What makes your company a preferred landing spot for a long career? Showing that you care for your employees and have what it takes to support their growth. And we're not talking about just being nice and considerate, we’re talking about implementing the proper betterments that will truly allow you and your employees to succeed in the long run. A step in the right direction would be identifying what is bothering employees everywhere. Over 44 million people in America have student loans. That means that a little over one-fourth of working Americans have student loans. Student loans are a pain that can not only strain your finances but also diminish your quality of life as chunks of each paycheck are eaten away by relentless interest. Luckily, companies are starting to play a supporting role in helping their employees with what matters most, financial peace of mind.
Giving people the opportunity to receive assistance in repaying one’s student loans is a hard offer to pass up. For employers looking to cut down employee attrition, student loan benefits can be your saving grace. With today’s job market being so competitive, there is nothing stopping people from dropping everything to explore other employment options. From there, you’re back at square one, back to the drawing board to spend a bunch of time and money frantically searching for a qualified replacement. Sounds like a lot of unnecessary work when the whole ordeal could be avoided by implementing a simple fringe benefit. In fact, companies who offer student loan benefits have seen attrition rates fall by 75%, saving them hundreds of thousands of dollars on turnover. Likewise, according to American Student Assistance group, surveys have found that almost 90% of workers would stay with their company for at least 5 years if they received student loan repayment assistance. Even more so, 33% of employees have their work and productivity obstructed by personal financial concerns, according to PwC. Help your employees help your employer help your company.
Student loan benefits are a necessary and useful tool that not only keeps your employees happy by doing them a solid but also helps your company save tons of money from turnover. A fringe benefit of this nature is a relatively easy benefit to administer when you find the right vendor, too. So when it comes putting together your company’s benefits package, offering a tool that nurtures financial wellness and freedom for years to come can mean the difference between being a stepping stone and being a career destination for employees.