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.
It's mid-November, you've done your research for 2019 benefits and you've decided that you want to offer Student Loan Assistance to your employees come 1/1. That's great! However, you quickly realize that you need to take this to your leadership team for budget approval and you fear it's going to go as many of them do, without a firm answer or approval, leaving you in limbo for the time being. Rather than going it alone, let's join forces to build the business case for your company.
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.
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.
Making payments towards employees student loans via payroll deduction: is it a convenience or does it come with a cost? As several vendors have begun requiring employees to make their minimum monthly student loan payment via payroll deduction as a requirement of Student Loan Assistance Programs, companies may look at this as an added perk that will help employees. What some fail to understand, however, is that they may actually be putting employees at a disadvantage if they choose to administer their program this way.
As a contact center technology provider where Voice of the Employee (VoE) importance is ever increasing, employee engagement and satisfaction are core focuses for Calabrio’s product strategy and development efforts. This focus on the employee, however, permeates everything we at Calabrio do. That’s why we strive to continually seek out and put in place innovative programs that positively impact, motivate and bring great work-life balance to our own employees.
ProService Hawaii, the State’s number one Payroll and Benefits Administrator, offers Peanut Butter’s Student Loan Assistance to its employees.
Employer-sponsored student loan repayment programs are growing quickly as was highlighted in an October article published by the Society for Human Resources Management (SHRM).
Peanut Butter kicked off a new strategic partnership with LifeWorks today. LifeWorks will include Peanut Butter’s Student Loan Assistance in its Employee Assistance Program (EAP) – the world’s leading EAP that is at the core of the first total well-being platform.
By offering Peanut Butter’s Student Loan Assistance, LifeWorks is providing a robust financial well-being benefit to its employer customers. Through the LifeWorks Total Employee Well-being platform, employers will be able to seamlessly make student debt contributions for their people as an employee benefit and provide impactful resources to help employees manage their student loan debt.
Jon Harris, COO of LifeWorks, said that, “partnering with Peanut Butter gives LifeWorks an important new avenue to help employers keep their employees financially healthy with hands-on financial education, support and services. He continued, "As student debt becomes an increasingly critical issue for young workers, LifeWorks can help employers make their employees feel supported and guided by offering Student Loan Assistance using Peanut Butter’s seamless platform.”
Peanut Butter and LifeWorks are going to have a profound impact helping employers increase productivity and improve employee retention. Peanut Butter’s clients are champions in their employees’ efforts to be free from student debt, the top financial goal of Millennial workers. Get Started with Student Loan Assistance for your company today!
Illinois Congressman Danny Davis visited Peanut Butter to learn about our efforts to help employers offer Student Loan Assistance.
1871 is America's #1 technology incubator. The organization has changed the game for technology innovation as a launchpad for new companies and a connecting web for ideas that are prompted into action between startups, leaders in business, government, and philanthropy.
Rise Interactive, a Chicago-based digital marketing firm, was quizzing its employees two years ago, making sure they were happy with their perks.
“We were doing our end-of-year employment engagement survey — what’s working, what’s not,” said chief operating officer Scott Conine.
The cafe stocked with snacks? Very popular. Ditto for the four-month paid parental leave. The gold-plated healthcare plan? Much appreciated.
But there was a a glitch.
Peanut Butter was featured on CBS 2 Chicago as a "hidden treasue" among employee benefits. Hear from CEO David Aronson and client employee Emily Sloan from Medix in this CBS News segment.