One of the First Omnichannel Retailers to Publically Announce
Associate Benefit as Part of Broader Innovative Recruiting Effort
FRAMINGHAM, Mass.--(BUSINESS WIRE)--Nov. 1, 2016--
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.
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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Source: Staples, Inc.
Scott Michel, 508-253-4272