Can’t afford to give employees a raise? Try better benefits instead.

Providing a meaningful benefits package may be the key to attracting and retaining valuable workers to a company, even in the absence of regular pay increases or above average salaries. According to Zenefits, more than 60% of employees would take a job with a lower salary in exchange for better benefits. Additionally, 64% of millennials consider benefits to be extremely or very important to employer loyalty, according to Qualtrics.

Amid ongoing financial uncertainty, employers may do well to offer more attractive benefits packages that provide short- and long- term financial security, rather than a bigger salary. With many U.S. employees struggling with both financial and health related issues, employers have an opportunity to stand out and boost engagement and retention at their company by offering benefits that better address the financial, mental and emotional health of their employees.

When employers commit to helping their employees take control of their student debt and/or contribute to the repayment of their loans, they can increase engagement and retention, attract top talent and save on payroll costs. Student Loan Assistance programs have been shown to help companies hire 13 percent faster and retain talent 36 percent longer. The Millennial Benefits Preferences Study found that college-educated Millennials would prefer contributions to their student loans more than any other benefit.

If your organization is ready to help reduce the burden of your employees’ student loan debt and see a measurable hiring and retention impact, click the button below.