A startup is offering businesses the chance to help employees pay off their student loans.
As competition for the best employees gets tighter, employers are getting more creative with their incentive packages. From free food to spa treatments and in-house yoga classes, exotic perks are becoming the norm in some industries. A new startup called Goodly is now looking to help employers offer one benefit that many new employees really want – paying off their student debt.
Today, 70 percent of American college students graduate with debt, with the average graduate owing 37,172 USD in student loans. Goodly co-founder and CEO Greg Poulin was one of these. His experience in graduating 80,000 USD in debt motivated him to start the business. Employers can customise the system to offer employees regular payments of almost any amount.
According to Poulin, companies using his service currently offer from 25 USD per month up to 300 USD, with most offering payments of 100 USD a month. Additionally, they can even schedule bi-weekly payments, which can knock years off student loan repayments. The system also includes other, more common benefits, such as 401K packages and insurance. Goodly is integrated with all major payroll and HRIS systems, and has a streamlined, 15-minute on-boarding process. Plan features, eligibility and contribution amounts can all be fully customisable to fit any budget.
At Springwise, we have seen similar employee incentives companies. These have included nice housing and a platform that streamlines employee offerings. But Goodly’s service is aimed at smaller companies, and those without the resources to create complicated incentive packages. Goodly sees its offering as a way for these smaller companies, on smaller budgets, to compete for employees with larger companies.