Career (Blog or Resources)

Ace Your Interview: Job Interview Tips

Posted on October 23, 2020October 23, 2020

Life after graduation is full of responsibilities, like taxes, groceries and full-time jobs, but also full of opportunities. To capture these opportunities, you need to be prepared, and the best way to do that is to make sure you give the best job interviews possible. Here are a few job interview tips to help:

Write a Top-Notch Resume

First step: get your resume into shape. Make sure you fill it with your valuable work experience and qualifications. Your goal is to showcase the most successful and productive version of yourself possible.

Volunteer work, certifications, awards, and other accomplishments can all have a place on your resume. Many people like to build from resume templates you can find online, but if you use a resume template, just be sure you’ve thoroughly checked the verbiage to make sure it doesn’t sound scripted.

Your resume should show off your unique talents and skill set, as well as any numbers or figures that back up your work.

Do the Research

One of the most important job interview tips is doing research beforehand. You want to be knowledgeable about both the job and the employer when you are being interviewed. Look at the company website to learn about company history, accomplishments, and other information. Also, take some time to read recent news about the company.

When you know what the company is looking for, you’ll be able to easily answer questions about how you will fit into the work environment.

Know the Common Questions

Many interviewers ask the same, basic questions to better understand their candidates. While some may ask curveball questions, as well, you’ll be a step ahead if you come prepared with answers to common questions.

Examples include “Tell me about yourself” and “What are your greatest strengths and weaknesses?” Even though these sound like very basic questions, it’s important to give a thoughtful answer. Take your time thinking through responses prior to the interview. Indeed has a fantastic list of 125 such questions to ensure you are never at a loss for words.

Don’t stress about knowing all the answers; just practice the ones you think are most important. Then, if they ask you something unexpected, you’ll have a few ideas to pull from.

Practice

Once your research is done, it’s time to practice. Ask a friend, parent, sibling or roommate to run through interview questions with you. Focus on answering smoothly and confidently.

In a similar vein, treat any job interview you go to as practice. If you don’t get the job, you’ve still gained valuable interview experience.

Ask Questions

One job interview tip some people don’t think about is to prepare your own questions.

A job interview isn’t just an opportunity for a prospective employer to learn about you. It’s also a chance for you to learn about them. Ask questions you really want answers to, not just questions you think will impress the interviewer. Honest questions demonstrate interest and can help you decide whether you’d like to work for the company.

Ideally, you should prepare your questions in advance. That way, you’ll be ready when the interviewer asks, “Do you have any questions for me?” If you’re at a loss for words, questions about corporate culture and growth opportunities are always good options.

Dress the Part

When dressing for a job interview, you should think about the first impression you’d like to make on your potential employer. If you aren’t sure about an outfit, err on the side of caution. It’s better to be overdressed than underdressed. When in doubt, it’s hard to go wrong with simple, business-professional clothing.

Of course, this is by no means an all-purpose interview cheat code. Different employers will expect their employees to wear different things. An interview at a bank will require far more formal dress than an interview at quick-service restaurant.

Again, though, err on the side of caution. You likely won’t be passed over for a job because you were too well dressed. To top it all off, research has shown that dressing up can significantly boost your confidence.

Follow Up

After the interview, consider sending a thank-you email to the hiring manager. Express your gratitude for the interview and impress upon them your interest in the position. Be enthusiastic. You’ve got one more chance to make a positive impression.

If you get the job, congratulations. That’s fantastic. If you don’t, don’t stress. You’ve done the best you could do, and you’ve gained valuable interview experience to boot. Sometimes it takes time to find the perfect job. With your interview experience, you’ll be all the more likely to get it. If you’re looking for a job in the medical field, check out this article on common resume mistakes for medical professionals.

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How to Help Your Employees Pay Off Student Loans

Posted on October 13, 2020October 14, 2020

Traditionally, employer benefit programs are focused on two things: investing and healthcare. Keeping your employees healthy and financially secure helps decrease turnover and increase productivity.

But when employees are buried in student debt, investing in retirement feels fruitless. Before they can focus heavily on planning for the future, they need to decrease their current student loan balances.

As an employer, you have the power to make a significant difference in your employees’ debt repayment timeline. Here are a few ways to do just that – and why helping your employees become debt-free is a smart business decision.

How Student Loan Benefits Work

Currently, employers offer a variety of student loan repayment assistance methods. These include:

Educational Support

The least expensive method is offering financial education to employees. This would typically involve hiring an outside expert to offer group meetings or one-on-one coaching. These can be done in-person or online.

These sessions can be helpful, especially if done repeatedly throughout the year. They may be offered on their own or in conjunction with direct monetary support.

Sign-up Bonus

Some employers pay a lump-sum toward an employee’s student loan balance when they join the company. This is a one-time benefit used to attract new employees, but it can also be seen as unfair to existing employees who never received a sign-up bonus.

Matching 401(k) Contributions

Many companies offer matching contributions to an employee’s 401(k) account. In these cases, the individual contributes their own money and the employer matches a certain amount.

One way that companies are combining student loan and 401(k) benefits is by matching student loan payments with a 401(k) contribution.

Here’s how it works. The employee makes a student loan payment, and the money comes directly out of their paycheck. In exchange, the employer contributes that same amount to their 401(k) account. This allows the employee to balance student loan repayment with saving for retirement.

Matching Student Loan Contributions

Employers may also offer a dollar-for-dollar matching payment to the employees’ student loans. If the borrower pays $200 to their student loans, the employer adds an additional $200. This is the most straightforward way to help your employees become debt-free.

