Sushi for lunch, ping pong tables in the office; how can your company compete for those energetic and talented millennials? IonTuition surveyed 1,000 millennials to find out what benefits they want from employers. Nearly 80 percent said they’d like a job that offers student loan repayment assistance. And nearly 50 percent said they would prefer this benefit over a 401(k).
This is important news considering that 63 percent of jobs will require a college degree by 2025. Meanwhile, the average college graduate has more than $35,000 in student loan debt. Student loan debt is a major source of stress for young employees, leading to low performance and increased turnover. Employers can help to relieve this stress by providing student loan management tools. By creating an innovative benefits program, your company will more easily attract and retain millennials.
A handful of progressive-thinking employers have realized the need to help with student loans and have partnered with financial institutions to create Student Loan Repayment (SLP) programs. Employers who are looking for ways to recruit, retain and engage millennials should consider developing a plan to assist with education load debt.
Millennials tend to leave their jobs more frequently than prior generations, often moving on to the next job within just a couple of years. Companies obviously want to keep their employees because it is expensive and time-consuming to replace them. Preliminary results are promising, as the organizations which implemented SLP programs have found it to be effective in retaining millennials past their average retention time.
Here at Lanier Upshaw, we understand how important your workforce is to your company. A Student Loan Payment program, or other innovative process may be just what your company needs to gain that competitive edge. Contact us here to learn more about how we can help your business realize the upside of risk.