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<div type="image" title="Michael Fenlon PwC" height="1323" width="1763" msid="75302408" hostid="261"></div><ul class="summary-list"><li>During a particularly stressful time, like the novel coronavirus pandemic, it's important that leaders develop new methods for checking in on their employees.</li><li><keyword id="9096924" type="UNKNOWN" weightage="60" keywordseo="michael-fenlon">Michael Fenlon</keyword>, chief people officer at <a href="https://www.pwc.com/us/en.html">PwC</a>, a global professional services firm, told <keyword id="824043" type="COMPANY" weightage="60" keywordseo="Business-Insider">Business Insider</keyword> he uses a number of strategies, including virtual town halls, to see how his workforce is feeling.</li><li>By providing a space for employees to talk, leaders can identify gaps and access their employee's well-being, Fenlon said.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>As social distancing becomes the new normal, leaders should regularly check in on how isolated employees are feeling. That's according to Michael Fenlon, chief people officer at professional services firm <a href="https://www.pwc.com/us/en.html">PwC</a>, which has 55,000 employees in the US alone. He told Business Insider that providing workers a safe space to discuss how they're feeling can offer insight into their well-being. "We need to be listening, and be very connected to understand what our people need and how we can best support them," he said. Today, more employees than ever before are adjusting to life in social isolation. Long periods of isolation can be damaging. <a href="https://www.businessinsider.com/sc/how-loneliness-impacts-the-workplace-and-what-employers-can-do-2020-3">Experts say being separated from others</a> can drive feelings of loneliness, anxiety, and depression.This is why some employers are adding <a href="https://www.businessinsider.com/coronavirus-has-encouraged-companies-to-add-mental-health-benefits-2020-3">new mental health benefits</a> to help employees cope. <keyword id="53186" type="CITY" weightage="60" keywordseo="PwC">PwC</keyword>, for example, introduced well-being coaching sessions where employees can reach out to a professional coach to discuss anything that may be causing them stress.At PwC, Fenlon uses virtual town halls, "Feedback Fridays," and activities such as sharing work-from-home photos to ease anxiety and give employees the tools necessary to be successful, even during times of stress.Fenlon recently spoke with Caroline Hroncich, an associate editor at Business Insider, about mental health benefits in the workplace, improving the well being of employees in a remote setting, and the future of a virtual workforce.This interview has been lightly edited for clarity.<h2>Customized mental health support is key</h2>Hroncich: How do you support your employees' mental health? Fenlon: One longstanding priority is something we call "<a href="https://habitbank.pwc.com/#tab=1">Be Well, Work Well</a>," which includes physical, emotional, spiritual well-being. It includes mental well-being and mental health as well. That's not new. We've been working in this area for years now and it's been a top priority for our firm.We're really trying to customize the support we provide. [We have] a large in-house executive coaching group in our firm. They are now providing one-on-one coaching sessions on well-being. In sessions they cover everything from dealing with stress and anxiety to "I can't focus or concentrate," and "how do I work effectively in an all-remote [environment.]" If you need another type of support, let's say more formal therapy or some sort of treatment, that will also then be delivered virtually.We also have something called "citizen-led virtual communities" [online communities where employees can come together and discuss how they're feeling.] We're running a session on managing the stress of having young children at home and homeschooling issues. This is an opportunity for parents to come together and share ideas.Hroncich: Why is it important for companies to invest in mental health benefits right now? Fenlon: Well, it's extraordinarily important, and maybe these things maybe should seem obvious, but I think maybe just to state it clearly, this is a moment where we've got to invest to live our values. I think most companies have values that relate to caring, to people first, if you will, and investing not only in the health and safety of people but in the well-being of their people. We want to enable our people to be at their best. And this is a period of time where obviously we're all feeling a high level of uncertainty.