Most companies that offer a matching student loan payment option will have an annual and lifetime limit. For example, the office chain Staples pays $100 a month for three years for eligible employees. Insurance company Aetna pays up to $2,000 a year for full-time employees, up to $10,000 total. Part-time employees receive up to $1,000 a year, up to $5,000 total.

Like 401(k) contributions, some companies require employees to work for a certain number of months before they become eligible for student loan repayment benefits.

As part of the CARES Act passed in March 2020, any student loan repayment benefits, up to $5,250, made by an employer between March 27, 2020 and December 31, 2020 will not count as taxable income. Unless this provision is extended, student loan repayment benefits will then be taxed after that date.

How Student Loan Repayment Benefits Employers and Employees

The total US student loan balance grows at a rate of about 7% every year. In 2019, the average graduate had $35,397 in student loans. New hires often bring mountains of student loan debt with them, and student loan repayment benefits can make a huge difference.

Decreasing Student Loan Stress

A recent study found that more than 85% of individuals with student loan debt name it as a major source of stress, and 33% call it out as one of their top three stressors. A 2019 survey from Marketplace-Edison Research found that those with student loans had two-thirds more economic anxiety than those without student loans.

“When I was paying off student loans I was very anxious and stressed,” said Melanie Lockert, host of “The Mental Health and Wealth” show. “I don’t think it affected my productivity per se, but it affected my quality of life and how I felt while doing the work. Of course, those feelings can indirectly affect work as well.”

Employers reap the rewards when workers have less financial stress. According to a study from the International Foundation of Employee Benefit Plans (IFEBP), about 60% of employers said they noticed workers found it hard to focus because of personal financial problems. Another 34% of employers said they noticed absenteeism and tardiness also related to financial stress.

This isn’t a new revelation – it’s basic psychology. Maslow’s Hierarchy of Needs states that humans need to feel physically safe before they can improve their psychological well-being. The same is true with financial stress. If your employee is worried about defaulting on their student loans, they may be too preoccupied to concentrate on work, and too emotionally drained to come up with innovative ideas or brainstorm new solutions.

Increasing Focus and Employee Retention

When employees feel financially secure, they’ll be more productive and attentive while on the clock. Even if it seems like your employees are producing decent results, they could likely accomplish even more if their attention wasn’t split between work and their student debt balance.

Student loan repayment assistance programs could also improve employee retention. 41% of surveyed companies offering student loan assistance have found it improves recruitment and 38% believe it has improved employee retention rates.

The data backs up those responses. Healthcare company Trilogy offers $100 a month in student loan repayment assistance to both full-time and part-time employees. Employees who utilize this program stay at the company 2.5 times longer than those who don’t.

Since it costs several thousand or even tens of thousands of dollars to train a new employee, it may actually be less expensive to pay their student loans. That’s not even considering the intangible benefits that come from having a roster of experienced, loyal employees.

Offer Employer Student Loan Repayment with ELFI for Business

If your company is interested in adding student loan repayment assistance as a workplace benefit, they can join ELFI for Business. ELFI will create a student loan repayment program designed for your employees, managing the actual payments so your accounting department doesn’t get bogged down with the details.

Common Resume Mistakes for Medical Professionals

Posted on October 12, 2020October 9, 2020

If you search for “medical resume template” online, you’ll find thousands of options, all very different. Which choice, though, will give you the best chance of earning your dream job? Keep these common resume mistakes for medical professionals in mind when you’re putting together your application, and you’ll already be a step ahead of many other candidates.

Write Your Resume for the Job You Want

Too many medical professionals make the resume mistake of assuming all jobs are looking for the same thing. This is, in fact, a huge logical fallacy, because although two jobs may be in the same industry, it doesn’t mean they’re looking for the same candidate. One danger of using an online medical resume template is winding up with a resume that’s a little too generic. Pay attention to make sure the format you’re using really highlights your medical skills.

For example, if you’re interested in becoming a physician at a hospital, you’ll want to show you’re comfortable with a variety of medical tasks, especially within a hospital setting. You’ll need to prove leadership experience, discipline, problem-solving skills and strong time-management capabilities. In a hospital environment, it’s important to be familiar with your tasks, but also to be prepared to pivot when the situation calls for it.

On the other hand, if you’re applying to become a podiatrist at a group medical practice, your day will likely be more specialized and structured. You’ll need to show experience in the field of podiatry, as well as the ability to provide exceptional patient care. Any hiring manager or supervisor will want to know you’re detail-oriented and that you can clearly explain to patients how to maintain at-home care and general wellness practices.

Some jobs even use an applicant tracking system to screen applications for specific keywords. Do some research before submitting your resume to a potential employer to make sure your resume is optimized. If the hiring manager is looking for keywords like “patient care” or “medical records,” you won’t want to miss these important bullet points.

Talk About Your Experience, Not Your Goals

Another common resume mistake for medical professionals is focusing on goals and objectives versus real-world experiences. You’ll want to be sure you’re formatting your medical resume to showcase your hard-earned experience.

In some professions, employers may be looking for someone trainable that can learn most of their job skills on-the-go. In the medical field, however, employers need the opposite. Because you’ll be providing healthcare to patients, knowing your field is far more important than having the ability to learn new skills from scratch.

