Recruit More Millennials by Offering This One Big Perk You can attract and retain more millennials by easing their college debt.

By Scott Wylie Edited by Dan Bova

Opinions expressed by Entrepreneur contributors are their own.

Young adults today, as a group, have it tougher than previous generations did when starting out. The burden of student loans is one big difference between the baby boomers and later generations. It creates anxiety for these newer employees, and it leads them to delay building wealth, buying a home and saving for retirement.

Here's a thought: Help these men and women out. Companies have come up with a variety of potential solutions, including bonuses directed at student loan payments or making saving in other areas, such as 401(k)s, more attractive.

It's not charity that I'm talking about. It's a recruitment and retainment tool.

The companies that incentivize those employees by recognizing the challenges they face are going to do a better job of maintaining a happy, long-lasting workforce.

Scott Wylie

Chairman and CEO, First Western

Scott Wylie co-founded First Western in 2002 after recognizing the need for an integrated approach for delivering financial services to the growing affluent market. As chairman and CEO of First Western, Wylie provides leadership for the holding company, as well as management of the bank and trust services. Most recently, he served as chairman and CEO of Northern Trust Bank of Colorado after having sold his prior institution, Trust Bank of Colorado, to Northern in 1998.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business News

No Meetings, Up to $30 Per Hour, Fully Remote: A College Student Training AI Says the Work Is 'Perfect' for Introverts

He works 30 hours a week without a direct boss, daily meetings, or contact with coworkers.

Business News

Amazon Is Replacing Chime, Its Proprietary Video Conferencing Software, With... Zoom

Amazon is also adopting Microsoft 365 tools like Word and PowerPoint.

Living

I've Worked With Dozens of Highly Successful — But Unfulfilled — Entrepreneurs. Here's How I Helped Them Find Their Purpose.

Few people take the time to consider where they want to be in the long term and what their legacy will be. Entrepreneurs must consider their impact and purpose in this world earlier on in life.

Starting a Business

Are You Thinking Like a Founder? 4 Principles Every Successful Team Should Follow

Starting a business isn't just about launching products — it's about building a driven team and a mindset that keeps you moving forward. Here are four principles to help founders and their teams grow and succeed, no matter the challenges.

Growing a Business

Why I Apply Mike Tyson's Mindset to My Business Strategy

Here's how Mike Tyson's mindset of focus, adaptability, discipline and resilience has helped me achieve business success.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.