<h2>Soliciting feedback from employees is crucial for understanding how they feel </h2>Caroline Hroncich: How has the coronavirus pandemic altered work for your employees?Michael Fenlon: Some of our people live alone by themselves. Maybe that can engender a sense of isolation and loneliness that we're certainly not accustomed to because we've never worked full time in social distancing. Others may live in crowded apartments with roommates and others that they may enjoy spending time with, but now it's kind of 24/7. So that creates a set of challenges.Many of us are now in circumstances, not of our own choosing, where we're juggling many different demands: health and safety for ourselves and our family; young kids now at home who have homeschooling agendas and they need help; toddlers coming in the middle of a conference call.[At Pwc,] we've done something where we've asked our people across the firm to share pictures of their new [workspace] and we call it their "why" and their "how." Some folks are sending in photographs of working at their desk. Maybe their dog is on their lap, maybe their kids are on their lap. All sorts of pictures of different arrangements that make it real.The first step is just acknowledging the situation and making it okay to recognize that we're all going to be juggling a lot right now and we shouldn't make assumptions.Hroncich: How do you assess how your employees are feeling during the pandemic?Fenlon: We have something called "Feedback Fridays." Each Friday we post a few questions that go to everyone and we get feedback that way. But this pandemic is a time, obviously, where we have an increased need for communication. Right now, every single Wednesday we are doing a town hall with all of our partners and we do a town hall with all of our people in our firm. We have segments on mental health and well-being, how we can support each other, and how to work virtually.It's also a time for people to submit questions and to let us know and what's top of mind for them. Some of those questions we're able to address in real-time. We also created a site, a COVID-19 site, that's a one-stop-shop on our internal site for our people. It's loaded with FAQ information links.<h2>The coronavirus pandemic is an 'unprecedented experiment' of virtual work for employees and leaders</h2>Hroncich: What kind of advice would you give to people leaders who are managing remote teams during the pandemic?Fenlon: This is a time for clarity and decisiveness overall. And it's got to start with tone at the top. There's absolutely no substitute for direct communication at this time from CEOs and other organizational leaders. This is a time for visibility, and it's a time for authenticity. What do I mean by that? Being open, that all of us are going through this together and that we're all going to be having feelings of fear or anxiety or concern. That's normal.That's to be expected in this abnormal situation that we're all going through. It's a time when we have to communicate clarity and direction and operate from a position of values and what we stand for. At the same time, be listening and very connected to understand what our people need and how we can best support them. Whether that's [through] new benefits or other kinds of resources that people need to work effectively in a 100% remote work from home environment. Hroncich: What are some of the things people and HR leaders are going to learn from this experience? Fenlon: I think overall it's in some respects an unprecedented experiment of working virtually. I don't think there will be a return to what was before. I think a lot of us are learning a lot.And we're going to apply some of these lessons now going forward. I think there will be even greater openness to virtual work arrangements, a recognition that teams can operate effectively virtually.If companies had not recognized the importance of supporting employees through mental health benefits, it has be crystal clear now how important those are. Not just to their personal well-being, but to the ability of any workforce to really intervene to the fullest, be at their best, and to feel a deep sense of commitment as well.Read the original article on <a href="https://www.businessinsider.com/pwc-michael-fenlon-how-to-lead-a-remote-workforce-2020-4">Business Insider</a>

A top PwC exec shares how companies can maintain the well-being of workers in a remote setting, and what the future has in store for the virtual workforce

