As part of a new work benefit, Google will help employees pay off their student loans beginning in 2021 and will match up to 2,500 per employee per year.
The new work benefit was introduced as a response to the global student loan debt issue, which is currently $1.5 trillion dollars, twice what it was a decade ago. According to Google, this disproportionately affects women ad communities of color, and Google believes that a "lack of financial resources should not prevent someone from accessing the opportunities that come with education."
As the student loans continue plaguing society, specifically disadvantaged communities, we can expect other big brands to follow Google's lead and to support their employees with similar benefits.
Student Loan-Paying Work Perks
Google Will Help Employees Pay Off Their Student Loans
Trend Themes
1. Student Loan Repayment Benefits - Providing employee assistance in repaying student loans can be a disruptive innovation opportunity for companies wishing to attract and retain top talent.
2. Addressing Student Loan Debt - The growing issue of student loan debt presents an opportunity for industries to develop innovative solutions to alleviate the financial burden on individuals and promote financial wellness.
3. Equitable Employee Benefits - Companies can disrupt the status quo by offering inclusive benefits that address the disproportionate impact of student loan debt on marginalized communities.
Industry Implications
1. Technology - Tech companies can lead the way by offering student loan repayment benefits to attract and retain skilled professionals in a competitive job market.
2. Financial Services - Financial institutions can create innovative tools and services to help individuals better manage and repay their student loan debt, promoting financial well-being and reducing the burden.
3. Human Resources - HR departments can play a pivotal role in advocating for and implementing student loan repayment benefits as part of comprehensive employee wellness programs, helping to alleviate financial stress and improve employee satisfaction.