Improve Retention With Student Loan Benefits For Small Employers
Small businesses and employers know the value of a good worker. Great workers who are competent and valuable to your company are worth their weight in gold.
That’s why retaining your best workers is a must in the world of small businesses, where larger and higher-paying companies are all vying for the best talent in the market.
PREVENTING HIGH TURNOVER RATES
For a small business, high turnover can be a serious drain on resources. Depending on your industry, you may already be continuously looking for new hires. Additionally, losing an experienced worker can be 1.5 to 2 times more costly than that worker’s salary. With the tables stacked against you, small businesses might find it difficult to cope with the costs of replacing and training employees.
Fortunately, you can take advantage of the large student debt crisis to help attract employees and keep the ones you already have. Simply put, providing student loan benefits as a part of the benefits package at hire can be a great way to increase employee loyalty and reduce turnover rates.
HOW STUDENT LOAN BENEFITS INCREASE RETENTION
Student loan benefit packages are a huge draw for recent graduates who need help paying off student debts. According to a survey conducted by American Student Assistance, about 86 percent of young workers say that they would commit to an employer who helped them pay off their student debts. Student loan benefits can help the employee as well as the company.
Companies offering student loan benefits have a much better chance of retaining and attracting the best workers. Small companies have a lot of velocity, and we want to help you harness that velocity by using our technology and benefit to attract the highest level of talent. As a small business, you may consider this as a worthwhile but expensive benefit package, but it doesn’t have to be.
Vault provides a multitude of services to employees through the employer to help meet their student loan payments. We offer one-on-one student loan debt consulting for employees and a proprietary web tool designed to find the best way to pay off debts, and even help companies set up direct contribution towards their employees’ student loans. If you are interested or want more information, contact us today.