Throughout the economic expansion of the 2010’s, the war for talent was driving company decisions in order to stand out from their talent competitors. Companies were competing with new industries for the workers with the skills that would shape the future and define market dominance for years to come.
The days of only offering an onsite gym, health insurance and PTO were gone. Companies like facebook and Google became famous for their free cafeterias with Kombucha on tap and robust commuter perks, so other companies were forced to react.
However, in light of the coronavirus pandemic, there has been a renewed focus on increased financial wellness and mental health in the workplace. In a CNBC article about financial stress caused by the pandemic, it is reported that “Nearly half (45%) of U.S. adults have reported that their mental health has been negatively impacted due to worry and stress over the virus”. The link between financial stress and mental health is leading to some companies providing better coverage for mental health visits, but others to take direct action on financial relief.
For the companies who could not shell out for free cafeterias or private transportation, the differentiator became pet insurance and covering employees netflix and spotify subscriptions. But did you know that 70% of college graduates are entering the workforce with some amount of student debt and “the average student loan borrower has $37,172 in student loans”?
Student loan debt is a huge issue in the US, to the tune of $1.7 trillion and is a large source of stress, specifically for younger workers saddled with this debt. Companies are recognizing this and adding student loan repayment to their offering to better support their employees.
Goodly is assisting clients of all industries and sizes to roll out student loan benefits in a number of different ways. Our partners are providing secondary payments to the student loans of their employees and that is leading, on average, to a 30% reduction in repayment time for the borrower.
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