Candidly’s Post

We are excited to announce that Candidly has joined the Worker Solutions platform as part of our network of third-party providers offering enhanced benefits and managerial assistance to our clients and their workers. Candidly is the leading AI-driven student debt and savings optimization platform offering student debt solutions that build financial wellness for workers. Inclusive financial wellness benefits like Candidly are imperative to the modern workplace. As the second most common form of consumer debt, student debt spans every age, gender, race, income, life stage, and profession. Candidly, which has helped users collectively save over $1.8 billion, provides a simple solution to support your workers’ financial wellbeing and help reduce their student debt. Worker Solutions is dedicated to finding customized solutions that meet the needs of your workforce. We believe adopting our solutions can measurably improve employee retention, well-being, and productivity, while helping companies attract and retain talent and improve job quality. Candidly brings our clients the best-in-class solution for SECURE 2.0-friendly student loan retirement matching.

Amid a rapidly changing and competitive employment market, companies are exploring differentiated benefit offerings to attract and retain talent. With the Federal Reserve estimating that employees between the ages of 30 and 49 carry over 50% of the national student loan debt balance, student debt benefits are growing in popularity among financial wellness incentives and are the "Nex-gen" when it comes to employee benefits. Studies show that employees who use student debt management tools are more likely to show strengthened engagement in their jobs, have an increased rate of retention and are less likely to experience burnout.

HRO Today features insights from InStride's 2024 Workforce Education Motivations Report, emphasizing that younger workers are particularly driven by the opportunity to advance their careers while avoiding the burden of student debt. The report finds that U.S. workers across demographic groups are turning to employers for access to education, driven by tuition costs that have risen twice as fast as inflation over the past 40 years. Click for full details. InStride HRO Today #WorkforceEducation #CareerAdvancement #EmployerBenefits https://lnkd.in/gEiSabCE

Like many generations before them, the current cohort of young adults isn’t necessarily looking to work for the man. The search for a stable salary and benefits, however, often poses a threat to this resolve. Gen Z is holding fast, though, trying to take hold of late-stage capitalism’s reins. The volatile economy and the rough hand of cards dealt to Gen Z has put extra pressure on the generation’s resolve. These young adults are particularly financially vulnerable as they deal with larger student loans, rounds of recessions, and inflation early on in their career amid attempts at wealth building. But many Gen Zers aren’t giving up on their beliefs, finding a way to solve for what is often at odds in the modern economy: mission alignment and good pay.

The incoming administration's approach marks a clear pivot from public relief to private sector solutions for managing student debt -- which presents an incredible opportunity for employers to step in to support their workforce's financial wellness. Here's what you need to know: ❌ Mass loan forgiveness is off the table ✅ But tax-advantaged employer benefits are available now 📊 50% of borrowers haven't resumed payments 💪 Student loan benefits help retain and attract talent 🎯 With Summer, you can implement benefits with immediate impact Get Summer’s playbook on how to support employees, gain tax incentives and strengthen loyalty & retention today -- link in comments!

Check out the 3 key findings from our research that detail what it takes to make Gen Z talent want to join and stay with your company.

Employee retention is harder than ever. It seems businesses need to offer both hard and soft benefits to promote loyalty and attract new talent. A new financial perk is looking to address this, which allows employers to match employee student loan repayments with reflective 401(k) contributions. It may lend some peace of mind to a younger work force that while they're paying off the past, their employers are looking out for their future.

💡What does it take to make Gen Z talent want to join and stay with your company? … see more Relevant employee benefits for one. Knowing Gen Zers’ financial goals may change your thinking about the benefits programs, support and communication that Gen Z finds meaningful. Three key findings from our research: ✅ Gen Z prefers traditional benefits and help with saving, planning and financial literacy. ✅ HR believes Gen Z would rather have newer, less typical benefits, like support for student loan repayment — which isn’t the case. ✅ Managers think Gen Z favors employer support for paying off debt, even though this cohort is more focused on saving. These gaps in perspective point to possible weaknesses for companies trying to recruit and retain Gen Z workers. Get a quick view of our Gen Z research with this infographic. You’ll discover useful data — plus tips on how employers can use the findings to attract and retain workers in this age group. https://lnkd.in/gw3-M9Vz

Upcoming Webinar: The Why, How, and ROI of Offering Student Debt Benefits To Your Employees Join Commonwealth and our panel of dynamic experts on August 14th at 2pm ET as we discuss the growing trend—and need—of workplace benefits that help with student debt assistance. During this conversation, we'll explore: ✨ the latest research findings that showcase the effect of student debt on the workforce ✨ the role employers can take in increasing the financial resilience of their employees, especially those earning a low-to-moderate income ✨ existing barriers employers experience with expanding their workplace benefits offerings ✨ new and practical student debt benefit solutions that help overcome barriers by increasing the capacity of employers and access for employees ✨ the ROI and impact both employers and employees gain when implementing student debt-focused workplace benefits Attendees will walk away with new insights and tangible next steps for offering high-quality and impactful workplace benefits, including student debt assistance, that support the financial stability and overall financial wellness of their employees. Visit the link in the first comment to register (and yes, there will be a replay shared with you if you aren’t able to attend live!) CC: Employee Benefits By Saving! Jessica Cardichon Aaron Smith Natalie Blain #StudentDebt #StudentLoans #Employers #HRBenefits #HumanResources #EmployeeBenefits #StudentLoanForgiveness #SaveProgram

The Financial Struggles of Gen Z: Navigating Economic Challenges As the youngest generation in the workforce, Gen Z faces unique financial challenges that are creating a significant burden. From student debt to high living costs, the economic landscape is proving difficult for many young adults to navigate. Let’s explore the factors contributing to this financial crunch and potential ways to alleviate the burden. The Economic Landscape for Gen Z 1. Rising Student Debt:   The cost of higher education has skyrocketed, leaving many Gen Z individuals with substantial student loans. This debt often delays major life decisions such as buying a home or starting a family, and can take decades to pay off. 2. High Living Costs:   The cost of living, particularly in urban areas, has increased significantly. Rent, utilities, and everyday expenses consume a large portion of young adults’ incomes, leaving little room for savings or discretionary spending. 3. Job Market Volatility:   While the gig economy offers flexibility, it also brings uncertainty. Many Gen Z workers are in precarious employment situations with limited job security, benefits, or retirement plans, making long-term financial planning challenging. 4. Economic Disruptions:   Global events, such as the COVID-19 pandemic, have exacerbated financial instability. Economic disruptions disproportionately affect younger workers who often have less experience and fewer resources to fall back on. Strategies for Financial Stability 1. Financial Education:   Improving financial literacy can empower Gen Z to make informed decisions about budgeting, saving, and investing. Educational initiatives, both in schools and through online platforms, are essential. 2. Policy Reforms:   Advocating for policy changes that address student loan forgiveness, affordable housing, and fair labor practices can help reduce financial strain. Supporting policies that enhance job security and provide benefits for gig workers is also crucial. 3. Entrepreneurial Opportunities:   Encouraging and supporting entrepreneurship can provide alternative pathways to financial independence. Access to funding, mentorship, and resources can help young entrepreneurs succeed. 4. Innovative Financial Products:   Financial institutions can develop products tailored to the needs of Gen Z, such as flexible savings accounts, budgeting tools, and low-interest loans. These products can help young adults manage their finances more effectively. Conclusion Gen Z faces a daunting economic environment, but with the right strategies and support, they can overcome these challenges. By improving financial literacy, advocating for policy reforms, and leveraging innovative financial products, we can help this generation achieve financial stability and success. #GenZFinance #FinancialLiteracy #EconomicChallenges #StudentDebt