Companies support employees by contributing to their student loans
Implications - For companies trying to lure and retain Millennial employees, student loan repayment benefits are topical efforts that have the opportunity to encourage loyalty. This creative benefit strategy challenges the workplace stereotype that Millennials are less concerned with money and are more enticed by lifestyle-based perks. As the high cost of replacing fickle Millennial workers remains a consideration for employers and the average repayment balance for graduates continues to rise, efforts like this serve as an effective retention strategy by aligning the values of the employer and employee.
Workshop Question - How could your brand establish more effective retention strategies for its Millennial employees?
1. Student Loan Repayment Benefits - Companies are supporting their employees by contributing to their student loans to attract and retain millennial employees.
2. SLP Plans - Companies are implementing SLP plans that accelerate student loan debt pay-off for their employees' outstanding loan balances.
3. Student Loan Contribution Programs - Companies are partnering with Student Loan Payback Platforms to offer employee contributions for student loans in their benefits package.
1. Finance Industry - The trend towards offering student loan benefits presents an opportunity for the finance industry to create new products and services that cater to student loan repayment and management.
2. Tech Industry - Tech companies that offer Student Loan Payback Platforms are creating new opportunities to disrupt the traditional employee benefits sector.
3. Education Industry - The trend towards offering employee contributions for student loans to attract and retain millennials presents an opportunity for higher education institutions to create partnerships with businesses to offer affordable education for their employees.