Staples to Pay Workers’ Student Loans
Have student loans? You might want to think about working at Staples. The retailer announced this week that eligible employees will receive $100 a month for three years for a total of $3,600 to help payback previous or current student loans, joining a growing group of companies offering this kind of perk. At first, the benefit will be offered to "top performers" throughout the company who have been nominated by leadership. CNNMoney reports Staples will offer this to additional groups in the future.
Total Retail's Take: All for it! Staples currently has 74,000 workers, a large portion of which are millennials. With the average college grad in $30,000 worth of debt, this program makes Staples a much more appealing to work. Student debt is one of the foremost concerns of millennials, and for Staples to recognize that and provide help is earning it well-deserved praise. And the move potentially makes financial sense as well. By investing in its employees, Staples is likely to cut down on employee turnover — and the associated costs that come with hiring new staff. Furthermore, it would make sense that Staples would begin to attract higher quality talent to the organization.