How to Get Student Hires to Stay – Student Loan Benefits

June 15, 2015
How to retain Millennial employees: student loan benefits

How to retain Millennial employees: student loan benefits.

So you’ve worked the campuses and the college job fairs and you’ve managed to nab yourself a dandy bunch of eager student hires. One big problem – the competition looms. You rep a small to medium business while the competition is big or even gigantic – how do you offer the students something the big company can’t or won’t? How do you earn yourself some quality long-term loyalty? It might be time to look into student loan benefits.

Perking Up

First of all, you might look into perking up your offer. You make the job as “perky” as possible. Every Friday is a catered “exotic food day” or you have a Karate master come in every Tuesday morning to teach the new hires how to hip-toss their CEO.

That sounds pretty cool, doesn’t it? It sounds like a fun place to work. It’s a solid tactic for wooing new hires, especially the younger recent graduates.

There is however a downside to your more gimmicky perks that you’ll have to combat – your talent will come to expect them as the norm. And what was once exciting and unique will perhaps become boring and routine.

So you’ll be putting more and more time and money into finding new perks to lump on top of the existing ones.

Student Loan Benefits

If you want to avoid having to continuously think up and pay for new perks then paying into a student loan benefits program may be the answer. Considering how crushing student debt is for recent graduates such a program can be the very thing to earn the loyalty of your student hires.

Employee student loan management programs like Flex395 let you contribute directly to your new employees’ student loans.

Few employees who are recent graduates are worrying too much about retirement-oriented benefits – retirement is a million years away in young-people years. 401(k) benefit programs aren’t necessarily a super-sexy carrot to dangle (they should be, but they’re not) in front of recent graduates.

But student loan benefits are all sex-appeal. Think about it – you’re a graduate. Your life-event time line probably starts with either travel or buying a car, and then buying a home, then making babies… retirement is something that old people do.

The major speedbump in your life’s path is that staggering student debt. A student debt contribution plan works muck like a 401(k) – except instead of contributing to retirement funds you’re continuously chipping away at the thing that is strangling your new hire.

So you’re not just contributing to student loan debt reduction… you’re contributing to freeing up your employee’s life, to opening up the gates that will allow him or her to get busy pursuing their lifestyle dreams.

That sounds like a pretty solid way to earn yourself some long-term loyalty.