80% of millennials entering the workforce currently have some type of student debt, and with the average student loan amount coming in at around $40,000, debt is a massive stressor for employees today.
On this week’s episode of Gut+Science, we’re talking about employee benefits with Joe Weldon, Area Vice President of Benefit Consulting Services, at Gallagher.
Joe has spent a few decades in the benefits realm, making his rounds across the country speaking to human resources leaders and executives about key differentiators when it comes to employee benefits.
One of those key differentiators is student loan assistance.
Alleviating stress surrounding debt is a hot topic, and Joe says it makes a huge impact on the lives of employees, especially with the attraction and retention challenges companies are facing right now.
We need to evolve and change the way we do things, especially in the benefits space. Listen in as Joe explains options to turn this stressor into an employee engagement strategy that can help both employers and employees ‘win.’
Truth You Can Act On:
- Educate Your People on All the Options. Bring in live and virtual educational sessions to help your employees make the best decisions on alleviating their financial load.
- Check Out Refinancing Options. Talk with trusted experts to give you options to share with your employees.
- Commit to Contributions. Think about the contributions you can make as an employer. Send your employees messages on how much you care about them – as a whole person – and explain why you’re bringing these contributions to the table.
- Government Options for Loan. Look into these options, or reach out to Joe, as he is a true expert when it comes to government loan assistance.
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