Offering a student loan employer contribution isn’t just a generous perk, it’s a smart investment in your workforce. As you probably know, employee turnover is time-consuming and expensive. But there are more costs associated with losing employees than meet the eye, such as the impact on coworkers and the organization as a whole.
When an employee leaves, their team and the company suffer the consequences.
- Productivity and deadlines take a hit.
- Morale drops when others have to pick up the slack.
- High turnover can make your workplace less appealing to job seekers.
- Losing team members can start a cycle of departures.
The cost of replacing a single employee can even range from one and a half to two times their annual salary. Source: Built In
Preventing turnover comes down to one key element: retaining your employees. Keeping current employees can save your company substantial resources and help maintain essential morale.
The good news is that most turnover cases are preventable. Along with recognizing employees and promoting open communication, a significant way to reduce turnover is to enhance your benefits package. Offering high-demand benefits like a student loan employer contribution increases your chances of retaining and attracting top talent.
Calculate Your Savings
This ROI calculator can help you estimate the potential return based on your company's size, hiring goals, and employee retention.
A student loan employer contribution can help you:
- Attract top talent.
- Improve retention and productivity.
- Maximize tax savings.
This benefit can also help reduce expenses tied to turnover. Start calculating the financial impact with our ROI calculator. It shows how student debt relief is a win -win for you and your employees.
