Categories

Archived Posts

Network Blogs

T3 – @Benevate

Feb 16

This week on Talent Tech Tuesday (T3) I review a new and unique benefits solution called Benevate. Benevate is a solution that will help you attract and retain talent and improve employees’ financial wellness. “DRINK” – that’s the new HR drinking game for 2016! If anyone says “Financial Wellness” you have to drink. You might recall that “Candidate Experience” was the HR drinking game code word for 2015.

But, seriously, I really, really like what Benevate is doing!

Benevate is built on a really simple premise, which is how all the great products start. Your younger workforce faces two major hurdles, for the most part:

  1. Student Loans
  2. No Cash to buy a house.

Benevate gives you a simple to use Saas software platform that allows you to manage these two issues with a Student Loan forgiveness program and an Employer Assisted Living loan program.

Screen Shot 2016-02-15 at 2.35.24 PM

Why is this important? Either one of these programs will give you great ammunition to attract and retain a younger workforce.  I can tell you the first time I used ‘student loan forgiveness’ was about 12 years ago when we did this recruiting Pharmacists right out of school, and it worked like a charm! I also used this in healthcare to attract CRNAs when you could find them anywhere, we were fully staffed! I’ve seen companies recently do this with hard to find IT and Engineering talent.

The problem with doing this yourself is that it’s a major pain in your ass, for HR and for the organization in general. HR isn’t built to be a bank/loaning institution. The last thing in the world I want to do in HR is manage a bunch of loans and worry about some kid defaulting, then what do I do. That is why Benevate is so awesome! They take care of all of this, but at the same time allow you the flexibility and freedom to design the program you want for your organization.

So, right about now you’re asking yourself, well all this sounds great Tim, but how do we pay for it!

That’s where it’s important to understand what the true cost of your employees are cost you.  51% of young employees go to the doctor once or less per year! These young workers cost you a ton less to ensure.  They don’t even use their health benefits, for the most part! As an employer, you need to offer them benefit equability. Benefits they’ll actually want and use.

You pay for it by giving benefits to your younger workers that they actually want, which in turn comes with a loan guarantee from them that they’ll stick around. The cost of replacing great talent is crazy high, a heck of lot less, than what you’ll spend on a loan forgiveness program.

Love the program and concept. More companies should use this idea, but they don’t because it was always a pain in the butt. Now it’s not!  Take a look at Benevate, they make loan forgiveness super easy!

T3 – Talent Tech Tuesday – is a weekly series here at The Project to educate and inform everyone who stops by on a daily/weekly basis on some great recruiting and sourcing technologies that are on the market.  None of the companies who I highlight are paying me for this promotion.  There are so many really cool things going on in the tech space and I wanted to educate myself and share what I find.  If you want to be on T3 – send me a note.

Leave a Reply