Millennials may get all the press for their big stack of education loans. But, it turns out older adults are your workforce’s fastest growing segment of the college indebted.
Data shows how big a role college plays in financial wellness, both for today’s parents trying to survive without resorting to a diet of macaroni and cheese, and tomorrow’s graduates doing the same while saddled with large amounts of debt. And that compromised financial wellness has known costs for employers.
Having debt is not fun; what’s even worse: not knowing how to pay it back. The little-discussed undercurrent of the student debt crisis is that it’s not a money problem (or not just a money problem); it’s an education problem.
It’s Leap Day, the day we add a February 29th to keep the calendar up with the earth. In honor of the day, here are a few other things we’ve had to keep up with in the last four years.
Loan repayment programs made SHRM’s annual benefits survey list for the first time this year. In fact, 3% of employers already have a program in place. That number could quickly climb… and the minute your competitor launches one, your job candidates will raise their expectations.
Several market forces are bringing education assistance programs to the forefront of recruitment and retention strategies. More jobs require advanced degrees than ever before, and those degrees carry a higher price tag. Organizations that run effective tuition reimbursement and loan repayment programs stand to out-compete their peers by creating a better place to work.
Today’s young people are probably not at all what you think. If you ask what they want from a job (and we did) their answers might surprise you. And there are payoffs – in things like recruitment and retention — for employers who take note.
Proposed amendments to laws regarding educational money may soon pave the way for creative employers to appeal to employees by effectively helping to pay off student loans.
When it comes to higher education, many students and their families choose a dream school and then go into substantial educational debt to make it happen. There’s good reason for employers to be paying attention.
To avoid skills gaps, what employers need are people who continually challenge themselves to stay up to date and grow to the next challenge. And it’s up to employers to ensure both that they want to – and that they can.