Most jobs do require learning as you go, however, medical professionals are expected to bring some level of experience with them, even to entry-level positions. After all, you’ve put years of time and effort into earning a high-level degree, so you’ve likely graduated with a significant amount of knowledge. Unlike other professionals who learn many of their job skills after graduation, medical professionals graduate with the knowledge necessary to hit the ground running. Employers need candidates whose experience prepares them to do just that.

Share Quantifiable Evidence of Success

If you received an award, increased productivity by 10% or worked with 250 trauma cases during your residency, list those numbers on your resume. One common resume mistake for medical professionals is listing vague experiences without backing them up with quantifiable information. Be sure the way you present your experience highlights your medical skills and shows the impact of your work. Here’s an example of how to share your experience, as well as an example of how not to share:

How Not to Describe Your Medical Experience

“Spoke with several patients about their ongoing medical needs” doesn’t work, because it isn’t specific or quantifiable. Did you speak with five patients or 50? What did you discuss about their ongoing medical needs? While this likely describes months of hard work, without details, the hiring manager may miss what you’re trying to say.

How to Describe Your Medical Experience

“Conducted medical interviews with 34 new patients, with a 96% patient retention rate” is much more specific. It explains that you spoke with an impressive number of new patients, collecting details about their medical histories and ongoing needs. As a general practitioner, retaining this many patients is a huge win, as most patients stay with the same doctor for a long time.

Grammatical Mistakes: Missing the Forest for the Trees

Sometimes, when you’re so focused on getting the tiny details of your medical resume right, it’s easy to miss larger mistakes like spelling errors. Even if the information in your resume is fantastic, a misspelled word negates all your hard work.

Several employers will immediately toss resumes with grammatical errors, so be sure to proofread. For good measure, ask a friend or family member to look it over, as well.

The Bottom Line

Applying for jobs is hard work. If you can avoid these common resume mistakes many medical professionals make, however, you’ll stand out as a stronger candidate. Putting in extra time and effort on your resume will pay off when you receive follow-up calls for fantastic jobs. It will also differentiate you from other candidates, as well as from those using medical resume templates. After crafting the perfect resume, be sure to check out our tips for graduates entering the job market, as well.

A Psychiatrist’s Guide to Student Loan Refinancing

Posted on October 6, 2020October 6, 2020

Psychiatrists are highly-educated doctors trained to diagnose mental health disorders and to prescribe medicine. Psychiatrists receive extensive training, attending undergraduate and medical schools before completing a seven-year residency.

This training comes at a price. According to the Association of American Medical Colleges, the median cost of a four-year public medical school is $255,517, and the cost of a private medical school is $337,584.

The time and effort pay off for psychiatrists, however, as the average wage was $220,380 in 2018. The field is also growing, with demand for psychiatrists expected to increase by 12% through 2029 — far above the average of around 4% growth for all occupations.

The combination of career stability and high earning potential makes psychiatrists ideal candidates for student loan refinancing. Refinancing psychiatric student loan debt can help psychiatrists lower their student loan interest rates and accomplish other key financial goals more easily.

Why student loan refinancing may be right for psychiatrists

Becoming a psychiatrist requires multiple degrees over more than a decade of education. You’ll need an undergraduate degree from a four-year institution, as well as a degree from an accredited medical school. You’ll also need to complete at least two rounds of residency. These include the standard four-year medical student residency, as well as a three-year psychiatry residency.

After years of training, most psychiatrists acquire substantial student debt. To make matters worse, the interest rates on medical school loans are often higher than other student loans. It also takes time to start earning a high income, as the average salary for a first-year medical resident was just $57,191 in 2019, according to the Association of American Medical Colleges.

If you have high-interest student loan debt, refinancing can reduce the cost of your monthly payments and reduce total borrowing costs over time.

How to refinance your psychiatric student loan debt

There are five simple steps in refinancing your psychiatric student loans:

1. Determine if you qualify to refinance your psychiatric student loan debt

Lenders want to make sure you’re a reliable borrower so you’ll have to meet qualifying requirements. Each sets their own standards, but at Education Loan Finance, these are the key conditions:

You must have at least $15,000 in outstanding student loan debt
Your annual income must total at least $35,000
Your credit score must be at least 680
You must have at least 36 months of credit history
You must have earned a bachelor’s degree or higher
You must be a U.S. citizen or permanent resident
You must have reached or passed the age of majority (18 in most states)
Your debt-to-income ratio must be low enough that your monthly loan payments are affordable

2. Consider whether a cosigner could help you get approved for student loan refinancing

Sometimes, it’s difficult to be approved when refinancing on your own. This is especially true if you haven’t had a lot of time to build a good credit score or are earning an entry-level salary.

A well-qualified cosigner could help you be approved for a better interest rate. Cosigners share legal responsibility for repayment and the lender considers their credit and income in determining if your approval and rate estimate. If your cosigner has a proven history of financial responsibility, this significantly ups your chances of securing the loan you need.

3. Find out loan rates and terms

Next, you should research different lenders for an idea of the student loan refinancing rates available. Use ELFI’s student loan refinancing calculator* to see how much you can save by refinancing your psychiatric student loans.

4. Get your financial documents together

If you’ve decided to move forward with refinancing, compiling a few key documents will make the loan application process easier. You’ll need:

Proof of employment, such as a recent pay stub
A W-2 form from your employer or tax returns if you’re self-employed
A driver’s license or other government-issued ID
Information about your current student loan accounts, including the loan servicer’s name, your account number and the balance on your loan

5. Apply to refinance your psychiatric student loan debt

Finally, you’ll submit an online application to ELFI by filling out a quick and simple form using the documentation mentioned above. ELFI’s team will then review your information and let you know if you’ve been approved or denied. You should keep making payments in the meantime and you’ll be notified when your loan has been approved and disbursed.

