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:
Kiswe, a video streaming startup and Peanut Butter customer, has received positive press after deciding to introduce a Student Loan Assistance late last year. In an excerpt from the article, which is shared below, Kiswe's CEO, Mike Schabel, speaks on his personal experience with student loan debt and how that encouraged him to help employees at his company shave years off paying back their loans by offering the benefit.
The moment you've been preparing for your whole life, er, year has finally arrived. It's basically the Olympics for Human Resources professionals. It requires preparation and dedication, it's not for the faint of heart. You're sure to encounter a few set backs or hiccups along the way, but ultimately you keep moving forward until the finish line is in sight. The moment I'm referring to is Open Enrollment, which for most companies has just happened or is happening at the very moment as you're hiding under a desk to read this article and restore your sanity.
According to the U.S. Census Bureau, only a third of employees who have access to a retirement program are actively using it to save for their future. Many either don’t see the benefit at this stage in their lives or they simply can’t afford to contribute until they have paid off their student debt.
Did you know, companies that are diverse boast 19% more revenue than those that are not? It's true, according to a recent BCG study. This finding could be part of the reason one in three human resources leaders stated that improving diversity would be a main focus throughout 2018. To do so, many top firms, from technology to higher education, have made a place on the leadership team for someone who focuses on this area of the business.
With 2019 right around the corner, your orginization may be thinking you missed the boat on adding some new benefits to next year's offering. While that may be the case for other benefits, it doesn't have to be the case for Student Loan Assistance. Peanut Butter has streamlined the process, so you can begin offering it today (it's true - which is one of the reasons we have a 5-star rating on G2 Crowd)!
A recent survey, however, showed that 60 percent of Millennials (those now 19-35) don't think they'll be able to pay off their loans until they're in their 40s.
In August, the IRS issued a groundbreaking ruling that could affect the tax treatment of employers’ student loan repayment contributions. We can help you understand what the ruling means, how to explain it to your stakeholders, and how companies can act on it to offer a differentiated benefit before their competitors do.
Hiring is hard. While this has always been the case, it is ringing true now more than ever. As the unemployment rate nears its lowest point in 50 years, the number of people leaving their jobs continues to go up. Workers feel confident that if (read: when) they leave their current company, they'll be able to find better pay and/or a better position elsewhere. This has not only made it increasingly difficult for employers to retain high-performing employees, but it's also create additional competition in getting top talent to accept offers.
Limra, a worldwide research, consulting, and professional development organization that helps more than 600 insurance and financial services companies in 73 countries increase their marketing and distribution effectiveness, will be hosting its annual Group and Worksite Benefits Conference from September 11-13, 2018 at the Mohegan Sun in Uncasville, CT. On the second day of the conference, our CEO, David Aronson, is presenting alongside our partner Aflac, who will be represented by Jon Hethcox, Partner Relationship Manager.
As we covered in our last post, Peanut Butter makes it extremely simple for employers to begin helping employees manage their student debt by offering Student Loan Resources. When companies provide access to Student Loan Resources, employees are able begin taking charge of their student loans immediately. However, when companies are ready to accelerate their impact, they can begin offering Student Loan Repayment with a few clicks of a button through their Peanut Butter Dashboard.
With 44 million Americans holding student debt, it's pretty easy to see that those affected by this is widespread. However, when considering whether to offer Student Loan Assistance most employers first question is often "How many of MY employees have student debt"? While it can seem difficult to determine, there are several different ways to go about finding the answer to that question and in this post we'll cover two different approaches.
As more Americans flock to colleges and universities against a backdrop of rising tuition costs, it is increasingly clear that we are in the midst of a student loan crisis. The proliferation of high-cost student loans outpaces both inflation and wage growth, and delinquency rates are now higher than ever before, surpassing all other mainstream credit products. In total, there is $1.45 trillion in student loan debt in the U.S., and it grows by $2,700 every second. Over 44 million Americans currently hold student loan debt.