Hiring is hard. While this has always been the case, it is ringing true now more than ever. As the unemployment rate nears its lowest point in 50 years, the number of people leaving their jobs continues to go up. Workers feel confident that if they leave their current company, they’ll be able to find better pay and/or a better position elsewhere. This has not only made it increasingly difficult for employers to retain high-performing employees, but it’s also create additional competition in getting top talent to accept offers.
To come out on top in the current talent market, many companies are reaching deeper into their pocket books and increasing salaries. Believe it or not, though, millennials care about more than just salary when deciding to take a job. Considering this group makes up the largest portion of the U.S. workforce, it’s not exactly a surprise that the ability to win a “bidding war” hasn’t seemed to solve the problem employers are facing. In order to stand out and ensure the talent they want and need will not only come on-board, but also stick around, companies need to do more.
Now, imagine a scenario where “more” is synonymous with painless, intuitive and quick. That’s the reality companies are able to create with Peanut Butter and Student Loan Assistance. “How,” you ask? The Millennial Benefits Preferences Study found that 85 percent of candidates would be more likely to accept a job offer when Student Loan Assistance was offered. This means that by offering this benefit, companies can increase the number of applicants, shorten hiring timelines and decrease hiring costs.
To put it in perspective, it takes, on average, 45 days to fill open positions in the Financial Services industry. If a company were to begin offering Student Loan Assistance, they can reduce it to 40. That’s an entire week sooner you can expect to have someone in the door and underway making an impact for your business. Maybe that doesn’t seem like a lot on its own, but with 20 open positions your company just saved more than an entire quarter of lost productivity. Don’t delay seeing results, click below to get your program underway.