Student loans have been in the news a lot lately. And it’s no wonder considering that many of today’s college students graduate with some pretty hefty debt. While this is a grim reality for new grads, as a top Phoenix recruiting firm, PrideStaff knows it’s also an opportunity for employers to attract talent through a tuition forgiveness program.
Many organizations within the healthcare and education industries already offer these types of benefits. Likewise, this trend is also gaining ground in the IT industry, where demand for qualified tech talent is outstripping supply.
So if your organization is looking to hire the “best of the best” graduating this year, should you implement a tuition forgiveness program?
There are certainly a variety of benefits. For instance:
- Tuition forgiveness is exactly the type of perk that will make you stand out in the crowd when high potential job candidates are evaluating offers.
- It also promotes a sense of loyalty to the company because employees tend to want to stay with employers that have a track record of investing in their people.
- Even better, this benefit isn’t a long-term one because it ends once the loan is repaid. So with it, you’re not adding more costs to your payroll each year, but you’re still attracting top talent.
With that said, if you do implement this kind of benefit, you need to make sure you don’t get burned by an employee who jumps ship the second the loan is repaid. To avoid this, many companies that offer this type of benefit require employees to meet certain conditions. One example is obligating the employee to continue working at the company for at least 18 months after the loan is paid off.
At the end of the day, the war for top talent is fierce. And if your company’s success depends on attracting the best, then unique and enticing benefits – like a tuition forgiveness program – are certainly well worth considering.
Need Help Recruiting Top Talent?
If you’d like some help with the process, turn to the top Phoenix recruiting firm [link to https://www.staffingagencyphoenix.com/]; turn to PrideStaff. We’ll work with you to develop a customized recruiting plan that blends your unique needs with our expertise, resulting in a terrific match.
Ready to learn more? Contact PrideStaff today.