Many companies are seeking to attract top talent by offering to pay student loan costs of those who agree to step up and sign on to work for them. It is an interesting strategy that plays right into the hands of the millennial worker base that so many companies are after these days.
It is pretty clear that millennial workers are valuable to companies both for their talents with things like technology, but also because they have the flexibility of being able to work long hours. Many are not yet with families, and that is important because it gives them the option to work longer than those who do have families. Overtime is becoming the norm and expectation from many employers.
CNBC says that many companies are now turning to student loan repayment as the preferred benefit of the millennial generation. They want to have those student loans tackled because they can definitely feel like a weight that they will never get off of their shoulders if a company does not step up and help them with this hurdle. It is both understandable and a little sad to realize just how bad the student loan debt crisis has gotten.
The average student now leaves college with a student loan debt of around $30,000, but a lot of students have a lot more debt than that. They are strapped with this burden from the minute they leave school until far into the future. There are some people who are still paying on their own student loans when they go to send their children off to college. It is a disturbing but very real trend that we need to do something about. This cannot become the norm that we live by going forward.
The fact that companies are offering student loan repayment as a benefit is both encouraging and interesting. A lot of recent grads are going to view this as their ticket to get out of the student loan debt that they know might otherwise cripple them. It is a plan of action to take on those debts before they simply get out of control. You have to admit that this is at least a wise strategy from the point of view of the employers who need to bring in those millennial workers. They have found their way to make that happen and it appears to be working out for them.