Like moths to the flame, millennials are attracted to shiny new objects. Right? Isn’t that the perception for our younger generation in today’s workplace? But shockingly, the one thing that attracts millennials to your organization more than a new cell phone, a company car or the latest in Apple technology on their desktop, is something that used to be much more prevalent. It has since fallen to the wayside as priorities seem to have shifted for many companies, and budgets become more constrained for those “extra benefits” that used to be more present.
What is it that millennials are searching for in their next company? Are you ready for it? Money! Shocked? I know I was. But more specifically than money, millennials are actually looking for repayment assistance for student loans when considering their next employer. A recent survey conducted by SHRM found that less than 1% of employers plan to offer this benefit to new hires, but it is the foremost thing on fresh grads’ minds as they struggle to pay off their student loans while starting out in a new career.
One company that has decided to jump in with both feet is Price Waterhouse Coopers (@PWCareer) where employees are offered $1200 to pay back student loans each year. For someone fresh out of college, this is a huge benefit because their actual paycheck is being spent on adult things that they may be brand new to dealing with: rent, electricity, groceries, gas, even the dreaded laundromat visits. As more employers get on board with this benefit, it may have a huge payoff for them as well, when new college grads seek out companies that will help them pay off their student loan debt. New hires may also be more inclined to be productive and stick around if their needs are being met.
Let’s be honest here, friends, a brand new cell phone or a shiny tablet probably won’t hurt either! To really make a difference, you have to get to the core of what the millennials need. And student loan repayment assistance is certainly on the top of the list!