Penguin Random House is the largest book publisher in the United States and they want to offer a reason for students fresh out of school to come and work for them. Starting next year they will initiate a new program to help pay down student loans.
“I know all too well that student loan debt burdens a great deal of our colleagues at Penguin Random House, and increasingly, our future talent,” wrote PRH’s CEO, Markus Dohle, in a letter to employees. “Starting in January 2017, we will offer a student loan repayment of up to $1,200 annually, totaling a maximum of $9,000, to all regular full-time employees with outstanding student loans who have been with the company at least one year.”
Penguin Random House is betting that young employees will stick with the publisher for a number of years in order to get their student loans down. This will not only assist in the turnover rate but will hopefully lead to them sticking with the company for the long-term.