We would like to announce that IonTuition has released the Employers’ Perspective Survey 2016: Student Loans and Higher Education Benefits. This survey of more than 400 middle managers evaluated perspectives on student loan assistance programs as an employee benefit. Findings from the report indicate that managers see value in helping employees manage their student loan debt and are willing to offer programs that lessen the financial stress. Key findings include:
Student loans create stress
The majority of respondents believe that student loan debt creates stress for employees and that financial stress decreases employee productivity.
• More than 90 percent of respondents recognize that student loan debt creates stress for employees.
• Approximately 80 percent are aware that this financial stress decreases employee productivity.
Show me the benefits
As more millennials make their way into management, student loan assistance seems poised to become an expected part of benefits packages.
• More than half of respondents know that prospective employees view benefits as the most important aspect of a company, taking priority over company culture, commute and reputation, when evaluating a job offer.
• Almost 85 percent of respondents think employees would take advantage of a student loan repayment assistance benefit
Attract and retain talent
Offering student loan assistance as a benefit can aid in supporting recruitment and encouraging loyalty to the company.
• Nearly 80 percent of respondents believe offering a student loan repayment program would support talent recruitment.
• 70 percent of respondents believe that offering such a program would improve employee retention and morale.
Plan for the future
Many employees feel that because of their immediate student loan debt, it is difficult to even think about retirement. Offering student loan assistance benefits can help employees save and plan for the future.
• Nearly 75 percent of respondents think that employees contribute less money to their 401(k) because of their student loans.
• Around 85 percent of respondents stated that employees would appreciate the option of making their student loan payments via automatic payroll deductions.