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Differentiate Your Company to Recruit the Best Employees

There’s fierce competition in the global marketplace to attract and retain high-potential employees. In a competitive hiring environment, your company needs to project a strong and appealing corporate identity to land the best team members.

 

Those recruiting employees are scrambling for differentiators and value propositions to make their company stand out. Companies that attract and keep employees who share in their vision have distinct advantages: lower turnover costs, a more committed workforce—and an increased ability to exceed sales and production goals. Many recent college graduates begin their careers, expecting to jump from job to job frequently. Changing that mindset is a significant challenge for businesses. The following suggestions can help your company attract the best new hires—and retain them for years to come.

 

Polish Your Company Brand

Today’s job seekers are looking for more than just a good compensation package. They want to be part of a team that emphasizes shared values and a unified purpose. A company and its workforce should have a recognizable brand with clearly communicated values. By clarifying your core values and creating a cohesive mission statement, you define your business philosophy and give new recruits a glimpse into your workplace culture.

 

Make a deeper impression on potential new team members by going a step further: Let high-potential employees experience your company culture firsthand. Consider including activities like these in your recruitment process:

 

  • Tour of facilities & on-site amenities
  • Lunch with staff at the corporate lunchroom
  • Face-to-face meetings with company or division heads
  • Informal conversations with valued team members
  • Off-site mastermind gatherings with new and existing employees

 

You will reduce turnover costs when you identify new staff members who share your company values and have the potential to fit seamlessly into your corporate culture. Understanding your company’s management style and the characteristics of your most successful employees can prevent potential hiring mistakes. One of the most common reasons cited for an employee leaving a job is a “poor relationship with management.” Your company will succeed at employee retention when you understand and communicate your management style and company culture at the outset— before you have spent the resources to recruit and train the wrong candidate.

 

Create a Meaningful Compensation Package

A competitive salary is essential to new team members, but other types of compensation may seal the deal. Companies seeking to differentiate themselves from competitors offer compensation packages that are meaningful to their employees. In addition to healthcare benefits, paid time off and 401K fund matches, employees are looking for perks and benefits that enhance their lifestyle.

 

A recent Robert Half survey cited these desirable additions to a company’s compensation package:

 

  • Paid parental leave
  • Opportunities for professional development
  • Profit-sharing plans
  • Student loan reimbursement
  • Dental & vision insurance
  • On-site amenities like childcare, gym & concierge services
  • Compressed workweek
  • Telecommuting
  • Flexible work schedule
  • Paid time off for volunteering

 

Many perks are an expression of your company’s culture, adding purpose and engagement for your high-potential employees. Consider sponsoring a community food drive or park clean-up. Host social events, investment seminars or concerts. You could also incorporate monthly rewards for employees who exceed expectations, such as a $50 meal certificate. This would drive your employees to perform to their highest every month and maintain workplace morale. Today’s recent grads respond to a work environment that meshes with their personal values and interests.

 

 

Sell High Potential Employees on Your Company

Once you have identified a talented candidate for hire, make the sale. New recruits who understand how they fit into your company’s culture and structure are more likely to invest themselves and stay. Boost talent retention by defining a path forward within the company. New hires want to know they will have opportunities for professional development, continuing education and the possibility of internal promotion. Show them where they could be short term, such as a year or two in the future. Seeing the growth within arm’s reach will give them the drive to perform the best they can. They are also highly focused on achieving work-life balance. If your business model permits it, offer greater work flexibility with schedules that allow work-from-anywhere options and unstructured time on the job.

 

Add Student Loan Repayment Benefits

Corporate help with student loan repayment is a big plus for high potential employees and a key business differentiator. ELFI for Business has the expertise to help your HR department put together an attractive hiring package with sought-after benefits like these:

 

  • Financial education
  • Employer contribution match
  • On-site consultations
  • Budget-friendly refinancing options

 

Connect with ELFI for Business right from your HR portal—or call 844.601.ELFI to discuss the positive impact these benefits have on hiring and engaging valuable team members.

 

Why Are Employees Leaving Your Company?

 

NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the web sites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

 

Measuring the Costs of Employee Turnover

Best-selling business management author Jim Collins was asked during a 2001 interview if he had identified a good business response to the economic slowdown that had gripped the nation. His widely quoted answer is as relevant today as it was at the time:

 

“If I were running a company today, I would have one priority above all others: to acquire as many of the best people as I could [because] the single biggest constraint on the success of my organization is the ability to get and to hang on to enough of the right people.”

 

Nearly 20 years later and in a highly improved economic climate, Collins’ words still encapsulate the biggest challenge facing HR departments of corporate giants and small start-ups alike: finding and retaining quality team members. In an era of competitive recruitment and job-hopping staff, your company risks losing monetary and human capital each time a valued employee chooses to leave. Employee turnover impacts your bottom line and your company’s culture. To set wise employee retention policies, you first need to assess the costs of staff turnover accurately and measure the full impact of employee loss.

