November 2, 2016
PUBLISHED BY Marianne Wilson
SOURCE Chain Store Age
Staples wants to help its associates pay back their student loans.
The retailer is launching a new student loan repayment plan for sales associates as part of a broader recruiting effort. The first part of the program initially targets specific new hire sales associates and existing internal candidates who have been identified as high potential and top performers. Staples said it will expand the program to additional groups in the future.
Under the terms of the program, active, full-time U.S. Staple associates with at least one outstanding loan obligation, who have obtained or are in the process of receiving a degree from an accredited institution, will have their loan principal paid at $100/per month for 36 months.
Staples noted that student loan debt is an increasing issue among the millennial population, which represents a large portion of Staples’ employee-base. Within the industry, over 70% of college grads leave school with student loan debt and of millennials, 42% claim debt as their biggest concern.
“Staples is pioneering this effort within the retail industry to help with the recruitment and retention of the key talent needed to support our previously announced strategy to focus on mid-market customers,” said Regis Mulot, executive VP, global human resources, Staples. “We’re adding more than 1,000 people to our sales force and offering a student loan repayment benefit shows our commitment to supporting both new and existing associates.”
Staples’ student loan repayment plan is being administered by Tuition.io, a leading platform for employee student loan contributions.
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