Retain Your Best Employees With The Perk They Want
The cost of tuition for degrees continues to rise, seemingly without an end. The U.S. Department of Education provides statistics that are neither shocking nor comforting
Today’s generation of workers isn’t loyal like the one before them. The average worker is armed with too much information. They know who’s paying the highest salaries thanks Glassdoor, and Indeed makes job searching possible with a click.
Recruiters scan resumes on all of these networks, trying to fill holes in their rosters. Because of this, employers take active measures against turnover. The average worker only stays with their current company for two years, but it’s been proven that if you can get an employee to make it to five years, they’re more likely to stay for over 10 years.
Offering a student loan repayment benefit is one critical way to keep employees engaged. Every month your company could make a contribution toward student loan debt and help employees save money. Currently, the student loan debt crisis is nearing 1.4 trillion dollars – those numbers mean there are multiple people on your staff right now who are drowning in a monthly bill that’s stopping them from buying a house or upgrading their car.
By adopting a monthly student loan benefit, not only is it a cultural win for the company, it also lets employees know that you care about their well being. And with the mentality of today’s teams, that’s a massive win because “impact” is everything.
Vault works with companies to realize their retention goals. We’ve seen the benefit catch fire with some of the world’s biggest brands, like New York Life, and there’s no shortage of employers looking for ways to empower their staff. Student loan repayment is a great place to start.
If this sounds like something you’re interested in exploring, feel free to connect with us. You could take a huge step toward retaining your best employees.