What Employees Really Want Isn't a Raise | Larry Salazar

When a great employee leaves, most leaders assume it was about pay. Larry Salazar has the data to argue otherwise. The single largest contributor to the financial stress that drives turnover is housing, and almost no employer is doing anything about it. In this episode, David Carr sits down with Larry Salazar, President and co-founder of NestSTEPS, a platform that turns home ownership into an employee benefit. Larry spent 25 years across HR benefits, financial technology, and healthcare, and he makes a sharp business case: replacing an employee costs 50 to 200 percent of their salary, housing eats roughly a third of household spending, and a PwC study found financially stressed employees lose about 9 percent of their work time to money worries. Larry tells the personal story behind NestSTEPS, leaving a company he loved at Boeing because he could not figure out how to buy his first home nearby, and the truth most leaders miss: people are often more loyal to their home and their aspirations than to their employer. The opportunity is to bridge the two. From there it gets practical. Why benefits should serve the whole person, not just the workday. What a national study revealed, that 78 percent of employees would switch employers for a home ownership benefit and 89 percent would stay even after receiving help. How the program actually works, from a financial wellness platform to live workshops to an employer funded contribution at closing. And how smaller companies can offer it through a PEO. It connects to the heart of Steward Your Business. Caring for people holistically, not just operationally, is what builds the loyalty and stability every leader says they want. In this episode you will learn → Why housing, not pay, is the hidden driver of turnover → The real cost of replacing an employee, and the productivity you are losing now → Why benefits should support the whole person, not just the workday → What a national study says employees would trade for a housing benefit → How a home ownership benefit actually works, step by step → How small businesses can offer it through a PEO Key Insight Everyone is buying a home. The only question is whether you are buying it for yourself or for your landlord. Employers who help bridge that gap win loyalty money cannot buy. Chapters 00:00 What employees really want, and why it's housing 02:41 Why turnover and financial stress are a business issue 03:46 The productivity you lose to financial stress 05:41 The Boeing story that started it all 06:58 More loyal to their home than their employer 10:31 Everyone is buying a home: yours or your landlord's 13:23 Benefits for the whole person, not the workplace 17:00 Maslow, and a national study on housing benefits 18:52 How NestSTEPS actually works 21:20 The employer contribution and the match 25:21 PEOs: how small businesses can offer it too 28:00 Connecting the dots: Larry's leadership journey 29:41 The shower idea and the investor who appeared 33:08 Start with what, not how 35:40 Your first step: reframe it from HR to the C suite About Larry Salazar Larry Salazar is the President and co-founder of NestSTEPS, a platform that turns home ownership into an employee benefit to help businesses reduce turnover, strengthen loyalty, and lift productivity. With more than 25 years across HR benefits, financial technology, healthcare, and SaaS, and a background as a TV journalist, Larry helps employers support the whole person, not just the workplace experience. NestSTEPS pairs a financial wellness platform, live educational workshops, and one on one guidance with an employer funded contribution toward an employee's home. Resources Larry Salazar on LinkedIn:   / larrysalazar   NestSTEPS: https://www.neststepsbenefits.com Sign up for Larry's newsletter: https://bit.ly/3OAGcp8 Leadership Clarity Call – Steward Your Business If you're a business owner or leader navigating growth, team challenges, leadership overload, or succession planning, this is a place to start. This 30 minute Leadership Clarity Call is designed to help you: → Identify where friction or misalignment is showing up → Clarify what is actually holding your business back → Determine the next step forward with confidence This is not a sales pitch and not generic advice. It is a focused conversation to help you move forward with clarity. Schedule here: https://calendar.stewardyourbusiness.... Phone: +1 909-404-9865 About the Business Roundtable Podcast The Business Roundtable Podcast brings together founders, executives, and experts to explore leadership, growth, and building sustainable businesses. Hosted by David Carr, founder of Steward Your Business, the podcast helps leaders build aligned teams, stronger organizations, and businesses that can grow without constant pressure. Like the video. Subscribe for more leadership conversations. Comment: What benefit has done the most to keep your best people? Share it below.