August Benefits News and Posts

Student Loan Repayment Is The Hottest Employee Benefit Of 2018

Reposted from Forbes, October 18th 2018 by Zack Friedman

It's the hottest employee benefit of 2018. Student loan repayment assistance.

Vacation time, 401k plans and health insurance are great, but what recent graduates really want is help repaying their student loan debt. Here's what you need to know and how you can benefit from this growing employee work benefit.

Student Loan Debt Statistics

According to the latest student loan debt statistics from personal finance site Make Lemonade, there are more than 44 million borrowers who collectively owe $1.5 trillion in student loans. Student loans are now the second largest consumer debt category after mortgages. On average, graduates of the Class of 2016 owe $37,000 in student loans, and graduates of the Class of 2017 owe almost $40,000 in student loan debt. To attract and retain recent graduates, in particular, companies are expanding their employee benefit programs to help reduce student loan debt for their employees. Here are 10 trailblazing companies that will help you pay off your student loans faster in 2018:

1. Fidelity

Employees at the manager level and below of this leading financial services company are eligible to receive up to $2,000 per year (up to $10,000 total) toward repayment of their student loans. The “Step Ahead Student Loan Assistance” benefit also provides employees with online tools to help them better manage their student loan debt. Fidelity estimates that approximately 25% of its employees have student loan debt. Another positive: since the student loan benefit is paid monthly, an employee who leaves Fidelity does not have to repay the benefit.

2. Aetna

This healthcare company offers up to $2,000 in matching student loan payments (up to $10,000) for full-time employees and $1,000 (up to $5,000) for part-time employees. To qualify, an employee must have earned an undergraduate or graduate degree within three years of applying for the program.

3. Penguin Random House

Penguin Random House is the first book publishing company to offer student loan repayment assistance. Penguin Random House will pay $1,200 per year (up to $9,000) in student loan repayment benefits for any full-time employee who has worked at the company at least one year. Gradifi is administering the student loan benefit.

4. PricewaterhouseCoopers (PwC)

The global accounting and consulting firm offers associates and senior associates up to $1,200 per year up to $7,200 toward an employee’s student loan debt. PwC is working with Gradifi, an employee benefit platform, to assist with its student loan repayment plan.

5. Abbott

The health care company is helping its employee repay student loans and save for retirement in a unique way. If an employee contributes 2% of their paycheck to student loan repayment, Abbott will provide a 5% match to the employee's 401k retirement plan.

6. Nvidia

The technology company offers its full-time and part-time employees up to $6,000 per year (up to $30,000) in student loan repayment benefits. Each month, Nvidia will pay the lesser of $500 and the employee’s required total monthly student loan payment amount. To be eligible, employees must work at the company for at least three months and have graduated within the last three years.

7. First Republic

The private bank and wealth management company provides its employees with a tiered student loan repayment benefit. The student loan repayment benefit is $1,200 the first year of employment, $1,800 the second year and $2,400 in all subsequent years. There is no lifetime cap on the student loan repayment benefit. Both full-time and part-time employees are eligible, as are employees who have borrowed an educational loan on behalf of their child. (Disclosure: First Republic is a partner of Make Lemonade).

8. Chegg

The education and technology company offers both full-time and part-time employees up to $1,000 annually to help repay their student loans. There is no cap on the amount of student loan repayment that employees can receive. Like Fidelity, Chegg partnered with Tuition.io to administer the student loan repayment benefit.

9. Live Nation

The live entertainment events promoter and venue operator offers its employees $100 per month to repay their student loans, with a total benefit of $6,000 in student loan repayment. .

10. Staples

The retailer helps full-time sales associates repay their student loans with $1,200 per year (up to $3,600).

What if your company doesn't offer student loan repayment assistance?

There are other ways to tackle your student loans. Your best bet is to refinance student loans through student loan refinancing, which can lower your interest rate and help you pay off your student loans faster. You can also make extra payments - in addition to your minimum payment - to reduce your principal balance. Every dollar counts, even small amounts. This student loan prepayment calculator can show you how much you can save. While this employer list is by no means comprehensive and it may create a potential tax liability for employees, expect this benefit to spread to other companies that want to recruit and retain a loyal employee base. It’s employee-centric. It’s forward-thinking. It’s solution-oriented.

Todd BellistriAugust 19, 2019

Why not start off this selling season leading into the holidays on the right foot? One way to do that is to finally give some thinking to smart marketing. We don’t need to be the ones to tell you it’s very competitive out there (but we will), what with tons of start ups and side hustles all over the landscape. By developing a legit marketing program you are giving yourself a true foot up on the competition. So read on, you’ll see that its not as daunting as you think and the upside is well worth it.