 

Direct Costs of Replacing Employees

A talented employee exiting your company costs you money. Estimates of how much employee turnover costs can vary by industry and employee salary. A study by Employee Benefit News estimates the direct cost to hire and train a replacement employee equal or exceed 33% of a worker’s annual salary ($15,000 for a worker earning a median salary of $45,000). Cost estimates are based on calculatable expenses like these:

  • HR exit interview & paperwork
  • Benefit payouts owed to the employee
  • Job advertising, new candidate screening & interviewing
  • Employee onboarding costs
  • On-the-job training & supervision

You can track the expenses of your company’s employee turnover using this online calculator, or create a spreadsheet to determine how actual costs add up to affect your bottom line.

 

Full Impact of Employee Loss

Josh Bersin, a human resource researcher, writing for LinkedIn, refers to employees as a business’s “appreciating assets.” Good employees grow in value as they learn systems, understand products and integrate into their teams. When one of these valuable employees leaves, the business loses more than just the cost of hiring and training a replacement. Bersin cites these additional factors contributing to the total cost of losing a productive employee:

  • Lost investment: A company typically spends 10 to 20% of an employee’s salary for training over two to three years.
  • Lost productivity: A new employee takes one to two years to reach the level of an exiting employee. Supervision by other team members also distracts those supervisors from their work—and lowers the team’s collective productivity.
  • Lost engagement: Other team members take note of employee turnover, ask “why?” and may disengage.
  • Less responsive, less effective customer service: New employees are less adept at solving customer problems satisfactorily.

 

According to Bersin, studies show the total cost of an employee’s loss may range from tens of thousands of dollars to 1.5 to 2 times that employee’s annual salary.

 

Strategies to Slow Employee Turnover Rates

An effective exit interview helps you and your HR team pinpoint the drivers of your company’s employee turnover. You may find that hiring practices need to be refined or employee engagement should be enhanced. Changes to the break room space, such as fresh fruit or games, will allow your employees to relax and come back to work with fresh eyes and a better attitude. This will keep up the workplace morale, shaping your company culture to include perks appealing to younger workers and will lead to increased job satisfaction. Today’s employees are career-oriented and highly motivated. Keep them on your team with other opportunities such as:

 

  • Pathway for advancement within the company
  • Professional development & advanced education
  • Flex-time & work-from-anywhere options
  • Management support & recognition
  • Lifestyle rewards or amenities like catering & concierge services
  • Culture of shared values & volunteerism

 

Add Student Loan Benefits Through ELFI

Student loan repayment tops the financial-worries checklist of many recent graduates. Older team members question their ability to pay for educating their children. New, highly desirable HR benefits like student loan contributions and financial literacy education are emerging from these employee concerns—and ELFI for Business is leading the way for employers to incorporate them into hiring packages. You can connect with ELFI directly from your HR portal and access multiple ways to contribute to employees’ student loan debt. We offer new-hire onboarding booklets, educational newsletters and onsite consultations filled with information for you and your employees. Reach out to us at 1.844.601.ELFI to add cutting-edge benefits to your HR employee package!

 

Learn More About ELFI for Business

 

NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the web sites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

How Do You Become an Employer of Choice?

Is your company—the company everyone in your industry wants to work for or an “Employer of Choice?” Employers of choice consistently retain their highest performing employees and attract the best and the brightest over their competitors.  Employers of choice have little trouble recruiting talent since college graduates line up eagerly to interview for coveted jobs.

 

In today’s competitive labor market, the majority of companies do not qualify as employers of choice. Their workforces are in constant flux, and the cost of employee turnover is hurting the bottom line. Fortunately, that cycle can be halted and reversed. Any business can become an employer of choice by following these five strategies to transform company culture into one that (1) delivers value to employees, and (2) encourages their engagement.

 

Make Your Workplace a Positive Environment

If your business has been getting by with lackluster performance and frequent turnover, you’ll need a critical eye to evaluate the current culture. Try to hire for longevity and look for the best possible fit for each unique position. Employers of choice search for employees who can make a positive impact on not only their work but their team, too.

 

With capable and involved staff, from new-hires to top management, you can build a workplace recognized for its atmosphere of trust, personal growth, and positive performance. There’s no room for micromanagement in this kind of workplace environment. Entrust your employees with a mission, direction, and goals—then step aside. Allow them to make decisions and respect their choices. In a positive environment, differences of opinion become opportunities for learning and growth.

 

Provide Relevant Compensation & Benefits

Competitive compensation has always been a hook to catch the attention of potential employees. Even if your business cannot support top-tier pay and benefits, you can shape your compensation package to deliver the value your employees want. Offer the best salary you can afford and supplement it with bonuses and perks that reward company performance. Recognize that today’s employees place a high value on their time—and offer flexible scheduling and remote work options. Consider turning the standard break room into a comfortable lounge where workers can relax, play games or socialize. Go beyond the traditional benefits by adding college loan contributions, paid time off for family emergencies and parental leave to your benefits package.

