Armed with hunger, ambition and thousands of dollars in student loans, Gen Z and millennials are eager to join the workforce. However, the usual financial tendencies for up-and-coming career finders are different from their tenured counterparts. College graduates’ fiscal focus is strongly fixated on grappling with student loan payments. This has prompted HR offices to reassess their benefits plans in order to captivate new, young talent.
Today, the proportionality of the average debt-to-salary arrangement is distressing because graduates now face greater costs for higher education, an obstacle that older generations did not experience, relatively speaking. America’s workforce composition is quickly changing as many opt into retirement. Employers are seeking more contemporary ways to recruit and retain new talent. Greg Poulin, Co-founder and CEO of student loan benefit platform, Goodly, has made the convincing point that “gym memberships aren't going to cut it when it comes to recruiting employees.” Although only a small fraction of employers currently offer student loan repayment benefits, an American Student Assistance survey reported that 76% of respondents said student loan repayment benefits would be a deciding or contributing factor to accepting a job offer (BusinessInsider.com).
Companies and establishments of all sizes are turning to student loan repayment providers like Goodly because their platform incorporates simplicity and expertise. With a track record of over 75 companies in less than a year, its affordable and efficient makeup allows it to conveniently fit in with today’s fiscal and monetary climate. Student loan benefits are not tax-treatable at this moment, however, a new bill is currently in the works in the Senate. Consulting firm, Willis Towers Watson, found that the percentage of employers offering student loan benefits is expected to grow by more than four fold. As stated by Greg Poulin in Business Insider, “Most employers don't know that student loan benefits exist. It's both a challenge and an opportunity for us. It's helped us completely define a new category of benefits."
Thoughts? Email me, I’d love to hear from you!
Or learn more at https://www.goodlyapp.com