One big step in getting the green light from the C-suite on a student loan benefit is answering the central question, “how will it work?”
The mechanics of a student loan benefit (loan optimization, money moving, etc.) are only one-half of the puzzle. The other major half is making sure the benefit supports your organization’s big-picture.
Here are a few ways you can structure your student loan benefit to not only engage and retain employees but to help support your bigger company picture.
DRIVE MORE VOLUNTEERISM
According to a study by npENGAGE, 75 percent of employees believe their jobs are more fulfilling when they have an opportunity to make a difference. Additionally, the same study showed that more than half of today’s talent pool is adamant about working for a company with a clear social mission.
Awarding a one-time student loan payment to an employee who volunteers or engages in community service can help drive your social impact and/or corporate sustainability programs.
REWARD GETTING FINANCIALLY FIT
Research shows that almost half of today’s employees spend working hours handling financial stress.
A recent Price Waterhouse Cooper study showed employees spend up to three business hours each week dealing with personal financial stress. Offering student loan payment help and comprehensive counseling can impact the long-term financial wellness, and help regain the lost productivity caused by stress.
One of the easiest ways to leverage a student loan benefit to help your company drive retention is to add a custom vesting schedule to your benefit.
Beyond 2016 data showed 89 percent of job seekers believe employers should student loan repayment help as part of the benefits package. Additionally, 10 percent ranked student loan benefits as the most important benefit, even higher than paid vacations.
CONNECT PERFORMANCE & PRODUCTIVITY WITH DEBT PAY DOWN
A bonus student loan payment can yield more than a financial payoff for your employees. Acknowledging hard working and high-performing employees with a bonus payment can go a long way in the morale and productivity departments. According to the Wharton School at the University of Pennsylvania, employees who received workplace appreciation incentives were 50 percent more productive.
There are a variety of ways that you can structure your new student loan benefit to help drive success for your company. Contact us to learn how integrating a student loan benefit into an existing company program can help reduce workplace stress, maximize employee performance, and recruit and retain some of today’s leading talent.