New Survey Shows Student Loan Contributions Can Be a Powerful Employee Retention Tool
If you’re in Las Vegas this week, chances are you’re attending Human Resource Executive’s Health & Benefits Leadership Conference. This is one of the biggest HR and benefits conferences of the year, and it attracts major players around the country to showcase innovations and discuss best practices in employee benefits programs.
To highlight the growing desire for student loan repayment as an employee benefit, Tuition.io conducted a survey of over 1200 corporate employees, asking them questions about their preferences and needs regarding benefits. Our findings were striking:
- When asked if they felt burdened buy their student loans, a majority (56%) of respondents said that they felt “very” or “extremely” burdened.
- When asked if they would join a new company because it offered student loan contributions, more than 80% said yes.
- The percentage of employees who said they would be more likely to stay with a company because it offered student loan contributions was even higher: 87%!
- 55% of respondents said they prioritize paying off debt, while only 45% prioritize saving for the future.
- When asked what benefit is more important between student loan contributions and tuition reimbursement, two-thirds (66%) chose student loan contributions
Of the respondents, 60% were age 35 or under. The survey shows how for today’s millennial generation, student debt is a major burden in their lives and that paying off this debt is more of a life goal than saving for the future. Their answers indicate that student loan repayment assistance is a benefit that can be used to attract high quality employees but may be even more effective at helping to retain them.
Tuition.io is dedicated to helping employers give their workers this powerful new benefit. If you are attending the Conference, come stop by booth #512!