This entry was posted on Saturday, August 4th, 2007 at 1:23 pm and is filed under General News, Recruitment, Trends, Economic Development. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
Smart Workforce Solutions
Business Services from the Missouri Career Centers of Joplin and Monett
Lack of Housing Hinders Hiring
A recent study by the Urban Land Institute found that many companies are finding a shortage of affordable housing close to work is making it more difficult to hire and retain entry-and mid-level workers. It also found that younger workers and workers earning $50,000 or less were significantly more likely to move closer to work if affordable housing were available than those with higher incomes.
Of those larger (100+ employees) companies surveyed, 58% reported having lost employees at least in part to long commute times, 69% believed a long commute time increases employee stress, 63% believed it triggers negative emotion among employees, 48% said it causes more absenteeism, and 46% said it contributes to turnover. Some of the solutions to long commute times offered by employers included flextime (45%) and telecommuting (21%).
ULI research also found that 36% of larger employers believed it is important to be actively involved in providing employee access to affordable housing, and 42% said they would participate in a government housing program.
Of those workers earning less than $50,000 a year surveyed by ULI, 64% would consider a lateral move in exchange for a shorter commute. Of those workers now commuting more than 90 minutes daily, 85% would be at least somewhat likely to make a lateral job switch to cut their commute in half. Overall, however, 58% would prefer to live in an area with more affordable housing, even if it means a longer commute.
“Many consumers who don’t perceive living closer to work as desirable are likely not factoring in transportation costs as rising expense,” says ULI Senior Resident Fellow William H. Hudnut, III.
The ULI Terwilliger Center for Workforce Housing is a new initiative that will partner with local regional and national organizations, including chambers of commerce, employer organizations, home builder organizations and housing advocacy groups. The Center will publish best practices, organize conferences and provide competitions to recognize individuals and companies demonstrating excellence in the area of mixed-income housing production. For more information, visit http://www.uli.org.