Student loan debt is a burden for millions of Americans. It causes stress and prevents people from achieving both financial and life goals. Employers who understand the weight of this debt on their employees and seek solutions to address it are poised to win not only their employee’s dedication, but also the battle for talent. Our nationwide survey shares insight from over 4,300 people in the workforce. It provides the data employers need as they evaluate employee benefit options and the impact of a Student Loan Repayment Assistance (SLRA) program.
Employers can make a direct contribution to their employee's student loans by adding SLRA to their benefit line-up. Employers identify who is eligible for the benefit and how much and how often that they’ll contribute.
Listen and follow through
Employees want employers to listen to their needs, understand what keeps them up at night and provide creative solutions to help improve work-life balance. Having an understanding, and following through with actions, shows which employers really care. Organizations that provide highly sought benefits will inevitably be more competitive when seeking or retaining top talent in a tight labor market. Our survey confirms it with important insights employers may not know.
Employee turnover continues
- 40% are likely to seek a new position within the next year.
- 55% turned down a job at least 1 - 3 times due to dissatisfaction with benefits.
Financial stress impacts work-life
- 58% said personal financial issues impact their work performance or productivity.
- 93% said they spend time dealing with financial stressors at work.
SLRA reduces stress and generates long-term loyalty
- 72% said productivity would increase with SLRA.
- 88% would increase their commitment to their employer for SLRA.
- SLRA is ranked immediately behind retirement contributions and health/dental insurance as a desired benefit.
Where to go from here
An employer provided SLRA contribution is a powerful benefit that's primed to take off this year. To learn more about the impact of SLRA and the ROI behind this opportunity, check out our SLRA infographic on the survey results.
Leaders who are interested in SLRA should consult their human resources, legal and accounting professionals to ensure compliance with applicable laws before implementing an SLRA program. As a first step to establishing your own SLRA program, check out our free e-book Employer's Guide to Student Loan Repayment Assistance.