Welcome to the reboot of Career Confessions of Gen Z! I started this in 2018 with my Gen Z son, Cameron, and the response was off the charts. So, in 2019 I found 8 great Gen Z HR, TA, and Marketing pros to continue the Gen Z content. Enjoy!
The early members of Generation Z have entered the workforce and the rest of the 61 million Gen Z’s are on their way. A big question that employers have been asking regarding this generation is, “What do we offer to attract them to our company?”.
To attract and retain this generation, many companies have been altering their benefits and internal culture to be more appealing. More and more companies are now offering things like a flexible work-life balance schedule, remote work days, casual dress codes, a 401k match, advancement and rotational opportunities, and etc.
While those benefits are appealing, only 4% of companies are offering the most attractive benefit that will not only attract Gen Z candidates, but will generate major employee loyalty. That benefit is Loan Forgiveness Assistance.
CNBC reported that eight in 10 workers with student loans say they would value in working for a firm that provides extra dollars for student debt repayment. I find it hard to believe that number isn’t 10 out of 10!
In the U.S, people collectively owe $1.5 trillion in student debt. Most of that student debt belongs to Millennials and early Gen Z’s. An additional $1.27 trillion in new federal student loans is estimated to be added between now and 2028 by Gen Z. This generation is going to find themselves in the same debt situation as Millennials as tuition rates continue to rise.
Student debt is a real, growing problem that employers can help reduce and that we want them to help us reduce.
Not only is contributing toward student loan debt a major perk for employees, but it also ensures employee loyalty and retention. By offering this benefit, employers are giving their employees an awesome reason to never leave their company and to want to work their asses off for them.
I have a few Gen Z friends that are in companies that have some sort of student loan repayment assistance in place and I can tell you that they never plan on leaving those companies. The fact that the companies make contributions towards their student loans was also one of the major reasons they chose to work at their companies. They scored the holy grail of benefits when they accepted their jobs!
There are a few different ways in which employers can offer loan forgiveness assistance. To learn more about what other companies are doing and how student loan repayment assistance programs have been mutually beneficial for employers and employees, consider reading the following links:
A 401(k) Twist on Student-Loan Aid
Student Loan Repayment Is The Hottest Employee Benefit Of 2018
How Student Loan Debt Impacts Your Employees
Student Loan Repayment: The Job Perk Of The Future
Hallie Priest is a digital marketer for HRU Technical Resources, a leading engineering, and IT staffing firm based in Lansing, MI, using her skills to create content to serve all involved in the job seeking/hiring process. When she is not strategizing campaigns, going over analytics, or talking about her dog you can find her at the nearest coffee shop fueling her creativity. Connect with her on LinkedIn: www.linkedin.com/in/halliepriest