ROHNERT PARK, Calif., July 17, 2017 /PRNewswire/ -- Hiring quality talent can be difficult for a company, especially when they have limited salary offerings. But a good compensation package is made up of more than just wages. Offering certain benefits can be a major deciding factor for candidates. When increasing salary isn't an option, Alltech Financial, a company that helps businesses offer student loan assistance benefits to employees and their families, suggests companies cater their benefits package to their target audience. In their unique approach, Alltech Financial helps enroll each employee in a federal student loan repayment program with the long-term goal of loan forgiveness, while minimizing money the company spends on these valuable benefits.
It may seem impossible to attract candidates when you can't offer competitive pay, but there are ways to do it successfully. You can target younger workers, if appropriate for the position you're hiring for. What recent grads lack in experience, they make up for in enthusiasm to get into the workforce. Less experience commonly means a smaller salary, but recent grads may ask for higher pay to cover student loan payments. Alltech Financial helps companies offset that pay bump by offering student loan benefits catered to young workers so companies can successfully recruit quality talent. In fact, according to an Aflac survey, 60 percent of participants say they're likely to take a job with better benefits but lower pay.
When hiring younger workers, you can't lean on their experience; instead, look at their potential. By hiring for potential instead of experience, you're freer to evaluate someone by their personality. Traits like ambition, self-improvement, motivation, and curiosity can indicate that the person will be engaged and personally invested in the work. Pair that with a benefits package they will be excited about and you have a winning combination.
"People really pay attention to benefits packages these days so make yours count," said Chuck Gangnath, Vice President of Operations at Alltech Financial. "Take a quick look at incoming talent and you'll notice that most of them have student loan debt. Why not offer a benefit that addresses that?"
The benefits candidates look for are directly related to their personal situations. For example, older people are more likely to look for a robust retirement plan as they near that age. Millennials, on the other hand, who make up the majority of today's workforce, would rather see student loan assistance benefits to help them tackle their student loan payments.
But how do you offer student loan assistance affordably? There are several different kinds of student loan benefits, but there are often drawbacks. Most commonly, student loan benefits consist of monthly contributions to an individual's student loans, often paid directly to the servicer. If a company wants to cover all of an employee's monthly payment, at a national average of $351, that's $4,212 for the year for a single employee. But those contributions are taxed, so the number would have to be even higher.
A company could contribute less, but it still adds up. "Alltech Financial has the solution," said Gangnath. "We work with a company's employees to help them enroll in a federal repayment plan to affect their monthly payment due and put them on track for loan forgiveness. This approach affects individuals in the long run and frees companies from worrying about their contributions being taxed. Everyone wins."
About Alltech Financial
Alltech Financial offers employers and corporate partners a solution to help employees and their families reduce their monthly student loan obligations and prepare them for total loan forgiveness.
To learn more about Alltech Financial, please contact:
5789 State Farm Drive Ste. 255
Rohnert Park, CA 94928
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SOURCE Alltech Financial