Smart organizations are considering Student Loan Assistance programs because they’re aware of the increasing student loan debt burden their employees face and they know it’s highly attractive for hiring and retaining talent with the right offering. If your company is considering this benefit, it’s important to know how traditional employer-sponsored Student Loan Assistance programs stack up against 529 Savings Plans.
Deloitte’s 2019 Global Human Capital Trends Report is always an insightful read. Last year, they stressed the rising importance of a company’s social impact -- that is, the need for companies to move beyond their own revenue growth and help address larger societal issues. This year’s report, published earlier this month, reinforces this same theme but with more focus.
Diversity in the workplace continues to be an important topic to HR professionals and business leaders. Employers offering student loan benefits are uniquely positioned to attract more diverse talent, while also differentiating from competition for a hiring advantage.
After completing a year-long testing and vetting process, Peanut Butter was proud to be confirmed by MEMBERS Development Company (MDC) in February of 2019 as a partner for Student Loan Assistance.
Alabama Credit Union discovered their employees have a student debt burden similar to other Americans, with balances averaging $26,500 to $36,000. They realized they could make a difference in the lives of their employees by launching Peanut Butter Student Loan Repayment, a unique benefit that allows ACU to contribute monthly to their employees’ student loan debt as an employer-provided benefit. Like many employers, ACU also recognized that a unique benefits offering like student loan repayment could help them attract and retain their talent, too.
Peanut Butter was listed by Built In Chicago as one of five local edtech companies having a positive impact on the lives of students and recent graduates.
Peanut Butter CEO, David Aronson, is proud to speak at the Health & Benefits Leadership Conference (HBLC), organized by Human Resource Executive magazine. The conference runs April 24-26, 2019 at the Aria Resort & Casino, Las Vegas.
At Peanut Butter, we're always looking at new ways for employers to make student loan repayment a fiscally advantageous benefit to offer employees. We also go to great lengths with our attorneys to understand IRS and tax laws, so employers don't find themselves in a tricky situation.
Our clients and prospects often ask if student loans in a parent's name are still eligible to participate in Student Loan Repayment plans. This can be a common occurrence today, where parents are trying to help shoulder the burden of their kids' debt from student loans. As an employer offering Student Loan Repayment, though, there may be tax implications if you consider covering loans for borrowers other than your employee. Here's what you need to know:
If you’re a medium-sized business, you know that trying to recruit Millennials from colleges, or from the workforce, can be challenging. You’re probably competing with some very attractive employers – CPGs, tech giants, consulting firms – all of which seek great talent, and many of which can afford to pay handsomely to get it.
Non-traditional benefits, like student loan repayment plans, are ideal for companies like yours. You can offer this new benefit, which resonates STRONGLY with Millennials, to attract young talent and retain them for years. Below are two scenarios where employers can win by offering student loan repayment.
Peanut Butter conducted a survey on September 8, 2015 with 408 U.S.-based online respondents, ages 18-34 years.
Born between 1981 and 1997, these respondents are square in the Millennial generation. Think you know how they responded?
Take this quiz and find out.
Attracting talent is an ever-evolving challenge for HR managers and hiring decision makers. From recruiting via social media to virtual hiring interviews in other countries or time zones, the recruting environment has changed. Once a new employee is hired, then the countdown clock begins -- how long will this employee stick around? Will we be able to keep him/her for a long enough time to help stave off recruting and training costs? How do we stay competitive and keep our talent from getting poached?
It's official - according to PEW Research, as of 2015, Millennials have surpassed Gen Xers as the largest generation in the U.S. Labor Force.
If you're in HR or you're a hiring manager, you have surely noticed this trend. So, let's assume you've done a stellar job of attracting Millennial talent to your company...what do you do now to keep those highly valued employees?