Attracting and retaining the right talent at your company is likely very high on your priority list, if not at the very top. One of the most effective tactics for overcoming this HR hurdle is ensuring that your company’s benefits offering is up to snuff.
A good phrase to keep in mind is: “quality over quantity.” In other words, it’s not the number, but the type of benefits you offer to your employees that serves as a principal driver of recruitment and retention. Keeping this in mind, it is important that your benefits package include both traditional and nontraditional benefits, so that you can better differentiate your company in today’s increasingly competitive job market.
Traditional benefits packages include offerings such as health insurance and 401(k) plans, which are certainly attractive to both prospective and current employees. However, according to PR Newswire, more and more U.S. workers (and Millennials in particular) and seeking out the non-traditional benefits, such as tuition reimbursement, paid time off, and Student Loan Assistance. Among that list, the most highly sought after non-traditional benefits offering is Student Loan Assistance, with more than 33% of U.S. workers (and 55% of Millennials) calling it a “must have,” (PRNewswire).
As of today, 8% of companies include Student Loan Assistance benefits in their benefits offerings (that’s up from 4% in 2018). These early adopters are certainly onto something, as it is predicted that companies across the country will continue to adopt Student Loan Assistance benefits into their own offerings with increasing precedence in the coming years.
Peanut Butter can help custom tailor a Student Loan Assistance plan designed specifically to serve your company and employees…and we can do it together in under an hour. Don’t be the last in your industry to offer the benefit that truly benefits everybody.