Other options for managing your loans

1. The National Health Services Corps

Some trained mental health professionals, including child and adolescent psychiatrists, are eligible for loan assistance through the NHSC. Psychiatrists who meet the requirements may receive grants of up to $50,000 towards loan repayment.

2. Public Service Loan Forgiveness

Public Service Loan Forgiveness (PSLF) is available on most federal student loans if you work for the government or for an eligible non-profit. You must make payments on a qualifying income-driven plan and can have loans forgiven after 120 on-time payments.

3. State student loan repayment programs

Many states offer student loan assistance to psychiatrists who work with underserved populations or who work in the public interest.

For example, New York operates a Psychiatric Loan Repayment Program for psychiatrists who work at OMH facilities. Individual psychiatrists who make a five-year commitment can apply for money to repay student loan balances up to $150,000.

4. Income-driven repayment plans

Those with federal student loans can qualify for various payment plans in which monthly payments are capped based on income and family size. Payments could be as low as $0 per month and forgiveness eventually becomes available after you’ve made payments for between 20 and 25 years (depending on the program).

Repaying your student loans

As a psychiatrist, you understand the importance of avoiding undue stress — including the financial stress that can come from substantial student debt. To make repaying your loans as easy and stress-free as possible, consider whether student loan refinancing makes sense for you.

*Subject to credit approval. Terms and conditions apply.

The 10 Best Cities for Medical School Graduates

Posted on September 15, 2020October 16, 2020

By Ben Luthi

Ben Luthi has been a freelance writer since 2013, covering all things money and travel. His work has appeared in many major publications and financial websites, including U.S. News & World Report, The New York Times, Fox Business, Experian, FICO and more. Ben lives in Utah with his two kids, and loves spending his free time traveling, hiking and talking about credit cards.

Graduating from medical school is just one milestone in the quest to become a physician. Your next step is likely a residency, and for some, the process may also include a fellowship and board certification.

Regardless of where you ultimately end up, though, it’s crucial to take your time when deciding where to start that process. To help you narrow down your list of options, we looked at HospitalCareers.com to get an idea of the best cities for medical school graduates.

Determining Best Cities for Medical School Graduates

It’s difficult to create a definitive list of the best cities for medical school graduates because the right city for you may depend on your field of expertise, your personal preferences and several other factors.

But in its list, HospitalCareers.com provides a comprehensive view of what’s important to medical graduates. That includes cities with the best hospitals and job markets, places with a relatively low cost of living and more.

10. Rochester, Minnesota

For many healthcare professionals, the primary pull of Rochester is that it’s home to the No. 1 hospital in the country: the Mayo Clinic. The city also has a relatively small population of just under 120,000, which could make it more manageable for medical graduates who aren’t used to a big city.

The city’s cost of living is 94.1% the national average, making it a solid choice for new graduates who are gaining their financial footing. Plus, according to medical professional networking service Doximity, the nearby Minneapolis metropolitan area has one of the highest average physician salaries in the country at $369,889.

9. Jacksonville, Florida

While Rochester, Minnesota, is home to the Mayo Clinic headquarters, the medical center has a campus in Jacksonville, Florida. Jacksonville is a much larger city, with a population of more than 900,000. But you won’t have to worry about dealing with the cost of a larger city — Jacksonville’s cost of living is even lower than Rochester’s at 93.5% the national average.

Despite being a low-cost area, medical graduates don’t have to go anywhere to enjoy one of the top 10 physician salaries in the country. According to Doximity, it’s $338,790. What’s more, the city has the fifth-smallest gender wage gap between male and female physicians.

8. Durham, North Carolina

Durham, North Carolina, has one of the lowest average physician salaries in the nation at $266,180. But for graduating medical students, working at one of the best university hospitals in the nation, Duke, can be incredibly appealing. The medical center is ranked nationally for 11 adult specialties and nine children specialties.

Also, like Rochester and Jacksonville, Durham has a relatively low cost of living at 95.2% the national average, which means your salary will go further than most areas in the U.S. The city of Durham is home to roughly 280,000 people.

7. Boston, Massachusetts

Boston isn’t just known for being the capital of higher education in the U.S. It’s also home to some of the most well-known medical centers in the country, including Brigham and Women’s Hospital and Massachusetts General Hospital.

The former is ranked No. 12 overall in the nation, while the latter ranks in the top three hospitals in the nation for psychiatry, diabetes and endocrinology, and rehabilitation.

The only reason to think twice about Boston is its cost of living, which is 162.4% the national average. Also, its average physician salary is relatively low, at $305,634. The city’s population is just under 693,000.

6. Nashville, Tennessee

Nashville is one of the most culture-rich cities on our list, especially if you love music. It’s also home to another excellent university hospital, Vanderbilt University Medical Center, which ranks nationally in seven adult specialties and 10 child specialties.

The city’s cost of living is 101.4% the national average, which isn’t a deal-breaker but is something to consider. That said, the average annual physician salary is on the high end at $337,914. The Nashville-Davidson area is home to more than 670,000 people.

5. Austin, Texas

Austin is the fastest-growing big city in America, which means a lot of opportunity. Its population is just short of 1 million people, which also makes it one of the largest cities on our list. And according to U.S. News & World Report, it ranks as the No. 1 place to live in America.