FROM FORBES / BY DOMINIQUE HARROCH

In today's digital landscape the right approach to small business marketing combines advanced technology, data-driven insights, and effective digital platforms. Here’s a comprehensive guide to small business marketing to companies navigate the current marketing trends and tools that can drive business success.

Key marketing tools for small businesses

Following is a summary of 11 key marketing tools that small and growing businesses should consider when leveraging owned, earned and paid media:

1. An optimized small business website

A high-performing website is crucial for marketing today. An optimized site increases your page rank on Google and other search engines, and in today's world, fewer than 1% of searches go to the second page of a search. Key elements of an effective small business site include:

Memorable domain name: Choose a name that reflects your business and is easy to recall.
User-friendly design: Ensure your site is visually appealing and intuitive. Sites should have a clear structure, intuitive navigation and information that is easy to access.
Search engine optimization (SEO): Implement SEO best practices to rank higher in search engine results.
Mobile optimization: Since over 55% of global web traffic comes from mobile devices, you’ll want to ensure your site is mobile-friendly.
Valuable content: Regularly update your site with engaging content like blogs and articles that address your audience's interests and needs.
Fast loading times: Optimize page speeds to improve user experience and SEO rankings.
Secure hosting: Use reputable hosting services to protect your site’s data and performance.

Additionally, integrating tools like Google Analytics (now called GA4) and Google Search Console (GSC) can provide valuable insights into your site's performance and user behavior.

2. Paid search engine marketing (SEM)

Paid search engine marketing, in which you pay if a keyword is clicked on that drives traffic to your website, remains a powerful tool for driving targeted traffic. Platforms like Google Ads and Bing Ads allow you to:

Bid on keywords: Use tools like Google keyword planner to select high-value keywords relevant to your business.
Control costs: Set daily and monthly budgets, and adjust bids based on performance.
Analyze performance: Track key metrics to assess and refine your campaigns.

3. Paid listings and display ads

Paid listings on platforms like Yelp, Facebook, and Pinterest can boost visibility. Use Google’s Display Network to target ads based on user interests and behavior. This approach allows you to:

Choose ad formats: Use banners, text ads, or video ads to capture attention.
Track return on investment (ROI): Monitor clicks and conversions to measure effectiveness. Track your costs, record and monitor revenue, and record all expenses. Make sure to measure lead generation numbers, customer acquisition, and sales metrics as valuable insights into your marketing effectiveness.
Testing: By experimenting with different ad copy, targeting options, and formats, businesses can identify what resonates most with their audience, refine their strategies, and ultimately improve click-through rates and conversions. This can include A/B testing, target audience variations, ad copy variations, call-to-action (CTA) testing or visual elements where you test different images or videos to determine which visual elements attract more attention and engagement.

4. Content marketing

Content marketing remains a cornerstone of effective digital strategies. Key tactics include:

Blogging: Regularly post optimized content to drive organic traffic. Nine out of ten marketers use blogs as part of their content strategy.
Guest posting: Publish articles on popular platforms such as Medium and AllBusiness.com to enhance your reach and SEO. Strive to create “evergreen” articles, which are designed to remain relevant and valuable over a long period of time, regardless of current events or trends. Unlike timely articles that focus on current news or trends, evergreen content addresses topics that have enduring interest and utility.
Video content: In 2023, individuals spent an average of 17 hours a week watching videos online. Utilize platforms like YouTube and TikTok to engage your audience.
Content platforms: Leverage content recommendation platforms like Outbrain to expand your content’s reach.

5. Social media marketing

Social media is a powerful tool for engaging with your audience. Focus on platforms such as:

Facebook: Effective for broad audience reach and targeted ads.
Instagram: Ideal for visual content and influencer partnerships.
LinkedIn: Best for B2B marketing and professional networking.
TikTok: Useful for viral video content and younger demographics.

With over 5 billion global social media users and growing, effective social media marketing can significantly enhance your brand’s visibility and engagement. To be effective, you must regularly post interesting content to obtain and keep followers.

6. Influencer marketing

Influencer marketing involves collaborating with individuals who have a significant and engaged following on social media platforms like Facebook, TikTok and Instagram to promote products or services. These influencers, who can range from celebrities to niche content creators, leverage their credibility and relationship with their audience to drive brand awareness and influence purchasing decisions.

The impact of influencer marketing on broader marketing efforts can be profound, as it allows brands to tap into authentic, targeted communities that are often more receptive to recommendations from trusted (or at least known) voices.

