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.
You may think financial stability is just a personal problem, but it isn’t. Stress has a domino effect… and there are few stresses bigger than worrying about money. Counseling a family about college finance before they sign on the dotted line does everybody good.
As we finish up the second quarter of 2016, two events – Human Resource Executive’s Health & Benefits Leadership Conference and Solutions at Work LIVE — got HR leaders from across the country talking about these trends in human resources.
Company culture; student loan assistance; marketing your benefits; the gender pay gap. Here’s what HR people were talking about in March.
There’s a lot of enthusiasm for employee loan repayment programs. But It’s not just a matter of providing the money; you have to do it so that it’s efficient. Here’s how.
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.
For the last two years, we’ve been talking about how the labor market is going to tighten. It happened even faster than predicted. Some are calling it the “post-recession challenge” or the “turnover tsunami.” Simply put, employers that have been operating in the same manner since before the Great Recession may need to embrace new employee retention and recruitment strategies.
In 2013, EdAssist Vice President and General Manager Mark Ward called the state of educational debt in this country a “scary prospect.” This was based on the fact that Americans were then reported to carry a collective $870 billion in student loans. Two years later, educational debt and the associated challenges have grown into an even bigger story.
With today’s employees shouldering more than $1 trillion in student loans, and most jobs requiring college degrees, debt repayment is emerging as the logical step in creative benefits programs that address numerous strategic fronts and offer substantial ROI.
Millennials aren’t the only employees struggling with college debt. Many Boomers are also paying college loans — their own, their children’s or their grandchildren’s — making financial guidance a key to not only financial wellness, but also benefit equity.