Companies across SoCal are finding it tough to recruit and retain people. Housing costs are deterring top-talent from entering the Los Angeles job market, leading to higher costs in recruiting and retaining employees.
That verdict emerged from a survey of major L.A. employers, conducted by USC and the Los Angeles Business Council.
Raphael Bostic, a professor of public policy at USC who led the research, said, “This study shows that high housing costs are burdening our leading employers, either by having to develop special hiring packages, or subsidizing transportation and relocation costs.”
- Nearly 60% of employers surveyed cite the region’s high cost of living as impacting employee retention
- 75% cite housing costs specifically as an area of concern
- Impact of high housing costs is most apparent when employers try to recruit top talent: 64% of employers report including cost of living when negotiating hiring packages for high-level employees
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