Today, major companies continue to push the benefits envelope with unique perks many employees only dream of. It’s this innovation that pushes even small business owners (yourself included) to consider and adjust benefits offerings to attract and retain top talent whether of millennials or older workers as well.
Most recently, a new benefit has emerged that has many employees feeling more financially secure: Student loan repayment.
There are several reasons why student loan repayment is an attractive benefit and one that you should consider for your own SMB. And, if you’re still unconvinced, we have 3 reasons why you should change your mind below!
Depending on your industry and the age of your workforce, student debt repayment is a benefit with universal appeal. In fact, many employees repay student debt for decades after graduation. Reports reveal that 68 percent of all outstanding student debt in the U.S. is held by those 30 or older and even more parents take out loans for their children’s education, if need be.
For this reason, student loan repayment benefits are attractive to older members of your workforce along with millennials, making it a meaningful investment.
The burden of student debt places massive pressure on employees to always seek higher-paying jobs or perhaps a job that offers student loan repayment as a benefit. As such, this particular benefit has already begun serving as a massive influence as to whether employees remain with their current companies or seek out alternatives.
Moreover, student loan repayment benefits show employees that you care about their well-being outside of the workplace and from a financial perspective. This can help motivate workers and engage employees as well.
Many employees won’t contribute to their 401(k) or other retirement plans because they’re burdened with debt and other concerns at the present moment. A student debt repayment benefit will ease this burden and help employees adopt a forward-thinking attitude with regard to retirement, which offers peace of mind for the future.
No benefits you offer are meaningful if your employees aren’t aware of them. With Flock, you can offer employees 24/7 benefits visibility while ensuring you are compliant at a state and federal level. The best part is that it also tracks employee time off and incorporates social networking tools into the office.
Because it’s free, it’s easy to take advantage of! Simply sign up today and begin putting your benefits, student loan repayment and otherwise, in front of your employees for use!
We want to hear from you: Have you ever considered offering student loan repayment as a benefit? Why or why not? Will you now? We look forward to your comments!