Gen Z is entering the workforce and many companies need to hire them. Would you consider student loan repayment assistance in addition to competitive compensation to help lure Gen Z to your organization? If not, what are you doing to hire and retain them?
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Head Talent Development in Software4 months ago
A soft loan policy for Gen Z is attractive. Beyond that, tie ups with institutes that provides higher education, reimbursing the cost with a retention clause is also a good retention measure for Gen Z.VP of HR in Finance (non-banking)3 months ago
We understand the importance of addressing student debt concerns, not only for Gen Z but across various generations. To attract and retain top talent, we offer a unique benefit where employees can allocate 40 hours of their PTO each year towards paying off their student loans. This has been well-received and appreciated by our staff with student debt.Additionally, we provide competitive compensation and benefits, including tuition reimbursement, recognizing the value of ongoing education and professional development. Understanding the specific needs of Gen Z, we also offer benefits such as pet insurance, recognizing its importance to this demographic.
Moreover, we prioritize employee wellness through offerings like free onsite gym memberships, contingent upon usage, and discounted healthy meal options in our onsite café.
We have found that development is a top priority for Gen Z. As such, we foster a culture of continuous development and feedback, catering to Gen Z's desire for growth opportunities. This includes regular 1:1 meetings with managers, quarterly performance reviews emphasizing development goals, and access to mentorship programs. Furthermore, we provide various avenues for career advancement through internal mobility programs such as our aspiring leader program, leadership development initiatives, apprenticeships, and gig opportunities.
Inclusion and corporate social responsibility are vital to Gen Z, and we recognize their significance. Our organization is committed to fostering an inclusive environment and promoting corporate social responsibility through various initiatives.
Employees have the opportunity to engage in Employee Network Groups, which provide a platform for connection, support, and advocacy within our workplace community. Additionally, we offer a range of inclusive programming throughout the year, including workshops, events, and training sessions aimed at promoting diversity, equity, and inclusion.
Furthermore, we actively encourage and support employee participation in volunteering and giving back to our communities. Through our volunteer programs, employees can dedicate their time and skills to meaningful causes, and we match employee donations to charitable organizations, amplifying their impact.
Overall, our best-in-class programming in inclusion and corporate social responsibility reflects our commitment to creating a workplace culture that values diversity, promotes social responsibility, and resonates with the values of Gen Z and all our employees.
Director of Operations3 months ago
I’m proud to say my former team created a model that attracted a very high talent base. Our initial base pay was one of the lowest in our industry and lobbied HR and executives to raise this bar to competitive level, but we didn’t stop there. We offered education reimbursement which was competitive but not student load repayment. We built a new graduate program that propelled the career and networking experience for the candidates. This included a very competitive hiring process, rotations through all critical department areas and geographic locations; executive face time; project management; real job experience requirements for every rotation (as opposed to filing those papers that have been waiting for a junior employee). The focus of our program was individual development not providing departments an FTE for 6 months. This coupled with a great HR campus recruiting team had us grow to one of the most desired for new grads in less than 3 years. By the way, our comp still lags but we are no longer the “Oakland A’s” of the industry!VP of Finance in Finance (non-banking)2 months ago
Honestly, student loan repayment assistance is a little bit gimmicky as it's just another way to pay people more money. But if it helps our perception with potential talent, I'd support it.
As part of the overall compensation package, I would explore a student loan allowance. Of course, it would have to come with safeguards, and would need to be considered as part of the overall budget for the role. We have to remember that each role within a company has a total compensation package budget. The budget for that role is finite and how it is allocated has to stay within the budget that role can support. If there is a $500.00 per month student loan allowance, that means $6,000 a year to the compensation package.
Also, to be clear, I would not consider taking on the direct payment of a student loan or implying in any way that the company takes on the responsibility of the debt.