Survey Finds Student Loan Reimbursement a Hot New Benefit for Job Seekers
Feelings on traditional company employment perks have shifted due to crushing student debt; Offers employers a recruiting edge
King of Prussia, PA – February 1, 2016 – Nexxt, a recruitment media company, today announced results from a national survey of more than 5,000 job seekers, which revealed job seekers are looking for more unique employee benefits packages that can keep pace with modern financial concerns. While healthcare and 401(k) programs remain the most important benefits to job seekers, according to the Nexxt survey the prospect of “student loan reimbursement” has emerged as a highly-desired offering. The survey found that an overwhelming majority (89%) of job seekers with debt believe companies should offer student loan repayment as part of the benefits package, and 10% ranked student loan repayment HIGHER than paid vacation as the “most important” benefit.
According to the credit bureau Experian, the nationwide student loan debt reached an all-time record of $1.2 trillion in 2014. This data was supported by the Nexxt survey, which revealed that 29% of job seeker respondents with debt currently owe more than $35,000 in student loans, with 20% stating that student loans regularly impact their ability to pay living expenses. In a healthy economy with more job opportunities to choose from, those saddled with student debt are seeking out employers offering repayment to help offset costly monthly payments. More than 67% of those respondents with student loan debt said they would “absolutely” be more willing to accept a job offer if student loan repayment was included in the benefits package.
"401(k) matching doesn't mean much if you are spending all of your money paying off student loan debt," said Joe Weinlick, Chief Marketing Officer at Nexxt. "The hiring landscape is not as bleak as it was, and in a highly-competitive market companies, offering innovative benefits such as student loan reimbursement may have a leg up on the competition. In addition, student loan reimbursement could help retain Millennials, who have been famously less loyal and more likely to switch jobs than previous generations."
This concept of retention resonated with survey respondents, with 81% of those with debt claiming that they would be more willing to stay with the company if leaving meant losing student loan repayment. But the survey also found that the method of doling out that repayment must be handled carefully. Among those interested in student loan repayment who have debt:
National student debt is now in the trillions of dollars, and in an election year has become a key political talking point for presidential candidates like Senator Bernie Sanders and Former Secretary of State Hillary Clinton. As the economy continues to improve, the landscape has shifted to become a buyer’s market, with job seekers more selective and often times deciding among several companies. Based on this recent Nexxt survey, it’s clear that companies that offer student loan repayment could stand out in a competitive environment.
For more information on the survey or Nexxt, please visit: www.nexxt.com. To offer your own opinion, join the conversation on Facebook.
Nexxt, a recruitment media company, is a dynamic employment solution catering to the next generation of hiring. For companies and agencies, Nexxt is a full-service recruitment marketing platform, providing a targeted method of sourcing the best people from a broader talent pool. For professionals, Nexxt is an employment solution, powering more than 50 niche career sites to make finding the perfect job easier. Nexxt combines predictive technology with multichannel marketing to a diversified talent network of more than 100 million candidates on focused career sites, allowing recruiters and hiring managers to build custom campaigns and efficiently fulfill their hiring needs. To learn more and see what’s Nexxt, please visit www.nexxt.com.