Some of the largest hospitals in the city include St. David’s Medical Center, which was the first health system in the state to be recognized as Employer of the Year by the Texas Workforce Commission, and Cornerstone Hospital of Austin.

The city’s cost of living is 119.3% the national average, which could be a non-starter for some. Also, the average salary for physicians in Austin is relatively low, at $299,297.

4. Oklahoma City, Oklahoma

Oklahoma City isn’t known for its world-renowned hospitals. Its healthcare industry, however, is among the fastest-growing in the city, with an expected 30% jump over the next 10 years. This means a lot of opportunity for recent medical graduates.

What’s more, the state’s capital has one of the lowest cost of living on our list at 85.4% of the national average. According to Salary.com, the average physician salary in the area is $254,195, which is low compared to the other cities on our list but compared with many cities with high costs of living, your money could go further here.

Oklahoma City is home to 655,000 residents.

3. Salt Lake City, Utah

Salt Lake City’s average physician salary of $351,300 ranks No. 11 in the country, making it an ideal destination for many medical graduates. It’s also an excellent choice if you enjoy outdoor adventures.

The state of Utah has one of the nation’s lowest unemployment rates, which means you won’t have too much trouble finding a job. Even during the coronavirus pandemic, the state’s unemployment rate sits at 4.5% for July 2020, compared with 10.2% overall in the U.S. However, the city’s cost of living is 118.9% the national average, which could be a deal-breaker.

Despite being the state’s capital, Salt Lake City has only 200,000 residents.

2. San Antonio, Texas

San Antonio is the largest city on our list, with more than 1.5 million residents. Despite its size, the city has a cost of living that’s just 89.4% of the national average. That said, the average annual salary for physicians is also relatively low, at $276,224.

In terms of stability, roughly 18% of San Antonio residents work in healthcare or bioscience, making the city a safe bet for recent medical school graduates. Some of the best medical centers in the city include Methodist Hospital-San Antonio, Baptist Medical Center and University Hospital-San Antonio.

1. Cleveland, Ohio

Cleveland sits atop our list for a few reasons. First, it’s home to the Cleveland Clinic, which has been ranked the second-best hospital in the country behind the Mayo Clinic. Second, the city boasts five large hospitals, which employ more than 100,000 people combined. That’s more than 25% of the city’s population, which sits at about 381,000.

Finally, Cleveland has the lowest cost of living on our list of the best cities for medical school graduates — it’s an impressive 72.6% of the national average. One thing to keep in mind is that the average physician salary in the city is $312,448. But considering the low cost of living, that salary will go further than most of the top salaries in other cities.

How to choose where to live when you graduate from medical school

Making the decision on where to live after you leave medical school can be challenging. Depending on the residency process and other requirements for your field, your options may be limited based on your specialty. If you have multiple options, though, it’s important to take your time and research all of the factors that are important to you.

For example, consider the quality of the healthcare system, as well as the opportunities that might be available to you. Also, look at average salaries in the area and how they compare with the cost of living. Finally, remember that you not only have to work in one of these cities, but also live. Think about your personal preferences and the quality of life you’ll be able to enjoy in each place to make a decision.

Additional Sources

How to Attract Millennial Employees in 2020

Posted on September 8, 2020September 8, 2020

Millennials have a reputation for job-hopping, always looking for the next opportunity. Research shows that 21% of millennials have changed jobs in the past year, which is three times the percentage of non-millennials who’ve done the same. This trend may, however, may not be exclusive to the millennial generation. Interestingly, research finds that millennial employees are just as likely to change jobs in their 20s as baby boomers were in their 20s.

The trouble for hiring managers, however, remains: how can you hire and keep millennial workers? Recently many companies have started to come upon some answers. Their method of retaining millennials: benefits. Here are some of the most successful:

Flexibility

One of the easiest ways to interest millennials and younger employees is simply to provide them with more flexible working hours. Many millennials view the classic, nine-to-five office grind as an antiquated way to work. As such, they look for jobs that offer them the flexibility to do other things. They don’t just value a stable job; they want their lives outside of their jobs to be fulfilling as well.

As working from home becomes the norm for many businesses, it’s easier than ever to offer employees a variety of options. Programs like Zoom, Slack, and Microsoft Teams have become standard workplace programs, and they enable employers to provide millennials with the flexibility they desire.

Pet Insurance

Pet insurance is quickly becoming more common among millennial employers. With 82% of millennials saying they’d likely have pets before becoming parents, more and more employers are starting to structure their benefits around the millennial lifestyle.

Around 50% of Fortune 500 companies offer pet insurance as a benefit, and the pet insurance market continues to grow every year. As the number of pet owners continues to increase, this benefit grows even more popular!

Student Loan Repayment

It’s no secret that student loan debt is more widespread than ever before. Millions of millennials are repaying thousands of dollars in debt after graduation. With that in mind, one of the best and most effective methods of hiring and keeping millennial employees is through student loan repayment programs. There are several ways to offer this benefit:

Student Loan Signing Bonuses
Employer repayment
Contributions to 401(k) plans

Student Loan Signing Bonuses

The simplest and most self-explanatory of these options is to offer an employee student loan signing bonus. Some companies, for example, pay $1,000 toward new employees’ student loan payments at the time of hire. This method, while great for bringing new talent in, is not as effective in retaining millennial workers.

Employer Repayment

Some employers also contribute directly to their employees’ student loans. For instance, Nvidia offers employees up to $6,000 a year to a total of $30,000 for student loans.