 

Encourage Professional Growth

Engaged employees have a keen interest in professional growth and career development. Employers of choice encourage this interest by supporting their team with relevant training and additional growth opportunities, including:

 

  • Professional development seminars
  • On-the-job continuing education
  • Exposure to new tasks through job rotation
  • Tuition reimbursement for certifications & advanced degrees
  • Pathways for advancement

 

Establish Transparency

People like to know where they stand in a relationship, job, or career.
Professionals who feel uncertain about their place in the organization, workplace expectations, or their own performance may seek other opportunities with another company. Transparent communication and clearly defined expectations give your team the perspective they need to stop worrying and start investing in the job. Employers of choice also develop channels for mentoring, giving helpful feedback and praise, and rewarding performance and risk-taking. They provide opportunities for teams to voice their ideas and concerns. Feeling safe and appreciated, employees buy-in to the company culture and become engaged.

 

Create a Collaborative Culture

If your company is to become an employer of choice, you must develop a respectful and collaborative community. Engaged employees appreciate corporate responsibility, and they have expectations of your business that go beyond products, services, and profits. Workers want to feel their companies are good local and global citizens. Employers who embrace charitable outreach are rewarded with employees who are more confident, purposeful, and willing to work as a team. You can boost staff morale and develop a meaningful and relevant work community by sponsoring activities that include:

 

  • Food & clothing drives
  • National fundraisers
  • Community clean-up initiatives
  • Health & wellness fairs
  • Recycling events
  • Health awareness campaigns

 

Become an Employer of Choice With ELFI for Business

Today, a college degree is more accessible than ever—and more expensive. An employer contribution to student loan repayment is one of the best ways to attract loyal employees. ELFI has created a cutting-edge benefits program that is easy to access through your HR portal and includes multiple incentives for attracting and keeping top talent. Take the first step to becoming an employer of choice.

 

See Why Employees Leave

 

 

NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

Why Do Employees Leave?

Today’s tight labor market and frequent employee turnover are challenging U.S. employers to view company cultures with a critical eye. A report by the Work Institute found that some 42 million (one in four) employees would leave their jobs in 2018. What is the cost of replacing so many experienced people in an organization? According to the report, last year’s “employee churn” costs hovered at $600 billion—a figure that could increase to $680 billion by 2020. Of further concern to companies is the growing realization that young team members are most inclined to move on after a relatively short period of employment. In a recent survey, 59% of respondents felt they should begin looking for a new position after only one to two years on a job. Older employees continuing to work past retirement age or re-entering the workforce are adding stability to many companies, but the turnover trend has serious implications for the long haul. Why are employees leaving and what can employers do to stem the tide? Data gathered by HR organizations and research firms reveal some interesting trends about motivating and retaining current and future employees.

 

Top 4 Reasons Employees Leave a Company

The current employee shortage has upended traditional hiring models. Companies are racing to reshape their corporate cultures and embrace the values of a more limited workforce. Although improved pay and benefits packages continue to be important, these four workplace problems are the leading reasons why employees pick up—and move on.

 

  • Not enough work-life balance. Team members value their time and don’t want employers to waste it. Their enthusiasm and performance will wane if they are weighed down with busy work and meaningless meetings. Younger employees appreciate flexible schedules, the ability to work from home, and a workload that is challenging without spilling over into personal time.
  • Poor management. Supervisors who are unable to engage their employees or unwilling to help them grow by providing positive feedback are commonly cited as reasons to leave. Today’s professionals respond to personal interaction and appreciate public shout-outs and ancillary rewards like gift cards, tickets, and free meal vouchers.
  • Lack of recognition & career advancement. Employees who excel like to be recognized for their extra effort. They also need to see a clear pathway for furthering their careers. Today’s staff members expect companies to help them grow professionally while providing access to career development and mentorship programs.
  • No company engagement. When a company does not have (or cannot properly communicate) its goals and values, employees lack a shared sense of purpose. Businesses fostering a sense of community are better able to inspire, engage, and retain employees.

 

Create a Satisfying Workplace to Keep Valuable Team Members

In many ways, today’s workforce is looking for the same type of job satisfaction as high performers of past generations. Respect, appreciation for a job well-done, opportunities for advancement, challenging work, and monetary rewards still lead to employee satisfaction and engagement. According to Gallup research, 34% of employees are engaged at work, but 53% are not engaged and likely to leave a job for another offer. To involve these employees and access their potential, employers are putting greater emphasis on corporate culture assets like these:

 

  • Relevant workplaces with a clear mission & shared values
  • New-hires who contribute to the corporate community
  • Greater creative freedom & autonomy for staff when possible
  • Updated technology to support performance
  • Employee input as valuable business partners

 

Learn More About The Act Regarding Student Loans and Employers

 

Student Loan Benefits Appeal to Workers of All Ages

Many young employees begin their careers with a heavy burden of student loan debt. They worry about the monthly toll payments will take on their starting salary. Will they have enough money to travel, buy a home, or start a family? Worries about student debt repayment are not limited to the youngest workers. Some data suggest that these concerns cut across age groups and include professionals over age 55. Older workers may have taken on student loan debt to fund advanced degrees or send a child to college. Widespread student loan debt suggests that companies offering repayment contributions and other related benefits have a distinct advantage in attracting and engaging their workforce.

