Many organizations set goals to include more women in leadership positions or actively look to recruit and support more diverse emerging talent.
Women are more likely than men to graduate from college today. Even controlled for this, women borrow more than men for their higher education, and women of color borrow disproportionately more.
Why does this matter? Student loans affect an employee’s ability to contribute toward retirement. Being broke and financially stressed is the new normal. Over 50% of Americans don’t have $400 for an emergency, let alone have any plans to build a robust nest egg for their golden years. Financial stress matters because as an employer it costs you money in lost productivity.
Showing young talent in their 20s and 30s how to get over the hump of basic financial wellness will make an employee base more loyal and productive. With over 70% of millennials graduating with student loans at 5-9% interest, the opportunity to help them manage this daunting financial obligation is more than altruistic, it's a necessity. It’s hard to make a case for an employee with student loan debt to save more for retirement because of the tax advantage, especially when student loans are essentially the only line item you can’t escape, not even in bankruptcy.
Providing student loan repayment assistance can be a low-cost way to increase productivity and attract women and more diverse talent who are disproportionately affected by student loans.
It doesn’t have to be a high-cost program - let employees choose how they want to allocate your current 401k match or profit-sharing. Then everybody gets to individualize their choice.
LoanSense has two products - a student loan advising solution and a student loan matching program. It’s easy to set up. We do the work and give you all the credit.
Request a demo today at - www.myloansense.com/request-demo