FRAMINGHAM, Mass. – Staples, Inc. (Nasdaq: SPLS) announced today the Phase I launch of a new student loan repayment plan that will help ease the burden of associates with student debt.
The program initially targets specific new hire sales associates and existing internal candidates who have been identified as high potential and top performers and will be offered to additional groups in the future. Active, full-time US 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.
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 percent of college grads leave school with student loan debt and of millennials 42 percent claim debt as their biggest concern. Over a trillion dollars of student loan debt is held by 40 million borrowers and new graduates owe a record-breaking average $37,000 in loans.
“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 vice president, global human resources. “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.”
The Student Loan Repayment Plan is being administered by Tuition.io, the leading platform for employee student loan contributions.
“Student debt is one of the foremost concerns facing millennials nationwide. As such, Tuition.io is thrilled to be working with Staples to help them contribute payments directly to their employees’ student loan service providers,” said Noam Katz, CTO at Tuition.io. “By offering such a compelling initiative to current and prospective employees, Staples is simultaneously enhancing its recruitment efforts while strengthening employee retention.”
In addition to the new student loan repayment plan, the company has launched a series of innovative recruiting efforts. With the company’s new internal headhunting program, in-house recruiters proactively reach out to current associates and offer them other opportunities within the organization. Staples is also conceptually piloting a program later this year called “Refer a Talent” where associates are encouraged to refer high-potential outside candidates in order to facilitate bringing them on board even if there is not a specific open job requisition.
Staples also recently showed its commitment to ending the gender wage gap and advancing women in the workplace by becoming the biggest retailer to join a consortium of companies that share best practices and promote new ideas called the Employers for Pay Equity. Staples was also one of the first companies to sign the Equal Pay Pledge initiated by the White House and the Obama Administration and participated in events aimed at gender pay equity and leveling the playing field for women. Staples also removed all queries on criminal history from employment applications as part of the Fair Chance Business Pledge.
The Student Loan Repayment Plan joins other education-themed benefits that Staples offers to associates. These include the Tuition Reimbursement Program where eligible associates are offered reimbursement for a portion of their tuition fees based on number of years of service and the Dependent Scholarship Program which provides 30 awards of $3,000 to associates’ dependents who plan to continue their education at a college, university or a vocational-technical school.
About Staples, Inc.
Staples retail stores and Staples.com help small business customers make more happen by providing a broad assortment of products, expanded business services and easy ways to shop, all backed with a lowest price guarantee. Staples offers businesses the convenience to shop and buy how and when they want - in store, online, via mobile or though social apps. Staples.com customers can either buy online and pick-up in store or ship for free from Staples.com with Staples Rewards minimum purchase. Expanded services also make it easy for businesses to succeed with in-store Business Centers featuring shipping services and products, copying, scanning, faxing and computer work stations, Tech Services, full-service Print & Marketing Services, Staples Merchant Services, small business lending and credit services.