As sponsors of employer healthcare plans we have agreed to pay the healthcare costs of employees. This leaves us managing an expense that is both volatile and on a hyperinflation. This hyperinflation, healthcare trend, has increased at a rate faster than normal inflation for many years and is driven by the rate that healthcare is […]
Millennials and Gen Z’s new to the working world now face tuition expenses that increase at rates much faster than normal inflation has in the past 15 years. The average student loan debt is over $39,400 with undergraduate loan payment durations extending into the early 40s.
Healthcare has been on a hyperinflation for many years and is often the most volatile expense that companies manage. As labor markets tighten, employers are taking a fresh look at the tools they use to foster an engaged workforce.
Because millennials account for as much as 35% of the working population, employers are seeking ways to recruit and retain this growing part of their employee base. However, these younger workers, many of whom came of age during a recessionary economy, also have been saddled with record breaking student loans.