Staples Implements New Student Loan Repayment Plan for Sales Associates and High Performers
November 01 2016 - 6:57AM
Business Wire
One of the First Omnichannel Retailers to
Publically Announce Associate Benefit as Part of Broader Innovative
Recruiting Effort
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.
Staples Business Advantage, the business-to-business division of
Staples, Inc., helps mid-market, commercial and enterprise-sized
customers make more happen by offering a curated assortment of
products and services combined with deep expertise, best-in-class
customer service, competitive pricing and state-of-the art
ecommerce site. Staples Business Advantage is the one-source
solution for all things businesses need to succeed, including
office supplies, facilities cleaning and maintenance, breakroom
snacks and beverages, technology, furniture, interior design and
Print & Marketing Services. Headquartered outside of Boston,
Staples, Inc. operates throughout North and South America, Europe,
Asia, Australia and New Zealand. More information about Staples
(NASDAQ: SPLS) is available at www.staples.
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version on businesswire.com: http://www.businesswire.com/news/home/20161101005240/en/
Staples, Inc.Scott Michel,
508-253-4272Scott.Michel@staples.com
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