an employee aged 18-35 is anywhere between $15,000-$20,000 per employee.
Employers around the country are facing an opportunity problem. What can you do to stop your star employees for leaving for a new job across the country? Give them a shot at owning a home. In fact, 80% of employees would rather own their own home in their current city rather than uproot their lives to take a job in a new city.
HomeFundItTM by CMG Financial is one of the most innovative benefits companies are using to attract and retain in a competitive job market. HomeFundIt is the first and only crowdfunding platform designed specifically for the down payment on a home. Developed by a leading lender, all funds collected are compliant and available to use toward a new home purchase.
Saving for the down payment is the biggest obstacle first-time home buyers face. Insurmountable student debt and rapidly rising rents make it almost impossible to save for the down payment on a home. HomeFundIt eradicates this barrier. Users crowdsource funds from their personal network. Down payment gifts, normally restricted to close family, are now able to be collected from an extensive network.
Employers can use HomeFundIt to invest in an opportunistic workforce. Your company can contribute to your employee’s HomeFundIt account or even match funds raised. Realtor and third-party contributions are also accepted. The new home buyers not only benefit financially, they also get the guidance of an entire housing team including the lender, realtor, housing counselor, and fundraising coach. Unlike other crowdfunding platforms, 100% of funds raised are disbursed to the borrower, and there are no costs to the business or the borrower.
HomeFundIt is making homeownership possible for renters around the country. Invest in your employees’ future and they will return your investment.
Sources: Forbes, HR Cloud, Pew Research