It’s probably not as costly as you think.
As employers across North America prepare for the upcoming new year, it will be more important than ever to offer benefits that will make a difference and drive engagement amongst a largely remote workforce.
“Shiny” benefits, such as kombucha on tap, ping pong tables and employer sponsored travel don’t make much sense anymore in the new world of work. Instead, employers should focus on incorporating meaningful perks into their benefits packages, such as Student Loan Repayment.
Peanut Butter’s Repayment budget calculator can help you decide how to design your program in a way that fits your budget.
To calculate the budget of a Student Loan Repayment program for your company, click here and scroll down to the section titled “Repayment Budget Calculator.” Then, enter the number of people you employ in the left hand column and the number of employees that will be eligible for your Student Loan Repayment benefit in the right hand column. For reference, employers typically make all full-time employees eligible for Repayment and invite all other employees to use Resources.
Once you have input your numbers, the calculator will generate a variety of pricing plans for you to compare. The calculator will show you how much it will cost to offer varying monthly contributions towards your employees’ student loans. To learn about the three most popular Student Loan Assistance plan designs, click here.
Student Loan Repayment can help employers in every industry boost engagement and productivity, helping alleviate the pressures of student debt on employees. When employers offer Student Loan Repayment, they may see 36% longer employee tenure, 13% faster hiring timelines and increased productivity and attendance among their workforce.