By Emeka Oguh, Founder and CEO, PeopleJoy
More than 44 million Americans carry $1.5 trillion of
outstanding student loan debt, which is the second largest debt in the United
States behind mortgages. Companies that want to attract and retain talent are
offering alternative benefits like student loan repayment assistance to address
this problem.
The opportunity
Employees want student loan repayment plans (SLRPs), yet
less than 5% of companies offer them. An American Student Assistance (ASA)
survey found that 86% of employees would stay with a company for at least five
years if the employer helped them to pay back their student loans.
Funding costs, however, prevent many companies from
offering this assistance to their employees.
For example, a company offering a student loan contribution of $100 per
month, would need to pay $1.2M for every 1,000 participants.
Navigating the student loan space is also complex and
confusing. For borrowers, government programs offer better repayment terms and
loan forgiveness but come with confusing requirements. Misunderstanding of
eligibility requirements and filing improper paperwork is one of the reasons
why 99% of Public Service Loan
Forgiveness applicants were rejected.
The industry needs a better solution.
PeopleJoy offers guidance that is powered by artificial intelligence,
improving the accuracy of financial wellness benefits and lowering overall
costs. Employees answer simple questions online. PeopleJoy’s solution handles
the rest: the math to find out what they qualify for, the administrative work
for enrollment and ongoing monitoring to maintain eligibility.
Solutions for the modern workforce
Insurance carriers and wellness providers offering
PeopleJoy as a solution for their clients, could see an increase in
cross-selling opportunities for voluntary insurance, HSA, 529 and 401(k) Plans.
They will be offering a tailored, digital solution that is 100% online. Helping
companies get set up has never been easier. In addition, insurance carriers and
wellness providers will also gain new clients and see an increase in retention
with their existing clients.
Employers would have a new vehicle for attracting new
talent that also improves employee retention. PeopleJoy benefits fill in the
gaps in employee benefits packages and come at no cost to the employer. Easy
setup and integration with other HR software, like ADP and Oracle, means that
PeopeJoy can be streamlined into their current human resources systems.
Employees also see progress in reducing their student
loan debt. With PeopleJoy’s platform, they can see immediate student debt
savings and gain valuable tax benefit strategies. The dashboard is easy to
navigate and gives them insight into their current financial wellness.
Employees can also talk to a student loan coach on demand to maximize their
benefits. Enrollment comes with a 100% money-back guarantee as well.
PeopleJoy provides a technology solution for the modern
workforce. We can customize the plans according to business size and needs.
When employers work with insurance carriers and wellness providers that offer
PeopleJoy benefits, the setup and integration process is made seamless.
Employers can look forward to higher retention rates among their employees.
Contact
us to learn more about how your company can attract and retain today’s top
talent.
Emeka Oguh is the founder and
CEO of PeopleJoy, a financial wellness
company. PeopleJoy helps employers attract, retain and engage talent using
student loan education, assistance and refinancing as an employee benefit. Find
us at peoplejoy.com.