The future of your workforce is here. As Baby Boomers retire, creating a looming talent shortage, Gen Z is primed to take the workplace by storm (Source: forbes.com). Born between 1997 and 2012, this tech-savvy, financially responsible, and deeply empathetic generation will become a crucial part of your talent pool (Source: forbes.com). As warriors for work/life balance, Gen Z is ready to write their own rules on employer expectations, so now is the time to prepare for the arrival of these valuable employees (Source: finance.yahoo.com). Fortunately, the answer to attracting and retaining Gen Z talent lies in providing employee benefits that speak to their financial sensibility as well as their compassionate nature.
Gen Z is poised to overtake Baby Boomers in the full-time workforce by early 2024 (Source: glassdoor.com). This generation prioritizes collaboration, authenticity, and a sense of self-agency (Source: news.stanford.edu). They are also more financially savvy than previous generations and expect more meaningful support in the workplace, especially when it comes to benefits (Source: joinhandshake.com).
As an employer, it’s important to understand that a multi-generational workforce demands a multi-faceted approach to benefits. Recognizing this is crucial for attracting Gen Z, especially when it comes to their overall financial wellness and physical and mental health. Offering financial support options like student loan repayment assistance is a strategic way to show support, improve retention, and boost productivity. Demonstrating care for employees' well-being leads to better outcomes for everyone, including less stress for employees and greater savings for employers.
Student loan repayment assistance continues to be one of the most requested employee benefits (Source: nasdaq.com). It’s no surprise that it’s especially appealing to Gen Z workers, considering 36% of them carry student loan debt, with an average of $20,900 per borrower (Source: stlouisfed.org). And they’re far from alone — American student loan borrowers across all generations share a combined total of $1.7 trillion in student loan debt (Source: fred.stlouisfed.org).
By offering student loan repayment assistance, you can help ease that burden for employees of all ages. Student loan repayment assistance helps employees feel less financial stress, reach financial goals faster, and save for retirement with greater ease. This translates to a happier, more focused, and ultimately more productive workforce, saving you money on recruitment and retention costs.
There’s no need to wait to start making your workplace inviting for Gen Z. Investing in student loan repayment assistance now demonstrates your commitment to Gen Z's needs while also helping you improve the lives of employees of other generations. It shows you understand their financial realities and personal goals and are willing to partner with them for mutual long-term success.
Student loan repayment assistance is a powerful tool for attracting and retaining talent across all generations. To learn more about student loan support benefits and how Attigo by Ascendium can help, visit attigo.com/employers.