Notably, Nvidia’s program is one of the most generous, and employees will happily join your company for smaller amounts of support. Even with these smaller amounts, employer repayment is not only a great way to bring in new employees but also to retain them over time.

Contributions to 401(k) Plans

Some employers offer retirement contributions to employees to attract new talent and decrease turnover. When your employees pay off a certain percentage of their student loans, they may qualify for full 401(k) plan matching.

Work with Technology

Millennials are tech-savvy and they look for a tech-savvy workplace. Provide digital documentation and accessible benefits. With widespread technology, it’s easier than ever to design benefits around your millennial employees.

Ongoing Performance Reviews

Millennials operate best with constructive feedback, even more so than previous generations. They want to feel involved in the company, and they want to know how their work is affecting the team as a whole.

Millennials are looking to grow in their careers, and your feedback is immensely valuable to them. The best way to do this is to provide regular performance reviews. There’s no reason to wait for feedback when contacting someone takes seconds.

Professional Development

Millennial employees value programs that foster professional development. One common reason millennials job hop is to find new opportunities for growth, but if their current employer already supports career growth, they may be more likely to stay. Mentoring, training and professional development courses are highly desirable for millennial employees. They also encourage employees to learn and grow with the company.

These benefits provide effective, budget-friendly ways to keep employees engaged and happy at work. If you’re looking for more tips on how to retain millennial workers, we’ve linked more details here.

Earn What You’re Worth: How to Negotiate Your Salary During the Hiring Process

Posted on August 10, 2020

If you just got that job offer you’ve always wanted – congratulations! That’s great news, but there is still more to do. Now, you enter the salary negotiation process. You want to be paid what you deserve, and you’re going to have to do a little work to ensure that you are. While there is no secret formula for the perfect salary negotiation, there are many ways to make your salary negotiation more successful. Here are 8 tips on how to walk out of a salary negotiation with the salary you want.

Take Your Time

The first thing you should do after you receive a job offer is to request time to consider the offer. On the most basic level, this allows you time to decide whether to take the job, but it also provides you with time to develop a negotiation strategy based on the offer. Now is the time to think about things like the minimum salary you are willing to accept or possible benefits you would like. Keep these things in mind constantly throughout the negotiation process.

Know Your Value

The second step in getting the salary you deserve is knowing what you are worth to an employer. Take into consideration all of your experience, your location, your skills, certifications and leadership experience. All are important in calculating your value to your future employer. List out all these factors that make you valuable to an employer, and make sure that you will be able to clearly explain each of these factors to your potential employer.

Do Your Research

Before starting salary negotiations, it’s important to be prepared. You should look at the national average salary for your position, as well as what similar companies in your area pay those in your prospective position. Not only will you be prepared to make a good offer, but you will also look knowledgeable about the industry.

Explain Your Value

Now that you’ve done the research and listed what you bring to the table, it is important to use this information in salary negotiations. Clearly explain and justify the salary you are asking for.

Another tip is to ask for slightly more than you expect. That way, if your employer negotiates down, you are still more likely to get a salary you are comfortable with. If they don’t negotiate down, then you’ll get more than you expected. It’s a win either way.

Be Confident

When you’re trying to sell a prospective employer on yourself, confidence is key. Confidence can fill any holes in experience or top off an already perfect applicant. It should be clear to both you and your employer that you know how much you are worth. After all, you have done the research and the preparation, and you will bring your value to your prospective employer. If that’s not worth being confident in, then few other things are.

Be Likable

While it may seem like a given, it’s worth noting that being likable will get you a long way. Your prospective employer will be far more willing to give you what you ask if you make your case in a likable way. On the flip side, being harsh and confrontational could jeopardize your job offer altogether.

Consider Alternate Forms of Compensation

There’s more to compensation than just money, so it’s important to be open to other forms of compensation as well. This is where you bring in the other possible benefits you thought of. You may be able to negotiate for extra vacation days, better stock options, work from home days or any number of other benefits. They may come at the cost of a little pay, but in the long run, they may also make you happier.

Also, consider what you stand to learn. Especially early in your career, it may be worth taking a lower salary to work somewhere where you will be learning new, valuable skills regularly. Overall, the things you learn could prove to be more important than money. Of course, the decision of when to accept less compensation is completely up to you, and you should not be pressured into taking a low offer if you don’t truly feel that it would benefit you.

If You Have to, Walk Away

If your negotiations have hit a dead end and you are unable to negotiate an offer that you find suitable, then consider walking away. You should not start a job where you feel that you are not being fairly compensated. Your prospective employer will thank you for it. A disgruntled employee right off the bat is something no company wants. If you do walk away, remember to be gracious about it. As much time as you have spent negotiating, the prospective employer has spent just as much of their own time trying to hire you.

Remember, don’t consider this failed negotiation as a waste of time. These things happen, and it will provide you with more experience for future salary negotiations, a recurring part of any career.

The Bottom Line

Salary negotiations can be stressful, but if you do your research, you should have no trouble acing them. Hopefully, you will come out with the salary you are looking for.

With your new job, you may want to consider paying down your student debt, and a great way to do that is through student loan refinancing. Take a look at what it can do for you here.

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How to Ask Your Employer to Help Pay Student Debt

Posted on August 5, 2020August 12, 2020

These days, employers offer all kinds of benefits to keep employees, from kombucha on tap and innovative new office spaces to ping pong tables and video game rooms. The list of benefits seems to grow all the time.

