Employers are beginning to respond to the Great Resignation movement. When approximately 4.3 million Americans quit their job in August, it grabbed the attention of the executive floor of many organizations. Retention is now critical for the productivity and even survival of many companies.
One group that is getting a lot of attention is the college-age employees. The management of several Fortune 500 companies is going to pay for the tuition of employees who are willing to stay longer with the company. This is beyond the standard educational assistance, and some companies are offering to pay an entire year of college expenses. Countrywide Pre-Paid legal services feels it is commendable whenever employers provide benefits that help ordinary people with daily challenges. We suggest that the help given to those struggling with college expenses can be a little more comprehensive.
We Can’t Forget Those Who Graduated
It is good to help those currently getting an education, but other employees are trying to handle the debt accumulated from attending school and getting a degree. Many are looking at years of debt repayment, with debt loads in the five and six figures. A financial wellness plan that enables an employee to address the situation better will help. Countrywide offers such benefits, and one of our services deals with college debt.
Handling the Money Obligation
The need to pay back debt begins once the grace period, or nearly six months, is over. An employee’s budget gets a significant shock when that happens. Some graduates will try to use forbearance to cope with the cash requirements, but that is not a good idea. There are other ways to manage the debt better.
Countrywide has a nationwide network of certified counselors who deal with everyday problems. Managing college debt is one of their specialties. A Countrywide financial wellness plan member gets priority treatment from a counselor who, by the way, is in the same community as a Countrywide client. Therefore, a conference can easily be arranged.
Going over the Options
Not understanding what to do is the biggest obstacle for many. Countrywide counselors are aware of the various programs and choices an individual can make to decrease the debt burden. The counselor can also help a financial wellness member negotiate more accessible terms, including lower interest rates. A personal budget is not always easy to manage, especially if an individual has not done it before. A Countrywide budget analysis informs a plan member from where the money is coming and where it is going. A counselor can advise some alterations so that college debt is affordable.
The Client Is Involved
Prospective clients want to know what their role is when it comes to designing a financial wellness plan. Countrywide wants organizations to assist in developing the kind of benefits employees will use and appreciate.
What we will do with a prospective client is begin by explaining all our benefit options. Some of these are new to the decision-makers, and we encouraged these people to ask all the questions they would like. We will answer them. The client’s management then decides what benefit options will be a part of the plan. Countrywide will advise but not insist. In other words, we do not push one benefit over another. What the client wants is with the client will get. Streamlined administration to get things done quickly and superior member services that make financial wellness plan members feel valued.
Intelligent management rises to the occasion, whatever it might be. The Great Resignation may be with us for a while and will require executives to consider retention strategies. The financial wellness plan of Countrywide goes beyond helping with college debt. There are other benefit options to help with everyday challenges. Please feel free to contact us at your earliest convenience if you’re interested. We welcome a chance to explain how Countrywide enables you to keep your talent.