Lindquist, von Husen and Joyce LLP (San Francisco) Publishes National Affordable Housing Employee Benefits Survey Report
Affordable housing leaders are more open to — and actively investing in— less traditional benefit offerings as a way to attract and retain quality professionals and staff. They include unique benefits such as pet insurance, yoga classes and a first-time homebuyer credit. However, the bulk of their benefits costs for full-time and key employees still stem from health care and retirement benefit offerings.
This was among the findings of the 2019 Affordable Housing Employee Benefits Survey conducted by Lindquist, von Husen & Joyce LLP (LvHJ). The survey recently polled 49 leading and emerging affordable housing organizations on the full range of their benefit offerings, noting that this type of competitive data is not easily available to the affordable housing sector. These housing leaders are based around the U.S.
When asked about their primary challenges when designing benefits packages, 27 percent of respondents agreed that they didn’t know how competitive their benefits are compared to other affordable housing organizations. The full survey results are available on LvHJ’s website.
Other key findings include:
- Short-term and Long-term disability coverage and some form of tuition reimbursement have become ‘standard’ benefits among organizations over the past five years along with health care and retirement benefits;
- About 20 percent of organizations have recently improved retirement benefit options by increasing employer matches or shortening the length of time to qualify for benefits;
- 43 percent of organizations have added a wellness program as a best practice for managing health care costs and improving their work culture while about 22 percent offer mental health care benefits;
- 69 percent of organizations now offer some form of flexible scheduling arrangement while 62 percent offer a form of remote work opportunity; 22 percent offer paid parental leave arrangements, and;
- Organizations are looking for ways to manage health care benefit costs by shopping providers (52%) or changing the design of benefits (29%) and joining Professional Employer Organizations (5%).
“This survey demonstrates the commitment leaders have to providing competitive benefits and supporting a healthy work culture,” notes S. Scott Seamands, audit partner with LvHJ who has contributed significantly to national affordable housing accounting standards. “We are grateful for the opportunity to connect with these leaders and help them discover how their peers are navigating this challenging issue.”
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