Graduation is quickly approaching, which means students are starting to assess career paths and begin the process of applying for their first jobs out of college.
Plus, with the unemployment rate at an all-time low, competition is hot for talented employees. However, for these recent grads, student loan debt is a serious concern, as paychecks are starting to come in, but bills are arriving too. With around 70 percent of recent graduates in debt today, many important decisions or life events are being delayed or put off entirely. These delays and potentially harsh financial realities due to student loan debt can very much feed into the final career decisions grads are making.
One way companies can recruit the best and brightest young minds entering the workforce is by acknowledging this issue for younger workers and tailoring their benefits offering. In our 2018 State of Workplace Empathy study, 92 percent of respondents said student loan repayment assistance demonstrated a company’s empathy towards its employees. With 9 out of 10 employees reporting they are more likely to stay with an empathetic employer, student loan benefits can be a powerful tool for attracting and retaining top talent.
As much as young workers express interest in student loan assistance, these types of benefits are still relatively rare in most companies’ offerings. Here are some ways to help new grads with their student loan debt:
Any of these approaches will demonstrate that your company cares about younger employees’ financial wellness. As new grads start the next phase of their lives, you can help them to work hard and get on the right financial track.