How YMCA Calgary Attracts and Retains Young Talent with Marmot's Student Loan Benefits

The YMCA’s benefit advisor searched for a financial wellness benefit solution that would attract younger employees and retain current employees while operating within their limited budget. Of the 350 employees working at the YMCA Calgary, the average age is 27 years old with 26% of them having a student loan. The charitable organization currently offered a Defined Contribution Pension Plan (DCPP) with a six-month waiting period for voluntary participation and mandatory participation after three years of employment.

The YMCA recognized the significant benefits of the Marmot Student Loan Repayment program in attracting and supporting younger employees and new recruits:

• To sweeten the offer for new recruits, the YMCA offers up to 30 free student loan payments.

• As a retention incentive, existing employees are allowed to add extra monthly payments to their student loan payments.

• Delivers a fully digital solution to track and respond to wait times and eligibility dates, reducing the administrative burden.

• Flexible ongoing registration for new employees.

The student loan repayment benefit program has delivered outstanding results for both the YMCA Calgary and its employees:

For Employees

• By participating in the Marmot Student Loan Benefit program, each employee was able to save an average of over $11,500 in both principal and interest on their student loans.

• Significantly shortened loan repayment timelines, reducing them up to 73 months per employee.

• Allowed employees to pay off their student loans up to 70% faster, improving their debt-to-income ratio and credit scores.

• Created immediate financial relief for the young workforce.

• Improved overall financial wellness and reduced financial stress.

For The YMCA Calgary

• Enhanced ability to attract and retain younger employees in a competitive market.

• Demonstrated commitment to employee financial wellness, resulting in a more engaged, focused, and happy workforce with reduced financial stress.

• Achieved meaningful impact without increasing benefit costs.

A Smart Approach To Employee Financial Well-Being

The YMCA’s approach offers a valuable lesson for organizations with more restrictive pension savings models. By leveraging the voluntary participation period to invest in employee financial well-being, it isn’t just about doing good – it’s smart business.