More companies are helping college graduates they hire to pay off student loans.
In July, PricewaterhouseCoopers announced that it will contribute money toward employees’ student debts. Bloomberg Business reported last week that asset management firm Natixis will contribute $10,000 toward student loans carried by more than 500 workers nationwide ($5,000 after five years of working at the firm and then $1,000 each of the next five years).
Student loan repayment perks are still uncommon, but perhaps not for much longer as companies see recruitment advantages.
“Employers aren’t doing this to be nice,” said Bruce Elliot to Bloomberg Business. Elliot is manager of compensation and benefits at the Society for Human Resource Management. “They’re doing this as an investment – and to differentiate themselves so they can continue to pull from the top of the talent pool.”
For grads working their way out of debt, every little bit helps. Companies that can add student loan repayment plans to solid healthcare and retirement benefits will indeed attract talent, and they’ll earn high returns in the loyalty and retention departments.