As soon as the ball dropped and we entered 2024, the wheels of motion went into action to begin the annual performance review process. Human Resource Departments working with Department Heads, Managers, and employees across organizations hailed the end of another year with an eye on the new—a time to assess the successes and shortcomings at multiple levels: organization, department, and workforce.
A good review process can be a very effective exercise for all involved. It helps identify an employee’s strengths and weaknesses during the year and map out key performance indicators for the new year. Employees use the time to run their “how am I doing” checklist with an eye on a possible promotion, salary increase, and incentives to retain valuable talent.
What if there is nothing to offer? How will an organization retain its key performing employees? What happens when health, dental, 401 matching, free coffee, gym, and parking incentives don’t work? The fear of losing employees, not to mention struggling to recruit, becomes very real.
What to do?
The SECURE 2.0 ACT has created a new opportunity for employers to meet the emotional and financial need-pain point of each employee facing the economic challenges of the rising cost of college and education debt. Young recent graduates, parents of high school and college-age students, and those who pursue life-long learning all experience stress and worry about managing their financial well-being. Saving, planning, funding college, upskilling, managing educational debt, and budgeting for life’s needs create stress and anxiety, often resulting in questionable financial decisions.
Employer programs offering education enrichment, guidance, and financial support can cure many employee pains. Here are four benefit programs every employer and member-driven organization should consider offering.
- Allocate education assistance benefits to tuition reimbursement or pay down education debt.
- Shift the employer matching contribution of a 401(k) and 403(b) to a pay-down payment.
- College planning assistance through dedicated 1-1 advising and counseling programs or subscription-based e-learning portals.
- Access to education debt advisors to assist with program clarity, mediation, and guidance.
Offering programs through an organization’s EAP Program, managed by Human Resources and delivered by industry experts, sends a message of commitment to a workforce and, in return, is rewarded by a motivated and loyal workforce.
Consider adding a college planning resources to your EAP. Pivotal College Years is an online college planning portal for students, parents, and recent graduates. The portal is a single source of information before, during, and after college. Valuable resources are available through the online College Planning Portal, Workable College Planning Workbook, and our YouTube Channel, all of which provide support and guidance throughout a family’s college planning journey. Learn how you can bring this valuable resource to your organization.