Employers Add Student Loan Repayment to Benefits Offerings to Attract Millennials
April 15, 2016
As Millennials account for a larger portion of the workforce, benefits strategies for attracting and retaining them are shifting to match their needs. One benefit growing in popularity is student debt repayment.
According to the Project for Student Debt, in 2014 the average college student graduated $28,950 in debt. This has cascading effects such as delayed homeownership and putting off having children as lingering debt from undergraduate and advanced degrees precludes spending on a home or child.
In a recent article in Workforce Magazine, Amy Hollis, voluntary benefits practice leader at Willis Towers Watson, said, “Employers are noticing more and more the impact of the financial drain and emotional strain on employees who are carrying an enormous amount of student loan debt.”
Other benefits employers are adding to meet diverse needs include identity theft protection and critical illness coverage. While these offerings are less flashy than perks such as ice cream bars or on-campus game arcades, they also are becoming more common as employers tailor their benefits to different segments of the work forces.
To read the complete article in Workforce Magazine, click here.