This week Kevin and I were joined on the TalentCulture #TChat show by Dan Macklin, co-founder and vice president of SoFi, as we discussed how employers can help bridge the great debt divide.
Debt-ridden Millennials represent a big proportion of today’s workforce. In fact, they will soon be the majority. The vast sums of debt hanging around the proverbial necks of the young is like nothing graduates have experienced before. The sad fact is that the economic collapse in 2008 leaves a burden which will be carried by a generation. It will impact Millennials’ paths to secure and happy lives. Employers, however, can help.
The obstacles facing the modern workforce requires innovative solutions. To attract top talent and foster long-term employee engagement, organizations should look at offering access to student loan refinancing programs, more expansive employee benefits, and other assistance which helps employees gain greater economic independence.
Millennials, of course, are not the only financial losers in the today’s workforce. Many Gen Xers and Baby Boomers also feel these financial pains and bear the brunt of lingering student debt.
The need for employers to offer employees assistance with these issues is greater than ever, especially if they hope to recruit and retain key talent, reduce costly turnover and make up the ground they’re losing due to the impact of their student debt and the healthcare reform on their medical benefits.
Financial education needs to be addressed not just helping with debt or they will get there again later in life. #TChat
— Lori A. King ????????#EarthDay Everyday???????? (@LoriAndingKing) August 5, 2015
You start your career, in debt..#TChat…Shouldn't that require a change in the national approach? You need talented people free of this burn.
— Antonio Santos (@AkwyZ) August 5, 2015
My guess is post secondary education system will implode in near future – overhead costs, buildings, etc – move to online learning #tchat
— Tim Baker, CHRL (@TimBakerHR) August 5, 2015
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