 

 

Improve Retention With Cutting Edge HR Benefits From ELFI

As an ELFI business partner, you can add value to your benefits package with monthly contributions to student loan debt. You’ll also plug into resources like newsletters, webinars and onsite consultations. Connect with ELFI from your HR portal and discover how significant student loan benefits are to your team members—and how cost-effective they are for your company.

 

Tops Ways to Engage Millennials at Work

 

NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the web sites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

What Employees Want HR To Know

HR often has a tough job, keeping employees happy and working in the best interest of the company all while complying with legal requirements and internal policies. It’s a hard line to walk! But when it comes to making your company attractive to potential employees and keeping your all-star staff, communication is key! And there are a few things people want HR to know but often don’t know how to voice.

 

Fire the jerks.

An article in Inc. magazine® made waves a few years ago by urging managers to “fire the jerks.” Some managers defended their less popular employees by saying that it would make sense at times to keep an unpleasant staff member because of their high performance or other redeeming qualities. Very few people want to work with a jerk, and they might be leaving your company because of this. If HR doesn’t have a pulse on employee relations, the bad behavior might be flying below the radar and causing attrition of excellent employees. Having a discipline policy in place and caring about the wellbeing of the workforce over the livelihood of one jerk will help promote a respectable workplace culture that people don’t fantasize about leaving just to avoid one bully.

 

We know our worth.

People have lots of tools to find salaries comparable to their own. A quick internet search brings up resources like Salary.com and Glassdoor.com where people can see what others are making in their field, in their city, and even self-reported salaries of other people at their same company. Plus, many employees see the value in having open discussions with each other about pay to make sure that they’re making a fair amount for their hard work. With these things in mind, HR needs to know people want an open and honest conversation about compensation. Initial negotiations, promotions, and reviews need to be transparent, and HR should be prepared to see some resources printed from employees at these meetings.

 

Somethings are more important than pay.

You can’t just throw money at problems. There might be alternatives that cost the company less but give people more incentive to work hard and be engaged. Check out some of the suggestions below, including student loan assistance, flexible schedules, telecommuting, wellness benefits, and time off.

Student loan debt assistance and resources are valuable to us.

Student loan debt and personal finance matters can be a big stressor for all types of employees. Whether it’s catching up on retirement funds, paying off student loans, or general help with things like budgeting, saving, and investing, we want trustworthy financial wellness resources. No benefits program is going to fit everyone, but surveying employees or offering different ways to take advantage of these kinds of benefits can mean a big boost for interest in the company and retention of valued employees.

 

Learn More About ELFI for Business

 

We care more about balance and family/personal time than older generations.

Employees today don’t value the kind of work habits that create workaholics. Instead of burning the candle at both ends, people are taking advantage of paid time off and set working hours so that they’re not constantly on the clock. Unlike employees of former eras who found self-sacrifice to be something that gave them purpose, HR needs to know that breaks from work and finding balance is a key requirement for an energetic and productive workforce. Far from having a poor work ethic, the focus on mental health is important. A healthy balance between work and personal life can really motivate people to focus and be efficient while working. People today take caretaker roles for aging parents, realize the importance of spending time with children, and even prioritize caring for pets. HR needs to be aware of how policies can help attract, retain, and promote excellence among employees.

 

The ability to work remotely matters.

Not every employee can do their job remotely, but in the digital era, an increasing number of employees can work from almost anywhere. Bad traffic, long commutes, and flexible schedules to accommodate everyday adulting, working remote can ease stress and yield great results. Plus, the jury is no longer out on how well this works. According to Inc.®, employees who had the ability to telecommute took shorter breaks, used fewer sick days, and took less time off. A good telecommuting policy could benefit the workforce and improve business outcomes.

 

Mental health is important to us.

No career is worth sacrificing mental health and wellness. People who find themselves working for a company that negatively affects their mental health report they feel worse than someone who has no job at all. There are many negative effects of a job that could damage our physical health and increased instances of mental illness. Many millennial parents tired themselves out in jobs that brought them little fulfillment. Therefore the millennial generation highly values mental wellness at work and at home. We crave fulfillment and balance that is created by a human-centered workplace. Mental health should be something our employers care about and support with good workplace policies and resources covered in our benefits program.

 

Every company is different, but people are people no matter where you go. They want to be empowered to do their job well. They also want opportunities to learn new things and still have a personal life. If you’re feeling the disconnect at your workplace, open those lines of communication. You’ll see a difference in how people work and how they feel about the organization.

