Conceptually, there’s many ideas surrounding the right route for a successful Student Loan Assistance program launch. When considering this new benefit, it’s important for employers to understand what works.
In a recent article from Indeed, three key requirements were outlined to help ensure success when deciding to implement these types of benefits.
- Set clear eligibility criteria (It’s important for employers to determine who’s eligible for the benefit, along with any other program stipulations prior to benefit kick-off. This makes enrollment seamless for employees. Most commonly, employers will offer the benefit to all Full-Time employees from their date of hire.)
- Do some research (There’s plenty to know when it comes to these solutions, finding the right vendor is a big component. It’s important that your vendor is in it for your success, understanding what it takes to reach your talent goals. Complementing your ideas with industry best practices.)
- Dedicate the right amount of resources (For most programs, one dedicated HR administrator is all an employer needs to manage and offer Student Loan Assistance. This person’s role should be clearly defined, and by reserving just 20-30 minutes per month for benefit administration, the program will run seamlessly.
If Student Loan Assistance is the right choice for your company, understanding these recommendations can support a successful benefit launch. Leading to a great opportunity to attract and retain talent, while standing out amongst top competitors.
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