We’ve written dozens, if not hundreds, of blog posts on how student loan debt isn’t a priority over housing and auto bills.
So, making the case that offering a student loan repayment benefit might seem strange. If people don’t care to repay their student loan debt, why would a repayment benefit be important to them?
A student loan repayment benefit matters because reducing one form of debt will ultimately help repayment on others. Since employers aren’t going to help manage repayment of a mortgage or a car loan, helping with student loan debt is the next best thing.
Employees care about different things
Research and surveys differ over what employees truly care about. Some data support that work-life balance is a priority and employees are seeking jobs with flexibility. However, when you drill down into those respondents’ information, you’ll likely find people with families.
A recent report from a global standpoint found that workers care more about financial security and income than work-life balance. This report argues that workplace culture and leadership is the most important element for employee retention. It’s unfortunate these days because there are surveys to support every possible selling point. If you look hard enough, you can probably find studies to support that employees care about standing desks, their boss, free meals, vacations, health insurance, and a dozen other things.
So why offer student loan benefits?
Student loan benefits arguably support many elements of what employees want from their jobs. While it may not make their work more flexible, it does reflect the culture of their company and ultimately contributes to the employees’ financial security.
By offering a student loan benefit, you’re sending the message that you understand student loan repayment is important but not a top priority. The whole point of IonTuition is to provide the easiest way possible to manage student debt. Companies offering student loan benefits seek out college graduates. By offering to help with their student loan debt, you demonstrate respect for their education.