The job market is about to get even more competitive — a new Microsoft/LinkedIn survey says Forty-six percent of surveyed employees are thinking of leaving their job in the next year (Source: cnbc.com). That’s an even higher percentage than during the pandemic-induced Great Resignation of 2021.
Feeling Financial Friction
More Americans were feeling the pressure of financial stress at the end of 2023 than in the previous year, due in large part to student loan debt.
The financial stress caused by student loan debt can have a major impact on employees’ physical and mental well-being, which ultimately affects their efficiency at work. An employee with financial worries may spend an average of 156 hours, or 19.5 days distracted from work (Source: Graystone Consulting from Morgan Stanley). Those lost hours cost U.S. employers an estimated $4 billion in lost productivity (Source: HR Morning).
Opportunity for Employers
With so much of the job force strapped by student loans and seeking new opportunities, now is the perfect time for employers to make a bid for top talent. By providing student loan repayment benefits, you demonstrate a genuine concern for their welfare, creating a workplace that values and supports its staff beyond the professional realm.
The Impact of Student Loan Repayment Assistance
Unlike other benefits, student loan repayment assistance offers a multi-faceted solution.
- Reduces financial stress: Student loan repayment benefits help employees navigate the confusing world of student loans and help them pay down their debt more quickly.
- Accelerate major life milestones: Starting a family, buying a home, or saving for retirement becomes more of a reality for employees receiving student loan repayment benefits.
In addition to the lifechanging effects on employees, student loan repayment assistance is a win for employers, too. A whopping 55% of employees have turned down job offers due to unsatisfactory benefits packages. On the flip side, 88% of employees would increase their commitment to a company that offers student loan repayment assistance. That can add up to big savings in recruitment and retention costs while ensuring you’re employing the best and brightest.
Attigo by Ascendium: Your Partner in Student Loan Success
Attigo by Ascendium provides comprehensive student loan support solutions to help your employees thrive.
- We can help you make contributions to help pay down employees’ student loans; verify employee student loan payments to support matching contributions to a retirement account; and facilitate employee payments as part of a payroll deduction.
- We can help your employees navigate student loan repayment and find the solutions that work best for their situation. Our online education tools and personalized counseling support help employees who are recent grads who’ve never been in repayment, seasoned grads who may be eligible for forgiveness, and parents who borrowed for their children’s education.
Attracting and retaining employees is going to be more competitive in the coming year than ever. Offering in-demand benefits like student loan repayment support is key to keeping the talent you have and attracting the best recruits.
Ready to make a difference in the lives of your employees?
Contact Attigo by Ascendium to learn more about our student loan repayment assistance and other support solutions.
