As recent college graduates continue to enter the workforce with student loan debt, some employers are beginning to consider
providing student loan repayment assistance as an employee benefit to help attract and retain young, new employees. Employers
may choose to add student loan management services, such as matching a portion of employees’ student loan payments, to
employee benefits packages.
Student loan assistance isn’t just the latest twist in the use of corporate perks like unlimited vacation and free food to attract top-notch employees. It’s an effort by private employers to play a larger role in one of the biggest financial hurdles facing hundreds of thousands of workers. According to a recent survey conducted by Lontuition, 49 percent of respondents indicated that they would prefer employer student loan repayment assistance over more traditional employee benefits, such as a 401(k) plan. The issue has become a major focus on the US presidential campaign trail, and the Society of Human Resource Managers this year noted student loan repayment as an increasingly popular employee benefit.
The changing workforce is requiring or even demanding benefits that are important to their individual circumstances. Are you offering the best employee benefits’ package? Voluntary benefits can offer you the edge when recruiting and retaining employees.
Contact Alper’s EB Team for everything you need to know Voluntary Benefits: EBTeam@AlperServices.com or 312-654-4269.