Student Loan Repayment is a ‘Most Desired’ Benefit Among Employees

Posted By American Med Spa Association, Tuesday, March 22, 2016

From AmSpa Resource Partner One Source HR & Risk Solutions Student Loan Repayment is a ‘Most Desired’ Benefit Among Employees
While health-care and 401(k) programs remain the most important benefits to job seekers, student loan reimbursement has emerged as a highly desired offering. A new survey by Beyond found that an overwhelming majority of job seekers (89 percent) believe companies should offer student loan repayment as part of the benefits package, and 10 percent ranked student loan repayment higher than paid vacation as the "most important" benefit.

In a healthy economy with more job opportunities to choose from, those saddled with student debt are seeking out employers offering repayment to help offset costly monthly payments. More than 67 percent of those surveyed said they would "absolutely" be more willing to accept a job offer if student loan repayment was included in the benefits package.

"401(k) matching doesn't mean much if you are spending all of your money paying off student loan debt," said Joe Weinlick, senior vice president of marketing at Beyond, in a press release. "The hiring landscape is not as bleak as it was, and in a highly competitive market, companies offering innovative benefits such as student loan reimbursement may have a leg up on the competition. In addition, student-loan reimbursement could help retain Millennials, who have been famously less loyal and more likely to switch jobs than previous generations."

This concept of retention resonated with survey respondents, with 81 percent claiming that they would be more willing to stay with the company if leaving meant losing student loan repayment. But the survey also found that the method of doling out that repayment must be handled carefully. Among those interested in student loan repayment packages:
From One Source HR & Risk Solutions March 2016 Newsletter
Midwest Medical Spa Workshop, Staff-training and Networking Reception: April 11, 2016
California Regulatory Workshop: May 2, 2016
How to Successfully Open a Medical Spa--Northeast: May 16-17, 2016
Southeast Medical Spa Regulatory Workshop: June 6, 2016
How to Successfully Open a Medical Spa--Northwest: September 19-20, 2016
How to Successfully Open a Medical Spa--Texas: November 6-7, 2016
Southwest Medical Spa Regulatory Workshop: December 5, 2016