At Alltech Financial, we know that student debt is here to stay. Student loans will continue to grow exponentially for the foreseeable future, and as an employer, it’s already starting to affect your bottom line.
With these obstacles overwhelming the modern job market, it becomes extremely difficult to attract the right talent and retain them for long periods of time. Employees, especially the millennial generation (who are earning 20% less than Boomers did at the same stage in life), are more income-sensitive than ever.
How can a business compete in this type of job market? How can a business thrive?
Here at Alltech, we’ve turned this ever-growing problem into a competitive recruitment and retention solution for all businesses. While most student loan benefit companies offer payment or 401k “match” programs, which only address the symptom of the problem, our focus is on the overall reduction of your employee’s monthly payment obligation for the lifetime term of the loan. This allows businesses to bypass additional payroll and income taxes and positively impact their bottom line, all while improving their compensation packages to potential candidates.
Even if certain positions within your firm do not require a degree, nearly 1 in 8 Americans today have Federal Student Loans – so there’s a good chance your employees are struggling with this debt problem. And with only 3% of businesses offering some type of student loan assistance benefit, your firm can gain an invaluable competitive edge.