This form of marketing can enhance brand credibility, expand reach, and generate higher engagement rates compared to traditional advertising. As consumers increasingly seek personalized and relatable content, influencer marketing has become a powerful tool for connecting with audiences in a meaningful way.

7. Online business directories

It’s important for business owners to list their companies in prominent and reputable business directories. Often these listings are free, but even if you must pay a small fee, it can be worth it.

The benefits include

Exposure to potential clients and customers.
Boosted SEO through backlinks.
Improved online presence and brand awareness.
Increased credibility for your business.
Low-cost or free marketing.

The following is a list of top business directories to consider listing your business:

AllBusiness.com
Better Business Bureau
Facebook Page
Google Business Profile
LinkedIn
Superpages
Bing Places for Business

8. Radio marketing

While less prominent today, radio can still be effective. Many people are in their cars during peak commute hours. To maximize radio advertising:

Targeted placement: Choose stations and time slots that align with your target audience.
Engaging content: Create memorable and concise ads.
Consider your market: Are you a B2C company (business to consumer) or B2B company (business to business)? Is your market local (like a neighborhood restaurant), national (such as selling payroll services), or international (such as selling unique clothing to multiple markets)?

The cost-effectiveness of radio compared to TV makes it a viable option for more localized campaigns.

9. Press releases

Press releases are valuable for announcing significant business updates. Ensure your release is:

Newsworthy: Focus on unique and timely information.
Well-structured: Include a strong headline, key details, and contact information.
Multimedia: Incorporate multimedia elements like images and videos to increase engagement.

10. Email marketing

Email marketing remains effective when executed correctly. Best practices include:

Segmenting: Personalize content based on customer preferences and behavior. Use data to segment your lists and target markets.
Offering engaging content: Provide valuable information, special offers, and updates.
Optimization: Use A/B testing to refine subject lines and content.
Using AI-driven tools: These can help automate and personalize email campaigns, improving engagement rates.

11. Direct mail marketing

Despite the digital age, direct mail still works for certain audiences. To optimize direct mail:

Use targeted lists: Use well-researched mailing lists to improve ROI.
Implement creative designs: Ensure your mail piece stands out and is easy to read.
Track mailings: Monitor responses and effectiveness.

More tips to enhance your marketing campaigns

Here are some additional tips to optimize your marketing campaigns:

Segment: Segment your target market to a specific audience. Segmentation can be done with respect to age, gender, income level, education, geography, purchase stage or brand loyalty, and more.
Business lists: Consider using high quality business lists such as Dun and Bradstreet, Experian Business, ZoomInfo or InfoUSA. These lists can be used in multiple channels as well, maximizing the value of the lists.
Track real time: Track your marketing campaigns in real-time to get immediate insights, make quick adjustments, and understand what is working or not.
Key metrics: Track the key metrics in your campaigns, such as click-through rate, engagement rate, conversion rate, sales, revenue, customer acquisition cost, market share, and churn rate.
Software and AI: Use software and artificial intelligence (AI) tools for social media management, content creation and testing of alternative ads.
Budget: Allocate your budget wisely. Assess the performance of different marketing channels and allocate your budget to the ones that deliver the highest ROI. Continuously review and adjust your spending to focus on the most effective strategies.
Keep current: Stay updated with trends. Keep up with the latest marketing trends and technologies. Experiment with new platforms, tools, or strategies to stay ahead of the competition and reach your audience in innovative ways. Keep up to date with experts by seeking articles from reputable business sources such as AllBusiness.com.
Promote across channels: Share earned media coverage on your website, social media platforms, and email newsletters. For instance, if a major publication writes about your product, feature this article prominently on your homepage or social media profiles.
Showcase social proof: Use earned media as a form of social proof by highlighting positive reviews, testimonials, or features from reputable sources. This can build credibility and trust with potential customers.
Strengthen relationships with media: Build and maintain good relationships with journalists and influencers. This can lead to more favorable coverage in the future and expand your media network.
Repurpose content: Convert mentions and reviews into additional content, such as blog posts, case studies, and infographics. For example, if your company was featured in a popular tech blog, you could create a detailed blog post about the experience and its impact.

Ready to enhance your small business marketing strategy?

Developing a comprehensive and modern small business marketing strategy requires leveraging a mix of traditional and digital techniques. By integrating artificial intelligence tools, optimizing SEO, utilizing effective SEM strategies, and harnessing the power of social media, you can create a dynamic and effective marketing approach. Start by experimenting with different strategies, tracking your results, and refining your approach based on performance data.