 

 How Can You Prevent Employee Turnover

 

NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

Silly Tax Stories and Strange Tax Deductions You Should Know

Tax time is here and hopefully, you’ve already filed. We also hope you don’t run into any of these wacky tax situations! Make sure you get expert help filing if you don’t know what you’re doing. No one wants to mess with the IRS, and you want to maximize the amount you can get back or keep for your financial goals.

 

Clean eating isn’t deductible, no matter how healthy.

You can’t deduct money you spend on a healthy diet as a medical expense. John Kane, CPA, reported at Credit.com that a client tried to deduct the cost of the family’s foods. Sure, the groceries were non-processed and healthy, but that doesn’t make them count as a medical expense. Sorry!

 

Negative numbers don’t count.

Some people have tried to use negative numbers on their tax return, maybe innocently thinking that’s what you’re supposed to do. But according to the IRS, you’re supposed to use “0” in any instance where you have a negative amount.

 

What is a “Good” Credit Score Anyway?

 

Go old school with pen and paper.

Many millennials live abroad or would like to in the near future. Did you know that you may not be able to file electronically if you are a US citizen and live outside of the country? Expats may find that they have to fill out the long forms because electronic forms require a US address.

 

Buying a business? Hire a tax expert.

It’s super important to have the right experts and legal help on your side when you’re starting a business endeavor. One reason is successor liability. There are certain business debts or payments that you might not be responsible for, but back taxes don’t go away so easily. People can get burned by IRS liens if they don’t check to see what kind of taxes the business owes.

 

What kind of employee are you? It matters—a lot!

Some businesses wrongly categorize their employees as independent contractors. In the case of a youth soccer association, they got in trouble with the IRS for requiring the referees to file as independent contractors. Businesses that aren’t following labor laws when it comes to tax filing could face big fines.

 

Don’t try to hide from the IRS.

Just as a general tip, don’t try to dodge or outsmart the IRS. That’s a really bad idea. The IRS can go into your bank accounts with a levy if you owe taxes for long enough, so there’s no point in trying to hide. Working with them ASAP when you realize that you owe taxes is your best bet. You can probably set up payments, but only if you are on the ball.

Wondering about some of the wackier tax deductions? There are plenty!

 

  • Moving for work? Your expenses could be tax deductible, including moving Fido. Don’t forget to keep track of expenses for moving your pets. When it comes time to list dependents, stick to human dependents only. People have tried to deduct pets, but that’s a no-go!
  • If you’ve got a guard dog for your business, on the other hand, Cujo’s upkeep would be a tax-deductible business expense. If you are trying to deduct the miniature guard dog that protects your house, you’re out of luck.
  • Pools can increase your homeowner’s insurance and cost a pretty penny to maintain. Did you know that having a medical condition that’s helped by swimming or water therapy could mean your pool expenses are tax deductible?
  • You may not be able to deduct your grocery costs because you like clean eating. You may be in luck if you’re working with a doctor to do things like lower your cholesterol and BMI. If you’re making adjustments as part of a health plan, there might be ways to deduct some of those costs. Check with your tax pro!
  • Just FYI, you’re supposed to pay taxes on income even if it was attained as part of a crime or doing something illegal. Not that we’re making any accusations!
  • Trying to kick the habit? Supplies you use to quit smoking can be tax deductible, too. Just another reason to quit!

 

 

6 Ways to Use Your Federal Tax Return

 

NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

 

The Best Ways To Engage Millennials At Work

Just ask!

As of 2019, millennials are roughly between the ages of 23 and 37. Many millennial employees are nearing their late 30s and likely have good work experience and instincts. Even younger millennials are pretty business-savvy as they’re used to reading about their field and Googling questions to make sure they’re informed. With these traits in their favor, millennials can be a good second set of eyes to give you another point of view on a decision or project brief. Get their opinions or help with decision-making to broaden your perspective and to help raise buy-in.

 

Give regular feedback.

In the era of ghosting and impersonal communication, many professional millennials yearn for up-to-date information on where they stand. Whether this a one-on-one, review or just feedback in general, they want to know their status at work. The approval of supervisors can mean a lot to this demographic. Millennials tend to work hard to meet and even exceed their professional goals. Your job in this process is to let them know when they are on track, ahead, or behind. No hand-holding needed: just don’t let them be in the dark about progress and they will be happy for the engagement.

 

Stick to a predictable review process.

Along with being available for regular feedback and check-ins, millennial employees count on a predictable review process for a few reasons. Millennials want the opportunity to shine, and that’s not possible if they don’t have face time with leadership, especially supervisors who may not be involved in their regular projects. If their job doesn’t require even semi-frequent check-ins, regular feedback likely won’t be enough to let them know how they’re performing. Plus, following a set schedule and using a standardized system for assessment takes away any chance of ambiguity or uncertainty.

