Want to Attract Talent? Offer a Student Loan Repayment Benefit
ALEXANDRIA, Va. — More than one-half of working Americans said employer-provided student loan repayment benefits would play a role in how they evaluate job opportunities, according to new research from the Society for Human Resource Management (SHRM).
” As the research shows, education assistance helps employers attract talented employees and build diverse teams to compete globally.” –Emily Dickens, SHRM Chief of Staff.
The survey’s finding from the NORC AmeriSpeak Omnibus Panel comes as SHRM is advocating for H.R. 1043/S. 460, the Employer Participation in Repayment Act. This bipartisan, bicameral bill would expand current employer-provided education assistance to include student loan repayment as a type of tax-free benefit.
“Expanding the scope of employer-provided education assistance to include student loan repayment would be a win for both employees and employers,” said Chief of Staff Emily M. Dickens, who oversees SHRM’s Government Affairs.
“Providing employers with the flexibility to offer support gives employees choices when making decisions on education. And, as the research shows, education assistance helps employers attract talented employees and build diverse teams to compete globally.”
Emily Dickens, SHRM Chief of Staff.
A Federal Reserve study found that student loan debt has increased by 96 percent since 2010, which signals that more people entering the workforce are graduating with significant student debt. As a result, employees are seeking benefits such as employer-provided education assistance and student loan repayment. In this competitive labor market, some employers are already restructuring benefit offerings to attract and retain talent.
SHRM chairs the Coalition to Preserve Employer Provided Education Assistance, which is made up of nearly 100 organizations representing employers, labor and higher education, all of which are committed to strengthening employer-provided education assistance.
The research polled 1,084 Americans using AmeriSpeak Omnibus, a monthly multi-client survey using NORC at the University of Chicago’s probability-based panel designed to be representative of the U.S. household population. The survey was conducted from May 14 to 21, using both online and phone methods.
Jason Van Steenwyk is an experienced financial industry reporter and writer. He is a former staff reporter for Mutual Funds, and has been published in SeekingAlpha, Nasdaq.com, NerdWallet, Value Penguin, RealEstate.com, WealthManagement.com, Senior Market Advisor, Life and Health Pro and many other outlets over the past two decades. He is also an avid fiddle player and guitarist. He lives in Orlando, Florida.