5 Ideas for Structuring an Employer Student Loan Repayment Assistance Program to Achieve Recruitment Goals
The magic – yes, magic – of the employer student loan repayment assistance program is that it is malleable. It can be structured in any way you want it to be. This can be a bit overwhelming for employers at first, but once they realize that the sky is the limit when it comes to structuring the program, they can truly take control of their benefits program to get the most out of it. A well-defined employer student loan repayment assistance program addresses three broad areas of human capital management: recruitment, retention, and engagement. First, we turn our attention to recruitment. Here are some cool ways to structure your program to achieve recruitment goals. This list is by no means exhaustive. Rather, this is intended as a starting point for you to develop structuring ideas that will work best for your business needs.
The program can be implemented as a sign-on bonus for job candidates. This allows employers to wield the program as a sort of recruitment incentive to help seal the deal with job candidates. This is particularly useful in a job market where competition is fierce and candidates have their choice of employer. This can be the thing that tips the scales in your favor and makes that ideal candidate want to work for you and not your competitor.
Specific Competitor Eligibility
Good recruiters have a pretty solid idea where their candidates come from. Often times, there are specific competitor companies within the same market whose employee turnover provides the company with a pipeline of candidates. In much the same way that recruiters target employees from specific competitors to come work for their company, the program can be opened up to employees from specific competitors to help lure top talent away from them. It may seem like an aggressive move, but I can assure you that competitors wouldn’t hesitate to steal away your best employees if they could, and often times, they try to do just that by using digital geo fencing recruitment advertising campaigns and other tactics. It’s dog-eat-dog out there. This type of structure can help you stay on top of the game.
It is not unusual for companies to offer relocation assistance to help persuade top talent in surrounding markets to consider moving for a job. If you are in a competitive industry, it may be easier to source candidates from other markets, especially markets where they pay less than you do. You can adapt that same principle to the employer student loan repayment assistance program. Simply open up eligibility to candidates from other markets to help persuade them to move. This is particularly useful for hard-to-fill openings. Also, jobs that require a specific degree or training certificate.
Everyone knows that referrals make the best hires. Referrals are cheaper to hire; the hiring process is shorter for them; they make better employees and they tend to stick around longer. Everyone loves referrals. So why not incentivize them further by opening eligibility to referrals and possibly even those who referred them? It’s a great way to boost the number of some of the most valuable type of candidate on the market.
School/Program Specific Eligibility
It is common practice for recruiters to turn to colleges and vocational programs that produce graduates within the industry. It is likely that these recruiters know exactly which local schools (or perhaps non-local in certain cases) produce these graduates. Employers can use this data to attract new graduates. Targeting specific schools with this program allows employers to supplement their recruitment efforts among highly skilled new graduates eager to join the workforce. Make them come to you.
Those are five ways to structure an employer student loan repayment assistance program to help you with your recruitment efforts. In our next article, we will look at ways to structure your program to decrease employee turnover.
I’m a 32-year-old writer based out of San Antonio, Texas, with my own mountain of student loan debt to conquer. When I’m not working, I’m either out for a run on the trails or chilling at home with my rescue dog, Vincent (for Van Gogh, my favorite painter). I like to eat (a lot), read (I’m a real horror junkie, with Stephen King topping my list of favorite writers), watch movies (Titanic – yes, Titanic – is the be-all and end-all for me), drink wine (red only, please), travel (Italy has my heart and always will), collect crystals, meditate, and read tarot cards. Perpetually single, but a softie deep down, I try to stay true to my hippie heart and find the good in every person and situation. I remain curious and open to learning new things (except for math which, I am convinced, will always be my downfall). If I can answer any questions about my work here on student loan debt and repayment assistance programs, feel free to shoot me an email. I don’t bite (usually). [email protected]
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