 

Connect with their values.

Millennials want to feel like they’re doing something to improve their community. This drive to “save the world” even in small ways is because they grew up learning to take care of the environment and people around us. Companies can drive engagement by giving millennials a way to get involved with company initiatives that fit their values. That could be coordinating off-site events and team-building for a purpose. Get millennials engaged in internal campaigns like adopting a comprehensive recycling strategy, or finding vendors who are local or minority-owned. Sustainable initiatives can be a big hit among this crowd while also saving money. Think about how you can connect things like lowering shipping costs with lighter packaging or using recycled materials.

 

Give them a challenging goal.

Most millennials want to feel valued and adept at their jobs. It’s important to be proud of what you do and feel like you’re making an important contribution. The best way to attain that fulfillment is to reach your goals. The nice thing about setting challenging goals to engage your millennial employees is that you also get to see them make amazing progress. You also get to watch them develop skills that are important to their role on your team. Instead of telling someone to wing it or figure it out. Management can engage employees by working together to set up the challenge. The employee will be tasked with the dirty work of getting down to business and making it happen.

 

Make them the lead on a project or initiative.

You might find that you get better engagement out of younger employees by putting them in charge of something. Many millennials want the chance to show what they’re made of. What better way to do that than to take responsibility for something? You’ll never know what your people are made of if they don’t occasionally get to prove their abilities. That doesn’t mean you have to take a big risk, but let them know what their responsibility is. Why could their performance mean a lot for their reputation or respect? You will likely be surprised.

 

Offer career and personal development opportunities.

With millennials poised to make up 75% of the workforce by 2020, helping prepare them to take over is critical to your company’s success. Good news, millennials want to do the kind of professional development that will make them ready! As employees start to think about a retirement plan, you don’t want to let all of that experience and prowess walk out the door. Consider offering development for millennial employees. This can help keep them engaged and strengthen the company’s transition from one generation of leaders to another. Don’t forget about personal development opportunities, too. Plenty of organizations can partner with you to offer workshops on life management or volunteer opportunities. People will find workshops and volunteer opportunities personally valuable. These opportunities will help them be better employees even if they’re not working directly on building a career skill.

 

Keep open communication.

Finally, the biggest thing you can do to keep millennials engaged is, communicate. This generation might be guilty of relying on emojis at times, but they hate guessing and value honesty. Find ways to facilitate conversations both big picture planning and everyday updates and time for open feedback.

 

5 Benefits Millennials Look For

 

NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

 

Reduce Student Loans for College with These Jobs for Students

It’s not practical to go to college and not have a job. With a number of non-traditional students commuting or even raising a family during school years, being employed is a must. Plus, even having a part-time job not related to your desired field can still prove that you have the skills it takes to manage your time, work as part of a team, and be reliable. Never underestimate the importance of these types of skills on your resume!

 

With most students taking out student loans or aid, finding a college job can mean that you can reduce your student loans for college and pay some tuition or expenses with your current income. That said, there are some jobs for college students that are better than others. Here’s our take on what are the top jobs for college students and why.

 

Nanny

Nannying is a serious skill that not everyone has. If you’re great with kids and can find a gig to match your availability, being a nanny means you’ll get paid well to spend your time helping a family raise cool kids into stellar adults. No longer the $3/hour that you got paid to watch neighborhood kids back in the day, the average nanny rate is $12–$13/hour. You could even get paid more if you have additional skills like foreign languages or child development knowledge. Nanny jobs can be a really great asset to students studying to be teachers. Nannying could be a great introduction to what you’ll be studying in school.

 

Office Admin

Working in an office is usually not very glamorous, but there’s a reason why so many college students look for basic administrative work. Office environments can be nuanced and require you to learn certain types of etiquette on top of professional dress and demeanor. By working part-time in an office around your school schedule, you’ll learn things like phone skills, how to operate standard office equipment, basic computer skills (that you might already have, but it’s still nice to reinforce), and you’ll make connections with other professionals who can give you a reference later. Depending on the type of office you’re working in you may have the ability to gain some additional career skills. If your regular tasks are completed it’s likely you’ll get to learn some additional skills that could come in extra useful in the long-run.

 

Hospitality or Community Outreach

Anything in outreach or hospitality that exposes you to lots of people in your community is a great opportunity for a college student. Being the happy face of an organization means that you will build great people skills like patience and customer service. In addition, it’ll give you a chance to get to know other people or places you encounter. Did we mention networking? Do you best to network with as many people as possible. You never know when the relationships you’ve made will come in useful across your career and study journey.

 

 

Health Unit Clerk

Helping out in a medical facility or institution is a top job for college students because you can usually land a good rate of pay during hours that fall outside when your classes are. Whether it’s nights, weekends, or after-hours, being an orderly requires you to use empathy and care for people who need help caring for themselves. It’s not for everyone, but if you’re passionate about helping people and want the simplicity of wearing scrubs every day while making about $12/hour, this might be your best bet. Of course, being a health unit clerk is a great first step for anyone looking to further their career in social work or a medical field.