Stefan Wermuth/Reuters Starbucks recently announced expanded mental health benefits for 220,000 US workers and their family members.Samantha Lee/Business Insider<ul class="summary-list"><li>The novel coronavirus pandemic may drive companies to invest more heavily in mental health benefits. </li><li>Some companies, like Starbucks and PwC, have already updated their benefits in response to the virus. </li><li>Companies that provide mental health tools for individuals and workers have seen an uptick in the number of people requesting services.</li><li>Younger generations, like millennials and Gen Zers, are driving the push for more mental health care at work. </li><li>This article is part of Business Insider's ongoing series on <a href="https://www.businessinsider.com/better-capitalism">Better Capitalism</a>.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Michael Fenlon, the chief people officer at professional services firm PwC, meets daily with the company's well-being team to discuss how employees are coping during the novel coronavirus pandemic. Before the outbreak, the team met weekly. Fenlon is in charge of making sure the firm's 55,000 US employees have the resources they need to cope with the crisis, which has forced thousands of Americans into social isolation and quarantine. It's been a challenge, Fenlon said, because employees feel lonely, anxious, or stressed about the pandemic. Many are working from home while simultaneously caring for children or loved ones, and others may be entirely alone in isolation, all of which can have a negative impact on mental health, he said."All of us have a range of anxiety, a deep sense of concern," he said. "There are risks we face in terms of health, and then there are a whole range of different circumstances." The coronavirus pandemic has upended work and home life for thousands of Americans, causing increased stress in many. An ongoing survey of more than 80,000 people from survey provider <a href="https://www.surveymonkey.com/curiosity/coronavirus-statistics/">SurveyMonkey</a> found that 86% of Americans are worried about the outbreak in the US, and 91% are concerned about the impact of the virus on the US economy. These added worries about health, safety, and finances can cause elevated levels of anxiety, according to the <a href="https://www.cdc.gov/coronavirus/2019-ncov/prepare/managing-stress-anxiety.html">Centers for Disease Control and Prevention.</a> Younger generations like millennials and Gen Zers are calling for more tools to help them deal with the increased stress at work. Yet, mental health benefits are still a relatively new phenomenon for many employers. Just about 13% of companies provide access to onsite stress management programs and 11% provide mindfulness or meditation benefits, according to data from the professional HR membership association <a href="https://www.shrm.org/hr-today/trends-and-forecasting/research-and-surveys/pages/benefits19.aspx">Society for Human Resource Management</a>. Mental health benefits are sometimes looped into employee assistance programs, which most companies offer (79%, according to SHRM), but these programs typically have low utilization rates - usually less than 10% of employees use these programs, <a href="https://www.shrm.org/hr-today/news/hr-magazine/winter2019/pages/companies-seek-to-boost-low-usage-of-employee-assistance-programs.aspx">SHRM</a> reported. But the coronavirus pandemic has encouraged some companies to make changes. For example, Fenlon and his team decided to ramp up the company's mental health benefits in response to the pandemic. PwC recently introduced well-being coaching sessions where employees can reach out to a professional coach to discuss anything that may be causing them stress. They also created an online community for workers to connect with one another to discuss challenges they're facing surrounding coronavirus.The firm already offers employees and dependents six free therapy sessions, confidential emotional support via mobile app, and free apps on guided meditations, sleep, breathing, and relaxing music."If companies had not recognized the importance of supporting employees through mental health benefits it's got to be crystal clear now," Fenlon said. "I think those would be the lessons as we look to the future." <h2>A sense of 'urgency' </h2>Online therapy providers have seen a sharp rise in the number of people looking online for mental health resources. Alon Matas, the founder and president of the online counseling service BetterHelp, <a href="https://www.businessinsider.com/coronavirus-anxiety-leading-people-to-online-therapy-2020-3">previously told Insider</a> "the number of new members with concerns of stress and anxiety in February more