Student Loan Repayment Employee Benefits: Congress to the Rescue
In this week’s Best Money Moves roundup, we take a look at news stories and new research studies that may impact employee benefits and HR issues. We hope you find this news roundup helpful, and we’d love your feedback.
Student loan repayment assistance is the hottest employee benefit of 2017. Employers already know their employees are struggling with student loan repayment and many offer repayment assistance as an employee benefit.
Now Congress is leaning in to help. A soon-to-be-introduced Senate bill would amend the IRS code to add a tax break for employers’ contributions to student loan payments, like the existing tax exemption for employer contributions to their employees’ education costs. A similar bill was introduced in the House of Representatives last month and has strong support from 46 co-sponsors from 16 states.
Here’s how this new tax benefit would help employers and their financially-stressed employees.
Which employee benefits do your workers want? Perks are an integral part of any employee retention plan, but how do you know if you’re investing your benefits budget in the right places? According to a Gallup survey, these are the 11 benefits workers want most.
Retaining Millennial employees is trickier than attracting them to your company in the first place. If you want to hold onto them, you have to understand why they head for the door. Understanding the Millennial mindset.
Are your employees struggling to manage their finances? A few quick reminders from employers can help. Try these three simple budget saves.
Most workers hope their next job change will be to a better position with higher pay, but that’s not always the case. University of Michigan researchers found that older workers who make a late-life job change find themselves in a lower-status version of the work they were already doing. But that’s not always a bad thing.
What workplace stressor hurts your employees most? A recent survey by Paychex found that more than half of employees stress about working overtime and the impact on their families. Long or erratic hours, lack of control and lack of resources also made the list.
Company values and vision are important to creating a workplace that retains employees. That’s why making sure your candidate shares your company’s values and vision before you hire them reduces the chances they’ll leave.
New hires are also more likely to leave when they find the job doesn’t fit their expectations. New employee onboarding programs help new employees understand their position and company and reduces their desire to leave. How to provide a more accurate picture of the position.
Employees are less likely to leave if they feel their efforts are recognized and appreciated. That makes employee recognition programs essential to keep turnover – and the costs associated with it – to a minimum. These are the three pillars to effective employee recognition.
Your employees may not plan to retire when you think they will. A new survey from CareerBuilder found that half of workers aged 60 or older either don’t plan to retire until at least age 70 or don’t think they’ll retire at all. Here’s why they’re staying in the workforce.
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It’s hard to stay on top of everything in the news. That’s why each week our Best Money Moves newsroom will bring you the most important news in financial wellness, employee benefits and financial stress. We hope you like the information and, if you do, please spread the word. For midweek developments, follow us on Twitter and on Facebook.
