As attracting and retaining workers continues to be a priority for many companies, the issue of student loan debt will also be on the minds of both young workers and their employers. Recent findings from the ADP Research Institute suggest that much like fears of a recession, the "vibe" of student loan burdens might be driving employee discontent, and that developments in this area in 2024 will be closely watched by employers and employees alike.

The perception of student loan debt, instead of causing employees to hang on to their current jobs, instead seems to be driving them to look for greener pastures, the ADP report found. "Yes, a worker's outstanding debt does influence whether they'll stick with their current job or find a new one. But we found that workers with more debt are more likely to be looking to leave their jobs, not less likely," the researchers wrote. "And how workers feel about their debt is more influential than the actual amount they owe. Employees who perceive their debt burden to be great, whether it is or not, are far more likely to be shopping for a new job."

The heavy burden of student debt

To be sure, those with higher student debt are more likely to find it to be a "heavy burden," according to the ADP report.  The institute's quarterly survey found that workers who called their student loan debt a "heavy burden" were 2.4 times more likely to be in the process of leaving their current employment than other workers.