 

Bank Teller

Some people actually joke that you should not become a bank teller in college because working at a bank can become so comfortable that you won’t want to leave! With opportunities for advancement, solid pay (about $12/hour), regular hours, and plenty of holidays off, being a bank teller is a pretty good job for a college student. You need to be detailed and good at math along with having the people skills of someone in reception or customer service.

 

Tutor

Tutoring is probably one of the best ways to earn money while in school if you have enough experience in one area of study and can help lower level students navigate their coursework. Tutoring is highly flexible and not limited to business hours, plus you can usually do it at school or at a library or home, and it has a higher hourly rate than many other jobs. Tutors can easily make $20–$40/hour depending on the area of study, helping you make extra cash in less time and strengthening your own study skills while you’re at it.

 

If you’re looking for ways to reduce your student loans for college, consider one of these top jobs for students so you can pay some of your expenses with your income!

 

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Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

Employer Participation in Student Loan Assistance Act H.R. 795

Nothing could be better than working for a top company that helps you pay off your student loans, right? Well, a bill was introduced by legislators on 2/1/2017 that is trying to make this a reality. This bill was introduced as the Employer Participation in Student Loan Assistance Act. In addition to the introduction of this Act, the Internal Revenue Service (IRS) also released a private letter ruling. What could these events mean for companies and employees who carry student loan debt?

 

Employer Participation in Student Loan Assistance Act

First, this bill would amend the tax code by giving tax breaks to employers that provide educational assistance to employees. Educational assistance can be in the form of contributions to student loans through either a payment to the employee or lender.

Specifically, this act would allow employers to offer a tax-free student loan benefit in addition to a salary to its employees.

 

IRS Private Letter Ruling

 

Recently, there was a private letter ruling released by the Internal Revenue Service (IRS). If you want to review the contents of the private letter ruling, it can be found here. The ruling allows employers to use 401(k) plans to help employees pay down their student loan debt. It is done by taking the employer 401(k) match to pay down student loans.

 

Any employee who is eligible for a 401(k) plan would be eligible for this plan. The ruling states that the plan is a voluntary program that employees must elect to enroll. Employees who choose to participate in this plan would be eligible for non-elective contributions made by the employer to their student loan debt. These contributions would be equal to what would have been contributed to a 401(k) plan had the employee opted out of the program.

 

What Does Student Loan Debt Assistance Mean for Employers?

When managing a business, it is imperative that you stay on top of recent news. Part of staying on top of things includes understanding what challenges your employees face. Both these aspects of operating a business and understanding the needs of your employees, however, can fall hand in hand. When it comes to student loan debt assistance, it can be a huge positive for any business. Not only does student loan debt assistance help employees achieve their financial goals, but it also brings many benefits to a firm.

 

Offering a student loan debt assistance program does not typically cost a company extra. The employer contributions to student loans are what a company would have typically made as a 401(k) contribution. Therefore the costs of providing 401(k) contributions and student loan debt assistance are equal. Another positive that comes from offering a program like this is that it helps with finding top talent, recruiting, and retaining all-stars. With older generations of employees retiring in record numbers and the workforce shifting to younger millennials, it’s important to take some time to examine the benefits of providing student loan debt assistance.

 

As many millennials have student loans and report that paying them down is a priority over saving for retirement, companies should begin thinking about reevaluating their benefits package to attract millennials. Finding ways to help this generation pay off student loans could be a big boost to a company’s recruiting strategy. Offering student loan payment assistance could put a company on the cutting edge as far as millennial professionals are concerned.

 

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According to a benefits report by OneDigital, nearly 80 percent of employees surveyed by American Student Assistance felt that an employer-sponsored student loan repayment benefit would be a deciding factor in accepting a job. This could be a huge differentiator for an employer aiming to recruit the best employees.

 

The American Student Assistance survey also showed that 86 percent of employees would feel compelled to stay with an employer for at least five years in exchange for student loan repayment assistance. Considering how much companies spend on turnover (recruiting, training, and onboarding new employees), this could mean huge potential savings on talent management costs for employers.

 

What Does Student Loan Debt Assistance Mean for Employees?

Some companies already offer student loan assistance, but these funds are usually taxed. This type of assistance isn’t as attractive as pre-tax funds because taxes reduce the impact of payments on student loans. Tax-free repayment funds from an employer could be more effective in helping graduates pay down their student loans faster. Employees would avoid incurring taxes associated with this type of assistance.

 

Many Millennials also face the question of, “Should I save for retirement or pay down debt first?” Student loan debt assistance could be a solution that addresses both concerns. Young employees would have the ability to make substantial payments towards their student loan debt. With these large payments, they will be able to cut down their repayment time. That means young employees would have the ability to start saving for retirement earlier in their career instead of trying to pay down their debt.

