MENUMENU
  • FREE RESOURCES
  • PREMIUM CONTENT
        • SEE MORE
          PREMIUM RESOURCES
  • HR DEEP DIVES
        • Coronavirus (COVID-19) Resources for HR Professionals
          Employment Law
          Labor Law Posting Requirements: Everything You Need to Know
          Recruiting
          businesswoman selecting future employees on digital interfaces
          Recruiting Resources for HR & Hiring Managers
          Performance Management
          vector image of young female making star rating
          Performance Review Resources
          Employment Law
          Understanding Equal Employment Opportunity and the EEOC
          Recruiting
          Onboarding Resources for HR & Hiring Managers
  • CORONAVIRUS & HR

  • LOGIN
  • SIGN UP FREE

HR Morning

MENUMENU
  • FREE RESOURCES
  • PREMIUM CONTENT
        • SEE MORE
          PREMIUM RESOURCES
  • HR DEEP DIVES
        • Coronavirus (COVID-19) Resources for HR Professionals
          Employment Law
          Labor Law Posting Requirements: Everything You Need to Know
          Recruiting
          businesswoman selecting future employees on digital interfaces
          Recruiting Resources for HR & Hiring Managers
          Performance Management
          vector image of young female making star rating
          Performance Review Resources
          Employment Law
          Understanding Equal Employment Opportunity and the EEOC
          Recruiting
          Onboarding Resources for HR & Hiring Managers
  • CORONAVIRUS & HR
  • Employment Law
  • Benefits
  • Recruiting
  • Talent Management
  • Performance Management
  • HR Technology
  • More
    • Leadership & Strategy
    • Compensation
    • Staff Administration
    • Policy & Procedures
    • Wellness
    • Staff Departure
    • Employee Services
    • Work Location
    • HR Career & Self-Care
    • Health Care
    • Retirement Plans

Need to attract millennials? Offer student loan benefits

guest_author
by guest_author
May 15, 2018
3 minute read
  • SHARE ON


If you want to attract and retain millennials, it’s all about the benefits. And no perks are more sought after among this group than student loan benefits. In this post, guest author Alyssa Schaefer, the chief marketing officer of Laurel Road, a national online lender, explains why employers can’t wait to roll out student loan benefits if they’re serious about hiring the best and brightest millennials. 


Ten years ago, millennials flocked to employers offering free snacks and ping-pong tables, but as this demographic matures, they seek more meaningful benefits from their company with long-term results. Similarly, growing companies have a hyper-sensitive need to appeal to the millennial group because they will soon make up a clear majority of the workforce.

Focused on their financial futures

As the Chief Marketing Officer of a tech-driven bank, I hear from our millennial staff all the time about their needs. My team also talks to our customers, most of which are millennials, every day about how important their financial future is to them.
What I’ve learned is that most millennials have lofty goals, and if a company can help them achieve those goals by supporting their financial future beyond just an income, they have a strong chance of attracting top-performing talent. Millennials also focus on values, so if a company can demonstrate how they support and reflect their employees’ values – financial and otherwise – that goes a long way.
Student loan debt is considered an epidemic in our country and is a major obstacle to the financial independence and goals that millennials seek. We hear it all the time from customers enrolled in our refinancing product. Those with student loans are constantly looking for ways to contribute savings to their payments – from more practical strategies like refinancing or taking on a “side hustle,” to extremes like selling their eggs or participating in medical trials.
Enlightened companies are beginning to recognize how student loan repayment programs can benefit their employees by enabling financial independence, which naturally creates a more positive outlook on their professional and personal life. According to a recent study we conducted with LendEdu, we found that 58% of millennials would prefer student loan refinancing benefits from employers over additional vacation days – pretty powerful! This shows, plain and simple, how millennials are looking for benefits and employers that support their financial well-being.
In my role, I’m also a partner to corporate clients who are offering their employees student loan repayment benefits, so I hear their wishes too. Offering a student debt repayment benefit reinforces that employers care about the same things their employees do, establishing trust and demonstrating how the company and staff have the same values. It also helps to boost employee morale and satisfaction, and a satisfied workforce is one that’s likely more productive, committed to their team’s success and loyal to their company.

Employers as advocates

On the recruitment side, this benefit allows employers to attract top-performing millennials who seek employers that advocate for their financial health. Companies that are first to introduce this benefit are shaping their brand perception as one that’s invested not only in the financial health of their employees, but in doing good for people facing an extreme burden.
In a time where job switching has become more common – and where 50% of millennials carry student loan debt – student loan refinancing benefits can help encourage employees to stick around for the long-haul. This benefit establishes trust and demonstrates that employers care deeply about the financial future and overall well-being of their staff, which, for millennials, is far more appealing than most “work perks.”
Cite: Alyssa Schaefer is the chief marketing officer of Laurel Road, a national online lender.

Get the latest from HRMorning in your inbox PLUS immediately access 10 FREE HR guides.

I WANT MY FREE GUIDES

Keep Up To Date with the Latest HR News

With HRMorning arriving in your inbox, you will never miss critical stories on labor laws, benefits, retention and onboarding strategies.

Sign up for a free HRMorning membership and get our newsletter!
  • This field is for validation purposes and should be left unchanged.
HR Morning Logo
  • Facebook
  • Twitter
  • Linked In
  • ABOUT HRMORNING
  • ADVERTISE WITH US
  • WRITE FOR US
  • CONTACT
  • Employment Law
  • Benefits
  • Recruiting
  • Talent Management
  • HR Technology
  • Performance Management
  • Leadership & Strategy
  • Compensation & Payroll
  • Policy & Culture
  • Staff Administration
  • Wellness & Safety
  • Staff Departure
  • Employee Services
  • Work Location
  • HR Career & Self-Care

HRMorning, part of the SuccessFuel Network, provides the latest HR and employment law news for HR professionals in the trenches of small-to-medium-sized businesses. Rather than simply regurgitating the day’s headlines, HRMorning delivers actionable insights, helping HR execs understand what HR trends mean to their business.

Privacy Policy Terms of Service
Copyright © 2021 SuccessFuel

WELCOME BACK!

Enter your username and password below to log in

Forget Your Username or Password?

Reset Password

Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.

Log In

During your free trial, you can cancel at any time with a single click on your “Account” page.  It’s that easy.

Why do we need your credit card for a free trial?

We ask for your credit card to allow your subscription to continue should you decide to keep your membership beyond the free trial period.  This prevents any interruption of content access.

Your card will not be charged at any point during your 21 day free trial
and you may cancel at any time during your free trial.

preloader