than doubled compared to February of last year."Henry Albrecht, CEO and founder of Limeade, a company that provides an employee well-being program to employers including Keurig, Dr. Pepper, and UPenn Health, said they expect to see "triple digit growth" in the number of companies interested in emotional-well-being offerings. The company provides tools like stress management programs, and mindfulness and resilience training. "Our traffic has gone through the roof in the last couple of weeks," he said. "Sadly, sometimes it takes a crisis and economic meltdown to help people understand the importance of prevention, and of care."The coronavirus has created an added urgency for many companies to provide mental health resources to employees, said Megan Jones Bell, chief science officer at the meditation app Headspace. Employers are also feeling the pressure from younger generations, who are demanding these benefits, she said.Since mid-March, Headspace has seen a 400% increase in requests from companies not yet using the app, seeking support for their employees' mental well-being. Headspace works with employers including Starbucks, Adobe, and GE. "We've seen companies with whom we've been talking for many months have a new sense of urgency around the need to do something," she said. Starbucks, for example, recently announced that beginning April 6, all of its employees (which the company calls "partners") who work 20 hours or more per week will now be entitled to expanded mental health benefits through its employee assistance program. Each employee and their family members will be able to access 20 sessions a year with a mental health therapist or coach through the provider Lyra Health, at no cost. The benefit rollout will impact more than 220,000 US workers and their family members, according to Ron Crawford, vice president of global benefits at Starbucks."With one in five adults experiencing some form of mental illness each year, and with partner feedback about what benefits would be most useful, we knew we could do much more," Crawford told Business Insider.To ensure every employee knows about the new program, Crawford said the company is communicating the news "through all channels.""We want to ensure every partner, in every store, feels supported and knows how and where to seek help for themselves and others," he said. <h2>Younger generations driving change </h2>Although some employers are providing more resources for workers during the pandemic, it may not be the C-suite that is driving the change. Employees - particularly younger generations like Gen Zers and millennials - are demanding their companies offer resources to help address mental health issues, Bell said. And many have become much more vocal about it. "We've seen it become more part of our cultural lexicon, I think these younger generations are really driving that change," she said. As younger generations become a bigger part of the workforce, it's likely that more companies will find it necessary to invest in mental health benefits, she added. Millennials do feel their jobs have an outsize role on their overall mental health, <a href="https://www.businessinsider.com/millennials-mental-health-burnout-lonely-depressed-money-stress">Business Insider previously reported</a>. A report from <a href="https://www.bcbs.com/sites/default/files/file-attachments/health-of-america-report/HOA-Moodys-Millennial-10-30.pdf">Blue Cross Blue Shield </a>found that millennials are seeing their physical and mental health decline at a <a href="https://www.businessinsider.com/millennials-gen-x-mortality-rate-mental-health-depression-2019-11">faster rate than Gen X as they age</a>. But they're also more likely to go to therapy than previous generations. "Mental health problems are affecting them more and are much more likely to want to talk about it and expect their employers to help them with it," Bell said. "It is positive that they are demanding that they're addressed." Ultimately, Bell said, this could drive more companies to step up to the plate and provide resources for workers. "I think it's just really about helping people be their best, healthiest, and calmest," she said.Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please email <a href="mailto:covidtips@businessinsider.com">covidtips@businessinsider.com</a> and tell us your story.And get the latest <a href="/coronavirus-business-impact">coronavirus analysis and research</a> from Business Insider Intelligence on how COVID-19 is impacting businesses. <h3>NOW WATCH: <a href="https://www.businessinsider.com/pikes-peak-hill-climb-colorado-most-dangerous-racetrack-2020-2">Why Pikes Peak is the most dangerous racetrack in America</a></h3>

