We get asked all the time what are our top tips for recruitment and retention and our answer might surprise you.
We often recommend looking into the feasibility of a student loan benefit or forgiveness program. Did you know that 54% of younger talent (think Millennials and Gen Z) would prefer a student loan benefit program over a 401(k)?
But … only 8% of businesses offer some kind of assistance.
Kristen and I have done a lot of research into generations in the last few years. We know a lot of organizations are facing a tough battle to retain key talent, especially from the rising Generation Z. From our research into Gen Z, we’ve found that several factors impact how they see the world and their own financial stability.
When we researched Gen Z’s perspectives on financial stability, we found that growing up during the height of the 2008 recession changed how they view jobs, careers, and other markers of adulthood.
We know that younger employees are delaying making big life decisions, like buying a home, starting a family, or saving for retirement because of student loan debt. We also recently learned that many members of Gen Z view spending differently because of their outlook on their future and their likelihood of retirement because of factors like the economy and climate change.
It’s for these reasons that we think student loan forgiveness policies might be a real competitive edge. This is also why it is one of our top tips for recruitment and retention.
It may not be doable for all orgs, especially smaller businesses, but if you’re looking for a competitive advantage to find and keep good talent, we suggest you take a look at what it would take.
Retaining talent often means understanding the reality of the world we live in. Student loan debt is a major issue for over 1/2 the workforce, so how are you handling it?
Learn more about our research with our White Paper on Financial Stability: https://bit.ly/CRIfinancewhitepaper
