A Stronger Economy Means Greater Demand for Skilled Workers
While the economy enjoys low unemployment rates, companies are finding it difficult to find and recruit talented workers. Many companies are offering higher wages and better compensation packages to require and retain talent. However, talented workers now have options when looking for a job and many are choosing to work for companies offering benefits that better meet their needs.
Millennials, a generation that has accumulated a vast student loan debt from rising tuition costs, now account for the majority of the small business workforce. Millennials, as well as the next generation, are less interested in healthcare and retirement benefits, and more interested in student loan and financial wellness perks. The traditional benefits such as premium health insurance and 401(k) plans are helpful for older workers concerned about their health costs or planning their retirement. But for the younger workers carrying in-demand skills such in technology and marketing, a better method of recruitment is required to attract and retain talented workers.
Better Benefits Attract Better Candidates
Low unemployment rates have created a demand for talented workers. Companies are doing what they can to recruit better talent, including offering higher wages. They’re finding that even with better compensation, applicants are choosing to go with companies that offer benefits that better fit their needs.
Offering a benefit that’s designed to help college-educated talent recover from their higher education investment is the best option for companies competing over talent. College graduates are seeking entry-level positions with over $30,000 in student debt. Companies can better recruit those job-seekers by offering a student loan repayment benefit in the form of a matching contribution program or loan management tool. Workers with financial wellness products such as student loan repayment benefits are more likely to stay with a company and are even more productive. To find out more, request a demo of the IonTuition platform.