Mental health benefits are becoming America's most competitive office perk in the age of coronavirus

Dragana Gordic/ShutterstockThe Crisis Text Line offers free, confidential help 24/7 in the US, Canada, and the UK.<ul class="summary-list"><li>The Crisis Text Line, which operates in the US, Canada, and the UK, provides free confidential crisis intervention via text message.</li><li>Over the last two weeks, the number of texts to the hotline has been 47% to 116% higher than an average day, corresponding with a dramatic spike in <a href="https://www.businessinsider.com/coronavirus-live-updates-latest-news">novel coronavirus</a> cases, as well as historic <a href="https://www.businessinsider.com/how-to-file-for-unemployment-benefits-2020-3">unemployment</a> in the US. </li><li>The hotline has seen many texts coming in with the words "furloughed," "laid off," and "virus," a spokesperson told Business Insider. </li><li>The number of crisis counselor volunteers has doubled since before the pandemic. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>The <a href="https://www.businessinsider.com/coronavirus-live-updates-latest-news">novel coronavirus pandemic</a> is a mental health crisis, too.<a href="https://www.crisistextline.org/">The Crisis Text Line</a> - a nonprofit providing free confidential crisis intervention via text message that operates in the US, Canada, and the UK - has seen a spike in the number of people reaching out for help. The hotline has seen between 47% to 116% more texts per day over the past two weeks than it does on an average day. The spike coincides with the worsening of the novel coronavirus worldwide, as well as <a href="https://www.businessinsider.com/how-to-file-for-unemployment-benefits-2020-3">historic layoffs</a> in the US. Counselors affiliated with the nonprofit are seeing more people texting the terms "furloughed" "landlord," and "layed/laid off," signaling the economic impact of the coronavirus could be taking a severe mental toll on many, Sara Li, social media and marketing coordinator at the Crisis Text Line, told Business Insider.In the last two weeks, about 10 million Americans have filed for unemployment, with a record-making 6.6 million new jobless claims filed for the week ending in March 28, according to the <a href="https://www.businessinsider.com/us-weekly-jobless-claims-unemployment-filings-record-labor-market-coronavirus-2020-4">US Bureau of Labor Statistics</a>. This dwarfs the previous record of 695,000 claims filed in 1982, during the 1980s recession."The coronavirus is impacting people of all socioeconomic statuses, but around half of texters in crisis reaching out are from low-income households," Li said. "Some 32% of our texter households are under $20,000 per year in income." There's also been an increase in the number of people saying they're anxious, Li said. Now, if you visit their website, a pop up appears with the text: "Anxious about Coronavirus? Text HOME to 741741 to connect with a Crisis Counselor. We're here to help." Text messages mentioning "virus" have also increased, with 80% of people mentioning the word "virus" discussing feelings of anxiety. Amid the surge in texts to the hotline, there is some good news, however. The number of people who have volunteered to be a <a href="https://www.crisistextline.org/become-a-volunteer/">crisis counselor</a>, the person who responds to crisis texts, has doubled since the spread of the pandemic. The Crisis Text Line isn't the only resource seeing an uptick in demand. Online therapy is growing in popularity as people social distance and self-quarantine to stop the spread of the pandemic. Carl Nordstrom, the CEO of <a href="https://www.online-therapy.com/" target="_blank" rel="noopener">Online Therapy</a>, told Insider that, the last week, his company saw a more than <a href="https://www.businessinsider.com/coronavirus-anxiety-leading-people-to-online-therapy-2020-3">30% increase</a> in new clients compared to the week before."We have a strong feeling that people are generally more anxious because of the coronavirus," he told <a href="https://www.businessinsider.com/coronavirus-anxiety-leading-people-to-online-therapy-2020-3">Insider</a>. At the same time, more companies have started to roll out mental health benefits, responding to employee needs. Starbucks, for example, recently announced that all of its employees who work 20 hours or more per week will now be entitled to expanded mental health benefits through its employee assistance program. Professional services firm PwC also announced expanded mental health benefits. "If companies had not recognized the importance of supporting employees through mental health benefits it's got to be crystal clear now," Michael Fenlon, chief people officer at PwC, previously <a href="https://www.businessinsider.com/coronavirus-has-encouraged-companies-to-add-mental-health-benefits-2020-3">told Business Insider</a>. If you're struggling with anxiety, depression, grief, or suicidal thoughts, call the SAMHSA National Helpline at 1-800-662-HELP(4357) anytime for free, confidential help or reach out to the Crisis Text Line by texting HOME to 741741. Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please email <a href="mailto:covidtips@businessinsider.com">covidtips@businessinsider.com</a> and tell us your story.And get the latest <a href="/coronavirus-business-impact">coronavirus analysis and research</a> from Business Insider Intelligence on how COVID-19 is impacting businesses. <h3>NOW WATCH: <a href="https://www.businessinsider.com/coronavirus-anxiety-therapy-advice-self-care-2020-3">Why you shouldn't judge yourself for having coronavirus anxiety, according to a therapist</a></h3>

Coronavirus and mass layoffs are causing a dramatic spike in people seeking help from crisis text hotlines

<h1>Hulu; Lenovo; PWC; Citi; Ruobing Su/Business InsiderFrom left to right: Shannon Sullivan of Hulu, Yolanda Lee Conyers of Lenovo, Sara Wechter of Citi, and Michael Fenlon of PwC.</h1>Building a positive work culture has never been more important. And HR teams are taking notice. Business Insider spotlighted 20 HR leaders who are transforming their company culture through D&amp;I initiatives, expanded family-leave policies, and other creative programs. Find out how they're making employees feel valued at companies including FedEx, PwC, and Hulu.<a href="https://www.businessinsider.com/hr-innovators-who-are-transforming-company-culture-2020-3">Meet them here.</a><h1>Welcome to Success Insider, our regular newsletter for getting things done.</h1>This week we have details on how to get into Harvard Medical School, what it's like during your first year at Bain, personal finance tips from Suze Orman, and more.<h3>How a married couple turned $5,000 in savings and zero business experience into a family-friendly deals website with $40 million in sales and a deal on 'Shark Tank'</h3>Walt Disney Television via Getty ImagesJamie and Brian Ratner of CertifiKid.com.Jamie and Brian Ratner are the husband and wife team behind the parenting and family-deals website <a href="http://certifikid.com/" target="_blank" rel="noopener noreferrer">CertifiKid.com</a>, which they started 10 years ago with just $5,000 in savings and zero business experience. The Ratners said they were able to achieve profitability within their first 3 months and have since made more than $40 million in total sales.Last year, they were featured on "Shark Tank," where they landed a deal from Kevin O'Leary - one the top 5 deals he has done on the show. This has enabled the Ratners to take their business nationwide.<a href="https://www.businessinsider.com/a-couple-with-no-experience-made-a-shark-tank-win-2020-3">Here's how they did it.</a><h3>The CEO of Honeywell tells us how a company known for thermostats plans to crush IBM, Google, and other rivals in the quantum wars</h3>HoneywellDarius Adamczyk is the CEO of Honeywell.Honeywell, a company perhaps best known for its digital thermostats, unveiled what is expected to be the world's most powerful supercomputer. Business Insider talked to CEO Darius Adamczyk to learn how he is changing the reputation of the industrial titan and his strategy to compete against tech behemoths like IBM and Google.<a href="https://www.businessinsider.com/honeywells-ceo-on-key-hurdle-facing-its-quantum-computing-efforts-2020-3">Read more here.</a> <h3>2 friends started a ramen-making Airbnb Experience in an apartment - now they bring in almost 6 figures a month. Here's how they scaled their side hustle into a full-time business.</h3>The Story of RamenManville Chan and Jeff Parsons pictured in their restaurant space.Manville Chan and Jeff Parsons started a ramen-making Airbnb Experience in their San Francisco apartment. Now they bring in almost 6 figures a month and own their own space for their business, The Story of Ramen.<a href="https://www.businessinsider.com/airbnb-experience-side-hustle-the-story-of-ramen-six-figure-business">Here's how they did it.</a><h3>Personal finance guru Suze Orman went from waitressing at 30 to retiring to her own private island. She insists you can, too, if you change your mentality on 'burnout.'