Live Nation wants to boost its recruitment drive amongst millennials by offering to help its workforce pay off their student debts.
The events operator, which owns Ticketmaster, has joined forces with tech startup Tuition.io to create a scheme that will aid its 9,000 US employees. Live Nation is to match employee contributions towards student debts from $100 monthly, up to $6,000 (£4,900/€5,600).
With student debt amounting to $1.4 trillion, helping students pay off their loans is just good business in helping attract millennials to firms, according to Nadia Rawlinson, chief human resource officer for Live Nation.
“A lot of companies do cool stuff like free lunches or bring your parents to work day, which are all great,” she told the ABC network. “But we want to make sure we’re doing things that are substantive.”
The number of companies offering student debt assist are small – just about 3% of corporate America, notes Rawlinson, but “it’s new, it’s innovative and it gets out at helping employees realise their life goals, not just professional goals.”
Staples, Fidelity Investments and Hewlett-Packard are among the companies also partnering with Tuition.io.
“Two years ago, no one heard about companies doing this,” said Tuition.io chief executive Scott Thompson. “Now it’s remarkable all the inbound requests we get for more information and demos. It’s a space that’s become white hot.”