The idea that happy employees are productive employees is not a new one, but the benefits that employers offer to promote employee well-being have evolved over time. Employer-sponsored healthcare first emerged in the 1940s. In the 1960s, IBM was known for hosting employee carnivals and offering employees access to country clubs and golf courses around the US. In the 2010s, tech companies (followed by others) aimed to attract and retain employees with in-office perks like ping pong tables and smoothie bars. Today, the pandemic has created a reckoning around what employees really need to thrive. There's movement away from in-office perks towards those that focus more holistically on employees' physical, emotional, and financial health. 

The burden of student loan debt

45 million Americans owe an estimated $1.7 trillion in student loan debt, including four in 10 millennial employees. By the end of 2020, borrowers' student loan balances grew by 9% and total student debt increased by 12%, the highest increases in years. The impact of that debt is crushing: between 20-34% of borrowers' take-home pay goes towards student loan monthly payments, and many individuals are saddled with debt for decades. Nearly three-quarters of borrowers say those loans have an impact on their ability to meet other goals, like paying for health insurance or saving for retirement. Student loan debt is linked to lower homeownership rates, less consumer spending, and fewer new small businesses—it affects the entire economy. Debt is also linked to high levels of stress and anxiety.