 

Looking to the Future of Employment and Student Loan Debt

 

With the recent Employer Participation in Student Loan Assistance Act and IRS Private Letter Ruling, it seems student loan debt has become a problem for employees. Since employees are having difficulties with paying down student loan debt, it is time for employers to take action. Not only will employers benefit from offering student loan debt assistance programs, but it will most likely be at little or no cost to them.

 

If this act becomes a law, experts think that companies will immediately begin to rethink their benefits package and consider student loan debt assistance as a way to attract the best employees. Though it may not be easy for millennials to land a position with one of these companies, they will certainly have another factor to decide in student loan debt assistance when choosing their employer.

 

Interested in starting a conversation regarding your student loans? Give us a call: 1-844-601-ELFI.

 

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NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the web sites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

5 Tips for Spreading Holiday Cheer to Employees

The most wonderful time of year can often be the most confusing for employers looking to bring holiday cheer to the office. It’s usually a busy time for everyone and sometimes it can be a lot of work for not a lot of reward, but no need to bah-humbug. Here are some ideas, including the ever difficult to answer gifts for employees question.

Employee gifts

 

Gifts for employees change with the times because the economy is always changing and people’s preferences for the gifts they want to receive change. Some might think, a gift is a gift, when in fact nothing could be further than the truth. There are parameters. Some gifts may even have the opposite reaction of what you intended. We’ve all had that “gift” from a relative or someone that didn’t seem like a gift at all. It may feel like more like a joke, or worse, a burden that you feel you need to outwardly appreciate, but you really don’t.

 

First off, a gift is a gift. If you’re basing it on performance it’s a performance bonus. If there are no strings attached, it’s a gift. That’s not to say that all gifts must be equal, but they should come from a good place. Forget about giving out company branded SWAG, that always ranks as one of the most hated gifts.

 

What do most employees want? Ask them and they’ll tell you they want cash. They may appreciate the gesture of fruit, gift cards, or motivational books. When it comes down to it when you ask if they would have rather had cash the answer is usually, yes. The great thing about cash is it’s easy. The problem with cash is it’s impersonal. It’s not always fun to give and sometimes easy to forget when it’s from your employer.

 

Education Loan Finance for Business can help out here in a unique way because you can give them something that has the power of cash, with added sentiment and thoughtfulness. You can help pay some of their student loans for the month. By providing a yearly contribution to student loan debt it is the same as giving cash, but it tells employees you understand. It shows that you understand the financial obligations they have and you want them to be in a more financially secure place. They can use the extra money they don’t have to pay loans with, on their holiday gifts, or they can pay down their loans even faster. It’s a win-win.

 

Not every employee will have student loans obviously, but it’s a great option for those that do. For the rest? What employees seem to love most is a choice. That may seem a little impersonal, but really it’s not. Say you offer, cash, a gift card to a nice restaurant or an extra day off next year. Employees who get to choose what they want will be happy because they were involved in the process. Happy employees mean fewer complaints and that can help make the holidays a little happier.

 

Educational Lunch

Around the holidays many people become stressed about finances due to gift-giving and popular shopping days. Something you can do as an employer to ease stress for your employees is to set up a financial education lunch. This type of lunch would be great before the holidays to share some budgeting tips and ideas. Have a local banker, partner, or client come in and share their top tips for the holidays. Cater the lunch and allow employees to ask as many questions as they’d like during the sessions. If you want to make it fun try giving away some surprise gifts for those who attend.

 

Remote Working Days

As the holidays draw near, the workload of employees will continue to get bigger. Consider offering your employees some remote days around the holidays. This will allow employees to work from home saving time on commuting and they can get more of their own personal chores done too. If you cannot permit employees to work from home try offering flexible working hours. Any additional flexibility that can be offered during the holidays will have a large impact on employees.

 

Let your employees share in the giving or not.

 

Whether it’s a secret Santa, white elephant, or a grab-bag, most offices have some sort of gift exchange. This can be an easy way to have fun that doesn’t take a lot of time. Put a strict limit on cost, usually $20 or less and let it be known that you don’t have to participate. No one likes to be forced into a secret Santa or some sort of gift giving organized by their employer.

 

Share the company’s edible gifts and let employees share their treats.        

 

Sometimes vendors, clients, or partners will send gifts to management, often in the form of edible treats. Why not open it up to everyone to share in the goodies? It doesn’t cost anything. Additionally, invite employees to share their holiday treats if they want. You’ll find that a lot of people enjoy sharing their favorite things about the holidays as much as they do getting gifts. You could even host a holiday lunch where employees are invited to bring in their favorite treats.

 

Regardless of how your company chooses to proceed through the holidays, it’s important to keep in mind your employees. It’s best to facilitate an environment where workers like to come to work. Though it may seem counter-intuitive to spend money on educational lunches or remote working days, these can help to ease employee stress. Employees who are stressed less will do better work and be more willing to stay to get work done.

 

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