In the perennial quest to create employee loyalty and attract new talent, companies select from a roster of familiar benefits—health and dental, wellness allowances, retirement savings and employe equity plans, to name a few. While traditional benefits hold value, they no longer suffice for setting a company apart in the competitive landscape of talent acquisition and employee retention.

Today, employers of choice apply forward-thinking approaches rooted in reality and meant to address the whole employee and the (dire financial) challenges they face. Enter the debt relief allowance, a game-changer for attracting and retaining in 2023 and beyond.   

Status Quo Update 

In pursuit of a winning benefits strategy, most employers stick to well-worn paths, resulting in a sea of companies offering nearly identical benefits. Employees have come to expect these staple offerings, making it vital that employers look beyond the ordinary if their objective is to stand out.

A New Gold Standard 

A seismic shift has occurred in the financial landscape of Canada: household debt has reached unprecedented heights. Debt repayment is by and large Canadians’ number one financial priority. With debt relief benefits, employers have a unique opportunity to financially empower employees and affirm their commitment to employee financial well-being.

The Allure of Debt Relief 

A benefit providing a debt allowance gives employees an immediate and meaningful solution to their most pressing financial challenge. Debt relief benefits, related to student loan repayment and residential mortgage repayment, directly contribute to reducing employees' financial burdens.

Here’s why they are fast becoming a financial wellness differentiator.

• Affordability With options that repurpose savings plan contributions for debt repayment, programs can be implemented for a fraction of employer costs associated with employee financial stress.

• Proactive Support Employers demonstrate a proactive commitment to employee financial well-being with debt relief programs that work to actively prevent and alleviate employee financial stress.

• Employee Loyalty Debt relief benefits foster a deep sense of loyalty and gratitude among employees. When a company steps up with solutions to tackle the burden of debt, employees are more likely to stay.

• Employer of Choice In today's job market, a company's appeal goes far beyond the salary it offers.Debt relief benefits signal a compassionate and supportive employer, boosting its ability to attract top talent.

• Improved Morale As financial stress ebbs away, workplace morale typically rises. Happier, less stressed employees will lead to more productive and collaborative employees, which benefits the entire organization. 

Time to Stand Out  

it's time for companies to think beyond the conventional. Innovative and cutting-edge debt allowances empower employees and yield immediate results. In a job market saturated with standard benefits packages, debt relief benefits offer a unique, affordable and immensely practical way to attract talent and increase retention.

In the pursuit of employee retention and a stand-out reputation, debt relief benefits could be your secret weapon.

Reach out to learn more about Standing Out at this link