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

Here's What Companies and Services Are Open and Closed on Juneteenth 2025

Juneteenth was designated as a federal holiday in the U.S. in 2021.

Leadership

How to Make Smarter Decisions Under Pressure, From an ER Doctor Who's Done It for 20 Years

We asked an emergency physician who studies decision-making under pressure about leadership. His insights reveal why the best leaders think like scientists of themselves.

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.

Business News

The U.S. Added Over 1,000 New Millionaires a Day in 2024. Here's How That Compares to the Rest of the World.

UBS revealed its latest report on global wealth on Wednesday, which looks back on wealth trends.

Leadership

This Founder Noticed a Stark Change at a Local Pride Parade — and Says It Creates a 'Real Opportunity' for Small Businesses

Tanner Graham, co-founder and CEO of General Idea, reveals how business leaders can step up this month and beyond.

Thought Leaders

I Spent 20 Years Watching Brands Rise or Fade—This Is What Separates Them

Many entrepreneurs turn to PR only when they want immediate results, but strategic visibility is a long game.