When you think about it, though, how much do you really need that kombucha on tap? Instead, what many graduates need is help with their ever-mounting student loans. In combination with other methods of dealing with student loan debt, employers can play a valuable role in ensuring their employees’ financial stability.

Additionally, a recent amendment to the CARES Act allows employers to contribute up to $5,250 to their employees’ student loans, entirely tax-free, through the end of this year. If you’re an employee considering asking for loan assistance or an employer thinking about adding this type of benefit to your portfolio, this is the perfect time to make the leap.

While not all loans qualify, as a rule of thumb, most loans that are eligible for federal deferment under the CARES Act are also eligible for tax-free employer contributions. This is a huge benefit for employees, as an employer contribution not only lowers the principal amount owed, but also the lifetime interest they will be required to repay.

If you’re an employer, take a look at our ELFI for Business platform to learn about the benefits of offering student loan assistance to your employees. If you’re an employee seeking this type of assistance, then read on, because in this blog we’ll cover several ways your employer may be willing to help you tackle your student loan debt.

Financial Education

Employers have begun to understand that their own financial success is tied to the financial success of their employees. As a result, some employers have begun to offer financial education opportunities.

These opportunities come in many forms, including workshops, webinars and even counseling. While many employees already have a firm grasp on financial concepts, these programs can still be incredibly beneficial to those weighed down by student debt as they often cover lesser-known tactics and reinforce familiar strategies.

Student Loan Repayment Signing Bonuses

Another method of helping employees with student debt is the signing bonus. For example, some companies offer $1,000 towards student loans for new hires. This $1000 can drastically reduce the amount graduates pay in interest over the life of their student loans and is an effective way for companies to hire and keep dedicated, hardworking employees.

Employer Repayment

The most exciting benefit employers are beginning to adopt is direct assistance with student loans. Now, in addition to savvy fiscal advice, some companies are backing up their support with dollars and cents.

A few companies now offer yearly bonuses to help pay back student loans. One of the most generous of these companies is Nvidia. Employees earn $6,000 a year towards their student loans up to a $30,000 maximum. Several companies offer comparable or lower amounts. Regardless of the repayment amounts, this innovative strategy provides a new way to fight back against student debt.

A variation of this policy is occasionally used, as well. In this variation, employees who don’t take their PTO can trade their PTO days for student loan assistance. With many in the United States not taking their PTO days anyway, this is a compelling option for student loan borrowers.

Contributions to 401(k) Plans

It may seem strange for 401(k) contributions to go hand-in-hand with paying off student debt. You might even expect to have to choose between them.

If you’re employed by Abbott Laboratories, though, you don’t have to choose. Employees who contribute at least 2% of their pay toward student loans are eligible for the full 5% employer matching in their 401(k), even if they do not otherwise contribute to their 401(k). Abbott Laboratories is the first company to offer this incentive to help employees to pay off student debt, and hopefully many companies will follow in their footsteps.

Sadly, these types of programs are not as commonly offered as they should be, but that isn’t necessarily bad news for you.

If student loan assistance programs are something that you would like to see at your company, then make an appointment to speak with either your boss or to human resources. In this day and age, the competition for the best employees is fierce, and employers are always looking for ways to keep employees happy. In some cases, it may even be cheaper than a raise.

It’s also worth mentioning your interest in such programs while negotiating your salary and benefits package for a new job. They may include it as an additional benefit.

If your employer already provides these benefits, that’s fantastic! You’re already one step closer to being unburdened by student debt. If you’re curious about how to finish the job and free yourself from student debt completely, one great way to do that is Student Loan Refinancing. You can learn more here.

Tips for Adjusting Back to Office Life

Posted on June 18, 2020

After months of remote work, workplaces are finally opening up again. To some this is exciting. At last, one can interact with their coworkers and work in a more traditional environment. Some might feel the opposite. Regardless, the switch back to the office environment will take some adjustments in your daily routine. To help you make that switch seamlessly, we’ve made this list of 6 tips that will ensure that you have no issues on your way back into the office.

Prepare Mentally

After all the time of just being able to roll out of bed and get to work, it may seem like a drag to get ready each day to go back to the workplace. You should prepare yourself mentally to not only wake up earlier and get dressed for work but also prepare for the many things that come along with being in the office. It’s important to note studies show that communication is vitally important to productivity, and despite the boom in work from home technology, nothing beats face to face communication, even if it’s from six feet apart. A conversation through a screen just isn’t the same. So if you’re dreading returning to work, focus instead on the benefit of returning – a better teamwork experience.

Stick To What Routines You Can

Without a doubt, the switch back to office work will dramatically change your routine. As such, it is even more important to stick to the things that you can. Studies show that routines are essential to sound mental health. If you have a cup of tea at 10:30 every morning, continuing to do that will bring a sense of much-needed consistency to your routine. Similarly, if you have begun to start your day with a half-hour of industry news, continue doing that. Even the smallest pieces of your routine play large roles in keeping you feeling stable and will help you in the transition back to office life.

Plan Out Your House Work

It’s easy to forget the days where you couldn’t just crush a load of laundry or do the dishes in between conference calls, but those days are back. It’s going to be harder to get all those household chores done. In order to get back on the metaphorical chore wagon, it may be worth setting up a plan to help you get what you need to be done around your home. Not only will it keep your home clean, but it could have health benefits.

