Show Me the Money: 3 HR Tips for Financing Your Student Loan Benefit ProgramEmployer Insights
Forbes’ “hottest employee benefit of 2017,” student loan repayment benefits, sounds good, but can your company really finance offering employees help?
Proving to company leaders that there’s real value in, and that you can afford, helping employees with over one of today’s biggest financial wellness hurdles takes more than a feel good conversation.
Here are three ways smart companies are finding the dollars to turn the “nice idea” of student loan repayment benefits into an achievable, budget-friendly reality.
1. Measure the Real Impact
Before you commit resources or rule out adding a student loan repayment benefit, it’s important to understand the rule impact and likely adoption for your workforce.
Most CFOs, when considering student loan repayment help, automatically assume the benefit will mean big numbers. However, getting the data to disprove (or prove) that assumption is a lot easier than you think.
How to Do It: Ask the Right Questions
Student Loan Genius offers a free survey guide (below) for employers who want to forecast how student loan debt affects their business and the cost of offering a benefit. To get the data you need, you have to ask the right questions. Contact us below for the guide and we can walk you through how to get the data you need while taking only 60 seconds of your employees’ time.
2. Backtrack from the Budget
Whether you’ve got the time or not to run a survey, the data you do have (your bottom line) is powerful. Knowing how much you have to spend empowers your student loan benefit provider to help customize a benefit offering that meets your budget and supports your business goals.
How to Do It
When you’re planning or researching offering a student loan benefit, consider these key questions that can help make offering the benefit more budget friendly:
- Will you offer the program year-round or on a more short-term basis?
- Will every employee qualify to receive the benefit?
- What if the benefit were a reward, incentive, or one-time “thank you” each quarter or year?
3. Have a Real Conversation
News articles and blogs only go so far at helping you decide on a new benefit. With just a little company data, our team at Student Loan Genius can help you answer the big questions around budget and the benefit including:
- What are competing companies offering?
- What data is there on the long-term impacts on employee engagement and retention?
- What are the best practices for roll out and employee communication?
To learn more about student loan benefits and how to make them fit your budget, contact us today.