As COVID-19 continues to dictate where and how we work — and open enrollment season draws nearer — employers need to determine if their benefits package aligns with the state of their workforce.
For example, common office perks like all-you-can-drink coffee and ping pong tables aren’t viable for a company operating remotely.
But it’s not just about what’s viable. As some companies return to the office, culture will be reinforced and rebuilt by providing an employee value proposition that is meaningful. In other words, some may like free Skinny Pop, but many would rather have help with their student loans.
What it really boils down to is which benefits will make the biggest impact and what benefit spend creates the greatest ROI for the company.
Student loan assistance is a great way to enhance your company’s value proposition, so we’ve answered some of our most frequently asked questions to help you build the business case for your company.
- How many of our employees hold student debt?
Peanut Butter provides each of our clients with a Student Debt Prevalence Analysis. However, with little information, we could be pretty confident in estimating that a little over a quarter of your employees hold student debt; that’s because 26% of the U.S. workforce has student loans.
- How should we structure our student loan assistance program?
Peanut Butter will help you customize a student loan assistance program that aligns with the state of your workforce and your specific talent goals…and we can help you do it in less than an hour.
- What’s the return to our company?
The Millennial Benefit Preferences study found that 85% of respondents would accept a job offer that includes student loan assistance. By improving offer acceptance rates, employers can keep managers focused on running the business rather than hiring, and spend less time and money filling the hiring funnel.
Similarly, the study found that respondents, on average, would be willing to stay at a job 36% longer when student loan repayment is offered. How much could your company save on the costs of lost productivity, rehiring and retraining if employees stayed with the company 36% longer than they are now?
- How do I get a program started for my company?
Our team at Peanut Butter supports employers in designing and implementing effective student loan assistance programs built specifically for their company. If you’d like to set up a student loan assistance program for your company, click here to Get Started.