The cost of living in London is on the rise, in particular housing prices are now astronomical. To help with attracting and retaining talented employees, some companies are offering housing support as a benefit.
It can be argued that in a candidate short market, it is more important than ever that employers help lower the financial barriers that may hinder young talent from moving to London to begin their careers. As a recent graduate, I know the significant initial costs associated with such a move all too well and can understand why this could be a major consideration, and perhaps deterrent, for young professionals when they are deciding upon where they are going to begin their career.
What is concerning is that more young people today are considering moving to London for the short term, as they’re aware that in order to get onto the property ladder, they may have to relocate their career to more affordable cities. It is therefore understandable that 7 in 10 London employers are worried that housing costs negatively affect their ability to recruit and retain staff - as revealed in the 'Grant Thornton and the Fifty Thousand Homes Campaign'.
In response to such concerns, a recent new type of employee benefit - in the form of ‘help with housing’ - has emerged. Companies such as KPMG, Legal and General, and Deloitte have all implemented new benefit schemes that include support for:
These are just some examples of how employers are trying to help their employees combat the issues caused by the London housing crisis and overcome the struggles that so many residents of the capital encounter when attempting to get on the property ladder.
For industries such as Financial Services, where London is very much a key European hub, the best way to be in with a chance of attracting and retaining talented employees, particularly those early in their careers, might be to consider rolling out some of these new housing support schemes.
In a candidate short market, we definitely need to be asking our HR teams: is housing support one of the perks that matters more when attracting and retaining talented employees? It certainly eases the burden of the costs involved with living in London!