The best tools, websites, and salaries attract amazing candidates during recruiting processes. However, candidates have an eye on benefits packages more than ever before. In part one of this series, we discussed health benefits employees are enjoying through their employers. Now let’s examine education perks that some enterprises are providing.
Student Loan Debt Repayment
Student loan debt plagues an increasing number of people every year. Some companies now offer benefits that help pay back these loans. Businesses that implement these plans find them to be excellent recruiting tools, and team members love having one less expense to manage.
It’s important to read the details of these payment plans, as some cap the amount of debt relief they provide. Additionally, remember that once the debt has been paid off or the cap has been reached, this additional money stops coming in. This perk isn’t the same as making a higher salary—it’s money set aside only for student loan debt payments.
Unfortunately, these payments are subject to taxes at this time. Though Congress is working to change this policy, employees must take into account what portion of this perk will be taken away in taxes.
Continuing Education Expenses
Some employers make their support of education staunchly clear by paying into continuing education. A handful of employers are paying the entirety of four-year education programs for their teams. This is more than just a perk—it’s a major benefit for anyone who would like to expand his or her horizons and increase the likelihood of moving up the ranks to a higher-level position.
In some instances, tuition is only paid fully if the student maintains a certain grade point average, while in others, only a certain dollar value will be paid out. Always check the details of each perk package before signing up for classes.
With the body benefits and mental perks outlined in the first two sections of this series, we’ll look at what some companies are doing to support employees’ travel lust next.