Employee stress from non-work factors, like student loan debt, is a big deal.
Recent data shows that stress costs employers about $7,000 each year. Multiply that by the 60 Million Americans suffering from the problem and you have to ask, why aren’t all employers doing something to tackle this problem?
The reality is that most HR departments and companies don’t notice the signs that student loans are a problem for their employees. Here are three indicators that point to a workplace student loan problem that you can help solve:
FIRST, DO YOU HAVE A MORE 401K DOLLARS LEFT ON THE TABLE?
We know that 401k matching is essentially free money for employees. But, what would make an employee leave free money on the table? The answer is, a current financial stressor and debt, like student loans, that has an employee counting pennies. If your 401k plans are going under used, there’s a chance that student loan stress is a big deal for you and your workforce.
SECOND, DOES IT SEEM LIKE YOUR EMPLOYEES AREN’T INTERESTED HOME OWNERSHIP?
One of the biggest home ownership challenges today is debt-to-income ration. Even if they could get approved, many people are opting not to take on the responsibility of a home because of the major debts they can’t get ahead of, like student loans. If you see that only a small percentage of employees are talking about owning a home, there’s a good chance that your workforce might be under duress from student loan debt.
LAST, YOU’LL KNOW IF THEY TELL YOU.
The fact is that you never know if student loan assistance is right for your employees until you ask them. There are a few ways to do this, but the easiest is to let us do the work for you. At student loan genius, we can setup and run an employee student debt study in days. Just visit studentloangenius.com/employer to schedule your free study today.
You’ve invested a ton of time, dollars, and countless hours into building the perfect team. Whether it’s a team of two or 2,000 employees, you can’t afford to lose your star-power to stress that you can help control. If these signs are showing up in your office, contact us to find out how you can help make employees more productive with one of today’s most innovative benefits.