PeopleStrategy and Peanut Butter Partner to Bring Student Loan Assistance Programs to SMB Employers
PeopleStrategy, Inc., a full-service brokerage and provider of comprehensive, cloud-based human resource (HR) solutions, and Peanut Butter, a leading provider of student loan assistance in the form of resources and repayment plans, have partnered to provide small and medium-sized employers with one of the top benefits college-educated talent wants.
“Our primary goal is to help our clients more effectively and successfully attract, manage and retain talent. Being able to offer highly sought-after benefits such as student loan resources and repayment is another way we can help our clients differentiate themselves,” said PeopleStrategy Chief Growth Officer, Jim Prekop. “Peanut Butter shares our commitment to supporting employers and we look forward to a long-term partnership.”
Financial stress is real and on the rise. In 2019, 69% of employees admitted they were stressed about their finances, with 72% admitting that this stress gets in the way of their work. No generation is exempt from worrying about saving for retirement, making mortgage and rent payments, or paying off credit card debt. But with more than 45 million borrowers collectively holding over $1.5T in student loans, the number one cause of financial stress is student debt. In 2019, more than 76% of employees cited student debt as the leading cause of their financial worries.
“Financial stress often results in lower productivity, increased absenteeism and employee turnover, and higher healthcare costs,” said David Aronson, Peanut Butter CEO. “Employers that offer student loan assistance can reduce hiring timelines, increase employee tenure and improve diversity, all while making a positive impact on their employees’ financial futures. By partnering with forward-thinking companies like PeopleStrategy, we can help level the playing field for small businesses when competing for top talent.”
Through its Partner Network, PeopleStrategy provides access to state-of-the-art companies like Peanut Butter that offer clients an expanded set of products and services to drive employee engagement and retention. From financial wellness and employee engagement to risk management and compensation planning, PeopleStrategy Network Partners represent the latest HR technologies and trends. The company will continue to add strategic partners that complement its flagship hire-to-retire HR technology suite and comprehensive employee benefits broker services in order to provide a single source for employers to meet their HR, benefits and talent needs.