How to Attract and Hire Recent Graduates
In 2014, seven in 10 seniors who graduated from public and nonprofit colleges entered the professional world with student loan debt — an average of $28,950 per borrower, according to The Institute for College Access & Success. Hitting a little closer to home, more than half of students in Maryland — 58% — were strapped with an $27,457 in college loans.
Consequently, there’s a very good chance top candidates applying to positions at your company are still trying to pay back the debt incurred from their college education. Student loans have no boundaries, as candidates from all types of socioeconomic backgrounds, with all skill levels are forced to hand over part of their paychecks to slowly chisel down this debt each month.
Student Loan Repayment
The cost of higher education continues to mount each year, causing many to continue paying college debt for decades after attending school. In fact, two-thirds of the country’s student loan debt is held by borrowers over age 30, according to The Atlantic.
This trend shows no sign of slowing, as tuition and fees for the 2015-2016 school year — not including room and board — climbed to $9,410 per year for public four-year in-state schools and $32,405 for private nonprofit four-year schools, according to The College Board.
Innovative employers like Price Waterhouse Coopers and Fidelity, have implemented student loan repayment programs, where the company helps employees pay off their college debt. Albeit a pricey endeavor, this perk can help your organization gain a serious competitive advantage.
An overwhelming 76 percent of respondents to American Student Assistance’s Life Delayed survey admitted that if all other factors were equal, this benefit would seriously impact their decision to accept a job offer.
The best and brightest candidates always have their choice of companies, so if you want them to choose your organization, you have to make it worth their while. Now is a great time to start offering this perk, as it’s a relatively new phenomenon that most companies haven’t yet signed onto.
Need a little help finding top talent to fill your open positions? Partner with Sparks Group. Our staff is committed to providing the highest level of recruiting and account management expertise, allowing you to boost productivity, reduce overhead costs and streamline your talent acquisition strategies.