The Best Employee Benefit That You Know Nothing About

A high-performing employee walks into your office looking obviously distressed.

“I know I’ve been distracted at work lately,” he says, “but I’ve been incredibly worried lately about my finances.”

This surprises you because, as the HR director, you know the employee receives a competitive salary and benefits package. They receive great health insurance and retirement planning. What other financial concerns are left to stress them out?

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“My daughter is applying for college next year, and I’m not sure if we’ll be able to cover the costs once she enrolls,” he continues. “I have a friend who receives college savings benefits from his job. Do we offer anything like that?”

If you’re like many HR professionals, you didn’t even know such employee benefits existed.
That’s why Gradvisor, a benefits platform offering employees assistance planning and saving for the cost of college, created an infographic based on their research that offers HR professionals some important insights and information they need to know about how these benefits impact employees’ lives — and more importantly, how their workplace can improved by offering such.

Some highlights include:

  • Only 42.2% of HR professionals say they’re extremely knowledgeable about 529 plans and college savings options for employees.
  • 15.6% of HR pros didn’t even know such benefits existed.
  • 43.5% of HR professionals think their employees wouldn’t be interested in college savings benefits.
  • However, 70.3% of employees would enroll in the benefits if their employers offered them.
Clearly there is a disconnect between employees and HR professionals on this topic. The best way to begin to close this gap is to learn about how your employees feel about saving for their children’s college education. By understanding their needs in this area, you can make better decisions about implementing the right program for your workplace.
Check out the full infographic to learn more about the college savings benefits you can offer to your employees and the best ways to make those programs effective.

Still have more questions about 529 plans and college savings benefits? Ask in the comments below!