August 21, 2018

Delaware State Chamber Members:

Chamber Update

Keeping trained and talented employees is an issue for all businesses, and retention is perhaps more complicated for new hires and people in their 20s or 30s. Some businesses are getting creative in ways to keep these employees "sticky" and part of the team. For many in this age group, student loan repayment is a higher priority than contributions to 401(k) retirement plans. With accumulated student loan debt now higher than $1.5 trillion, a number greater than nationwide credit card or auto loan indebtedness, the average personal student loan debt is almost $34,000.  

We have great and affordable training and education options here in the Fist State. But if you have terrific employees that are saddled with student loan debt and they are not saving for retirement, it could be in everyone's mutual economic interest to address student loan repayment. 

Michael J. Quaranta

President

Delaware State Chamber of Commerce