Remember Your Commute

It’s easy to forget how your workdays used to be. That commute now seems so far in the past. Unfortunately, it and all the other elements of the workday are back. Commutes can add significantly to your day. The average American commutes for 26.1 minutes one way. Over a five day work week, this is about four hours that you’ll be losing. As such, it is important to take into account the effect the commute will have on your day. Likely you will have to get up a little earlier than before, and it may be worthwhile to map out your commute before your return to the office. Your after-work time is also cut due to the commute, so post-work activities will subsequently have to be shortened. But don’t despair – a commute is a perfect time to learn something new with your favorite podcast or an audiobook.

Stay Safe

Sadly, the COVID-19 epidemic is not over, and even though you’ve returned to work, it is still important to ensure not only your safety but the safety of your colleagues and customers. Your workplace has likely sent out a list of guidelines and instructions to help keep the workplace safe – follow these as closely as you can, as they are in place to help you. Many will require you to wear a mask. While masks are undoubtedly uncomfortable, they are an important piece in the COVID-19 prevention guidelines. Also, remember to wash your hands and use hand sanitizer. They may seem like small things, but they make the difference.

Enjoy Yourself

After months in relative isolation, you’ll now be returning to the workplace. Now is the time to bask in the human contact you’ve so missed. Interact with your colleagues. Enjoy leaving the house. This is in many ways a return to the much-missed normalcy. Make the best of it.

While the return back to work certainly won’t be easy, eventually you will become used to it as you were before. It is an essential part of returning to normalcy. But it isn’t the only path to choose – more and more companies seem to be allowing their companies to work from home following the pandemic. If you’re curious about the future of working from home, check out this article.

Tips for 2020 Graduates Entering the Job Market

Posted on June 10, 2020

While your last semester may have been online, you’ve graduated nonetheless, and you’re finally ready to head out into the world and face the job market. After graduating amidst a global pandemic, you may feel a bit uncertain about your job prospects coming out of college. The fact is you’re entering the job market at a somewhat inopportune time – job openings on Glassdoor have dropped 20.5% after all, and articles are published weekly on the status of the 2020 graduate. However, there’s no need to panic. We’re here to tell you that you’re more prepared than you think, and there are still jobs out there for you. But just in case you feel uncertain, we’ve compiled 5 tips to help you seamlessly enter the job market.

Be Practical

It’s no secret that the economy is on somewhat shaky footing, making it a little more difficult than usual to get that perfect job. Obviously, that perfect job is the ideal, but now is the time to be practical and expand your job search. Look in areas that you may not have considered before or in fields other than your major. These may be lower-paying than you’d hope for, but the work experience is still valuable, and stepping out of your comfort zone won’t go unnoticed when pursuing future opportunities. Search on job sites like Indeed for entry-level jobs and work from there. Your college also likely has a career center that can help you find employment. Reach out to them to see what help they can offer. Many colleges have partnered with platforms like Handshake that serve to link students with employers.

Acquire Skills

If you want to hold out for a job in your chosen field, that is not necessarily a bad thing. Now is the perfect time to acquire skills that your employers will find valuable and that will benefit you in the long run. You might take this time to practice job interviews to improve your interview skills. The more interviews you do, the more comfortable you will be during them. As such, never turn one down, even if you aren’t interested. It’s still worth gaining the experience. As for skills that will make you more appealing to prospective employers, sites like Linkedin Learning can help you brush up on things you know or help you pick up new skills. Online classes can also serve as a way to pass the time while acquiring new skills. While building new skills doesn’t bring in immediate income, these skills will serve to make you more valuable to a prospective employer and could improve your income in the future.

Polish What Employers Will See

Employers see a wide variety of things when looking at a prospective candidate. The resume is perhaps one of the most important. Now is the time to perfect your resume. Add in any relevant work experience you may have forgotten to add. Do some research on what employers are looking for on a resume. This should be an ongoing process. Your resume should be constantly evolving as you acquire new skills and experiences. Likewise, this is the perfect time to get your social media profiles polished. Many employers use social media as a vetting tool for prospective employees. Remove any material that could hinder you from being hired, and, in particular, get your Linkedin profile as professional and complete as possible. Employers love Linkedin, and as more and more of the hiring process is moved online, it has become an invaluable tool for them to look at prospective hires. Thus, it is important for your Linkedin to be filled out and representative of you and your workplace skills.

Expand Your Circle

As important as your skills, networking is essential is you are in the job market. Particularly in these uncertain times, an effective network can mean the difference between being employed and not. Reach out to people in your field via Linkedin or other social media outlets. Ask questions and demonstrate your interest. You may be able to get an interview with them. Even if a job doesn’t come of it, your demonstrated interest will place you in the back of their minds as well as provide you with valuable interview experience. Similarly, interacting with people within your prospective field on any of your social media platforms is beneficial to you. Employers want to see that you are engaged within the wider community of the field. Also, be sure to attend virtual industry meetups and conventions. The importance of becoming involved cannot be understated.

Persevere

It’s important to treat your job search as a job because, for a time, it is your job. Stay at it, and constantly be reaching out to prospective employers. It can be hard to stay motivated in the job search, but remember that this is necessary. Plan out your job search and keep track of the contacts you make. They could be useful later on. Make sure to take breaks when necessary. Like any job, the job search is tiring and can lead to burnout, so make sure that you rest between sending out those surges of applications. Eventually, you will make it.

Congratulations on graduating. Now for your next challenge. It would be a lie to claim this as a great time to enter the job market, and it is certainly an unfortunate time for you to graduate. The job search will be difficult, but by working hard and following these five tips, you could certainly still succeed. You can do it. If you’re looking for more post-graduation tips, we’ve got you covered. Check out this article on saving money after graduation.