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The Benefits Package That Has Candidates Begging for an Interview

The Benefits Package That Has Candidates Begging for an Interview
From Recruiter - September 1, 2016

You offer a good health plan. Youre making fair contributions to each workers 401(k). Employees seem happy with yourvacation policy. Your corporate culture is appealing and productive.

And your companys benefits package looks just like every other companys.

Whats missing? What will set you apart from competitors?

Well, whats the biggest issue facing entry-level workers today? Student loans.

Americans owe nearly $1.3 trillion in student loan debt, spread across more than 43 million educated people. In 2016, the average four-year undergraduate is trying to begin life while buried under more than $37,000 in loans. Those who complete post-graduate education likely have student loan debt in the six-figure range.

It stands to reason, then, thatif your company begins offering student loan repayment as a benefitto employees, chances are youll be beating away applicants with the proverbial stick.

Many employers are still early in their considerations of offering student loan repayment, making the internal business case for it, and trying to understand its potential impact on their budgets and employees, says Meera Oliva, chief marketing officer for Gradifi, a company that facilitates student loan pay-down (SLP) benefit programs for businesses. Still, there is no question that young employees feel the weight of their student debt and welcome the help and engagement from their employers. This benefit is a huge differentiator for employers, and the companies who adopt early will reap most of the benefit when it comes to attracting and retaining young talent.

Student Loan Payments Are Costly for Everyone

One thing that keeps many companies from helping employees with their student loan debt is the cost. But implementing a pay-down program can actually save money in other areas.

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