It’s about that time of year… the leaves are falling and companies across the world are locking down their 2019 employee benefits packages.
Strategic employers know they can retain top talent and avoid turnover costs by showing employees that they’re valued. Financial Wellness benefits like student loan repayment will assist your employees and save you money on turnover.
A recent article in Benefits News listed reasons to add student loan repayment to your 2019 benefits portfolio, and the top ones are:
A recent survey from Laurel Road says 58% of millennials would trade an additional vacation day for student loan repayment assistance. Common Bond reports that 85% of employees facing student debt would commit to their company for three years if provided a mitigating benefit. Increased retention may ultimately save your company money.
Student Loan Repayment programs can (and should) be tailored to the strategic needs and budget of your business. Programs like LEAF make it easy to implement, and the employer match is completely optional.
The Boston College Center for Retirement and Research's 2018 study found college graduates with student debt accumulate 50% less retirement wealth in their 401(k) by age 30 than those without. Your Employees shouldn't have to choose between the past and the future.
Student loan repayment leads to significant savings. Employees have the potential to save thousands of dollars and pay off debt sooner with a student loan repayment option. That creates financial wellness, which enhances employee wellbeing and helps the business succeed.
Which leads us to: employee morale. When the workforce knows they’re valued, they feel supported and encouraged. Rewarding employees with financial wellness benefits like student loan repayment reduces stress, which increases overall productivity in the workplace.
Financial Wellness benefits like student loan repayment are fast becoming staples in competitive benefits portfolios. Sign up with a seasoned platform like LEAF so you can easily integrate these strategic benefits into your 2019 package.
It’s time to stand out.