Recruit Top Talent with Innovative Employee Benefits · PDF file§Gain insight into the...
Transcript of Recruit Top Talent with Innovative Employee Benefits · PDF file§Gain insight into the...
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Recruit Top Talent with Innovative Employee Benefits
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Will the webinar be recorded?
Yes!(We will send you a link to the recording after the webinar).
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Will the slides be available?
Yes!(We will send you a link to the PDF after the webinar).
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How do you ask questions?
Type your question into the “Questions” panel
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Today’s Speakers
Jen BaileyDirector of Business
Development
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Tuition.io is helping the nation's best companies free their employees from
student loan debt.
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Agenda
§ Learn how adding non-traditional benefits can help improve recruitment and retention
§ Gain insight into the most innovative and relevant benefit that is dramatically improving the financial wellness of employees
§ Hear about successful organizations who have adopted these programs
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How does adding non-traditional benefits help improve recruitment and retention?
Part I
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Let’s Talk Turnover
60%Of employees are open to a new job opportunity at this time 3 90%
Of employees don’t expect to stay at a job longer than 3 years 3
AND at least 1 in 5 Candidates will turn down your job offer 4
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It Is What They Want That Matters
A Glassdoor survey found that 79% of employees would prefer new or additional benefits over a pay increase. 5BENEFITS
PAY
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Between work and life, employees want harmony—not just balance. With this new blended experience, they
expect their employers to keep up with current trends and proactively provide solutions for their changing needs.
Specifically, employees are seeking a sense of financial and emotional wellbeing. 6
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What is considered a non-traditional benefit?
• Tuition Reimbursement • Legal Assistance• ID Theft• Pet Insurance• Telemedicine• Student Loan Repayment Assistance
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The Market Adoption?
Tuition Reimbursement Legal AssistanceID TheftPet InsuranceTelemedicineStudent Loan Repayment Assistance
88%74%71%70%68%9%
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90%Of Workers say they’d stay at a company 5 YEARS if offered Student Loan Assistance 7
SO - Why Student Loan Repayment?
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Part II
Insight into the most innovative and relevant benefit that is dramatically improving the financial wellness of
employees
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Years to repay the average Loan for a Bachelor Degree
Student Loan Debt 101
44MAmericans with
Student Loan Debt
1.4 TTotal Student Debt
in the US
20 $37KAverage Student Debt for a 2017
Graduate
70%Students graduating with Student Loans
There is now more Student Loan Debt in than US than Credit Card Debt and Auto Loans 3
1.4T
1.2T
1.02T
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Employers make additional payments to employee loan principal to reduce interest accrual and payoff time
$11K 3 YRSSavings calculated for a $30K Loan at 6% Interest, continuous payments.
A $100 Per Month Contribution Can Save:
Student Loan Repayment Assistance
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Student Loan Contributions
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Student Loan Wellness
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Refinancing
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Determine the Objective
Retention EngagementRecruitment
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Determine Program Funding
Lump Sum
Fixed Contribution
Graduated
Event Based
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Align Plan to Purpose
Retention EngagementRecruitment
Lump Sum
Fixed Contribution
Graduated
Event Based
Fixed Contribution Fixed Contribution
Lump Sum Graduated
Event Based
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Executive Benchmark Best Practices
Contribution Value
Contribution Frequency
Wait Period
Lifetime Maximum
Clawback?
$100-$150
Monthly
6 Month Maximum
3-5 Years
NO
1
2
3
4
5
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Identify the Eligible Employees
All Employees + All Loan Types
All Employees, Excludes ParentPLUS Loans
Specific Geography or Job Group
New Hires Only
Case By Case
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Estimate Adoption
20-25% of Employees offered Contributions take the benefit
That is 100% participation from Employees with Student Loan Debt
25%
100%
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Taxation & Legislation
YES this benefit is taxed
YES there is pending legislation HR795
NO you should not wait until legislation passes!
Rep. Rodney Davis + Tuition.io CEO Scott Thompson Pictured
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Part III
Success Stories
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Companies Leading the Way
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Tuition.io REAL Results
Note: Available data ranges from 6-20 months based on time since launch and includes only employees eligible for the TIO benefit.
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Program Objective: Retention
Funding Plan: Fixed Contributions
Eligibility: Targeted Employee Group
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Program Objective: Recruitment + Retention
Funding Plan: Fixed, Tiered
Eligibility: Targeted
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Program Objective: Engagement
Funding Plan: Fixed
Eligibility: All Inclusive excludes ParentPLUS Loans
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Program Objective: Recruitment
Funding Plan: Fixed
Eligibility: All Inclusive, Two Phase Launch
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Q&AContact us:
877-735-0468
For more info, visit:https://plansource.com/partners/tuitionio/
Activity ID – 1 credit HR (General) - 344373
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Sources• 1 https://www.forbes.com/sites/groupthink/2016/12/14/5-benefits-or-unique-perks-to-attract-and-retain-your-business-top-employees
• 2 https://www.businessgrouphealth.org/benchmarking/survey-reports/quick-surveys/
• 3 http://news.gallup.com/businessjournal/191459/millennials-job-hopping-generation.aspx
• 4 https://hiring.monster.com/hr/hr-best-practices/recruiting-hiring-advice/managing-hiring-costs/how-to-recruit.aspx
• 5 https://www.forbes.com/sites/groupthink/2016/12/14/5-benefits-or-unique-perks-to-attract-and-retain-your-business-top-employees/#39c523965c26
• 6 https://benefittrends.metlife.com/us-perspectives/work-redefined-a-new-age-of-benefits/
• 7 https://www.usnews.com/education/blogs/student-loan-ranger/articles/2017-03-29/young-workers-turn-to-employers-for-student-loan-debt-solutions?src=usn_tw
• 8 Tuition.io Participation Data
• 9 http://hrprofessionalsmagazine.com/the-power-of-culture-change-our-city-of-memphis-hr-strategy/