Investing in People is Part of the Culture
This year we started working with SLB (Student Loan Benefits) – an Austin-based startup that helps companies (and their employees) help pay off their team’s student loan debt. Education is a critical enabler of what we do as an organization, and paying for it is the modern day challenge for recent graduates. SLB attempts to motivate companies and employees to address the challenge earlier in their careers by creating an employer match.
Of course, there’s nothing stopping companies from helping with student loans. But what SLB does is make the process a normal part of payroll processing, easy for both employees and the company to administer. And SLB understands that even a little bit of help paying off student loans goes a long way – because it helps establish the discipline and track record for paying it down every month.
SLB’s Courtney Krieg recently featured BP3 on their blog:
Austin, TX— July 3, 2014 — According to Lance Gibbs, CEO of BP3, helping to ease the debt burden of employees is a responsibility of the employer. Gibbs saw an opportunity to stand apart from other companies by working with Student Loan Benefits (SLB) to offer a unique benefit focused on reducing student debt for employees. As a result of implementing this benefit, Gibbs affirms that SLB helps his team to “focus on their jobs [and] …focus on their families” as opposed to fretting over the stress of student loan payments.
Together, these two companies are making a difference in tackling rising student loan debt. Since most employers do not realize the extent to which student debt affects their employees, both young and old, student loan debt stands as an invisible problem. BP3 identified with this problem before offering SLB. Gibbs stated, “…we didn’t have real insight to what debt people were carrying. Thus, we didn’t really know until we put [the SLB platform] out there and realized very quickly that our folks are just like any other professional… they’re saddled with student loan debts.” So, if you’re looking to enhance company culture, retain and recruit top talent, and increase overall productivity at your company, then go SLB.
We often talk about investing in our team. This is the kind of investment we like to make. Too often startups forgo investing in 401k matches and education benefits – benefits that will long outlast the free food in the kitchen. We’re proud to be a reference for Student Loan Benefits, because we share a belief in their mission, and in our team. I hope we’ll see more companies in Austin sign up with SLB to provide assistance with student loans.