The Secret to Attracting and Retaining Today’s Top Talent

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.