Long before the COVID-19 pandemic hit, the state of affordable housing in our country was a growing issue.
According to an independently conducted Impact Survey (1) on the use of E4E Relief’s employee relief grants, housing-related expenses were among the top reasons employees applied for these grants, second only to food-related expenses. In addition, when we consider that the majority (two-thirds) of our largest workforce, millennials, are living paycheck-to-paycheck (2) , and nearly half of the awarded recipients surveyed as part of our Impact Survey reported incurring a late fee on at least one bill due to hardship prior to receiving a grant, we can clearly see the pressing need.
With eviction moratoriums coming to an end in many states and government funding running out at the state and local level, we see a housing crisis afoot. Many cities are working hard right now to keep their progress on affordable housing issues from slipping when housing fragility is on the rise.
The private sector has shown incredible generosity in the wake of the pandemic – mobilizing to provide PPE, respirators and the like to our country’s essential workers. In the wake of racial injustice protests, we have seen companies re-affirm and/ or step-up their diversity, equity and inclusion commitments and speak out on important issues. We also see the strategies and objectives in corporate social responsibility (CSR) and sustainability being put to the test during COVID 19. Funding health and human services, including affordable housing and basic needs, has spiked during COVID 19, but has been building over the past several years. Corporations are now seeing that their CSR investments in communities may align with efforts to support their own workforce.
Our Impact Survey research links employee needs to company strategic giving objectives. Company-sponsored employee relief funds are providing charitable grants to employees in need, with most supporting housing and other basic life necessities, and can serve as a powerful tool to engage and support your employees in a way that engages them and builds loyalty and engagement to your company.
(1) E4E Relief Impact Survey, conducted by Canary 2019
(2) Charles Schwab 2019 Modern Wealth Report
