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.
We are currently experiencing a very tight labor market. Many corporations are reporting that enormous growth is possible but they simply can’t hire enough people to deliver the additional business. Ironically, one of the top trends for 2018 is the extension and compensation for employee leaves of absence. So, coupled with the challenge of recruitment […]