Employee benefits are becoming the backbone of strong employee retention strategies and a financially literate and well-adjusted workforce. While benefits selections have proven to be somewhat limited and fixed in the past, successful organizations are becoming increasingly more creative about their offerings, embracing programs that appeal to a large cross section of their employees.
There's no set blueprint for outlining the perfect employee benefits package, but a series of crucial and sometimes difficult choices to be made based on the overall needs of your workforce. Which financial issues are affecting the most of your employees? In turn, how can you introduce a benefit that addresses these issues and integrate it with their payroll? Will they even contribute to it?
Monthly commitments like mortgages or student loan payments usually take precedent over a direct payroll withdrawal for other benefits. In fact, according to this New York Times Article, younger workers must often decide between contributing to their 401k or paying off their existing student loan debt--not an easy decision to make. This dilemma speaks even further to the need for comprehensive employee benefits, so that employees don’t have to pick between paying off their past or preparing for the future.
Recently, Abbott Laboratories introduced the Freedom 2 Save program, which ties student loan repayment and 401k savings neatly within the company’s payroll system. If employees contribute at least 2% of their pay to student loans, they will receive a 5% match in their 401k. Infusing such creativity and flexibility into a benefits package is just the kind of innovative benefits administration that is poised to become the norm amongst competitive employers.
At LEAF, we provide higher education financial wellness benefits that let you get creative about what you offer your employees. Statistically speaking, more than 70% of them have student debt--not just the recent grads, but also the more seasoned employees who went back to school or are trying to save for the education of their children.
LEAF offers student loan repayment and college savings and universally supports all loan servicers and 529 plans in the country. Let us work with you to design the perfect benefits package for retaining and attracting top talent.
Contact us today to learn more! Call (800) 645-5323 or email email@example.com.
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