</h3><a href="http://www.apimages.com/metadata/Index/Oprah/78cbe29c05494a3c920b4ea290fb8502/12/0">AP Photo/John Amis</a>Speaker and television personality Suze Orman is interviewed on the red carpet during The Oprah Magazine's "O You" event of which she was a contributor, held Saturday, Oct. 15, 2011, in Atlanta.Multi-millionaire and personal finance guru Suze Orman lives on a private island with her partner and spends her days fishing.But not too long ago she was a waitress paying astrologers for wisdom. In an interview with her about her new book, she said that she only sleeps four hours a night - and told Business Insider that many young people could be losing millions by spending money on coffee.<a href="https://www.businessinsider.com/suze-orman-astrology-burnout-why-millennials-shouldnt-buy-coffee-2020-3">Read her thoughts here.</a><h3>A lead recruiter at LinkedIn recommends 3 major changes companies need to make to improve their hiring in 2020, and she says to start small</h3>LinkedInLinkedIn's Amy Schultz.Long gone are the days of wooing job candidates with a pool table and free beer. Amy Schultz, a lead recruiter at LinkedIn, recently spoke about new ways to court pristine talent. Her top tips include implementing small changes routinely, and changing your policy to appeal to a broader age range.<a href="https://www.businessinsider.com/linkedins-amy-schultz-says-to-make-these-3-changes-2020-3">Here are the three changes in recruiting companies need to make in 2020.</a><h3>5 current and former students reveal what it takes to get accepted into Harvard Medical School</h3>ThePhotosite/ShutterstockFront View of Gordon Hall at the Quadrangle of Harvard Medical School.Harvard Medical School was the best-ranked in the country in 2020, according to US News &amp; World Report, and less than 3% of applicants were admitted last year.So how do you stand out to get in? Try getting the right mentors and training, among other things, said 5 current and former students.<a href="https://www.businessinsider.com/how-to-get-accepted-harvard-medical-school-current-former-students">Here's how to get into the prestigious school.</a><h3>The first year at Bain is like 'training for the Navy SEALs.' Here's how to be successful at the consulting firm, according to a recruitment director and a former employee.</h3>Courtesy of Davis NguyenDavis Nguyen, a former consultant.Your first year working at Bain can be pretty intense. Business Insider recently asked a former Bain consultant and the company's recruitment head on what life is like during the first year. Davis Nguyen, a former consultant, said the process is like "training for the Navy SEALs." <a href="https://www.businessinsider.com/what-to-expect-first-year-at-bain-consulting-firm-recruitment-head">Here's exactly what new hires should expect.</a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/salomon-recycles-shoes-ski-boots-2020-2">How running shoes can be recycled into ski boots</a></h3>

SUCCESS INSIDER: Meet the most inspiring HR leaders who are changing how America treats its workers

<div class="KonaFilter image-container display-table float_right"><div><div class="image">iStockMillennials in particular have sought resources for help with student debt.</div></div></div>According to the <a href="https://www.shrm.org/hrdisciplines/benefits/articles/pages/student-loan-repayment.aspx" target="_blank">Society for Human Resource Management</a> (SHRM), only about 3% of companies in the US offer to help employees chip away at student loans.Most of the employees currently receiving this benefit work in the public sector, such as nurses, teachers, and lawyers.But a new study from personal finance site <a href="http://www.nerdwallet.com/blog/loans/student-loans/employer-benefit-student-loans/" target="_blank">NerdWallet</a> finds companies in the private sector are contributing to student debt repayment for the first time.It couldn't come at a better time. Based on numbers from the <a href="http://ticas.org/posd/map-state-data-2015" target="_blank">Institute for College Access &amp; Success</a>, student loan debt in the US has topped $1.3 trillion. That's an average of about $29,400 per student.Last September, big four consulting firm Pricewaterhouse Coopers announced it will launch a program to help employees with student loan debt in July 2016. The program, <a href="http://www.pwc.com/us/en/careers/experienced/why-pwc/employee-benefits.html" target="_blank">Student Loan Paydown</a> (SLP), is administered by Boston-based startup <a href="https://www.gradifi.com/employer" target="_blank">Gradifi</a> and is currently in its pilot stage.Under SLP, the company will contribute $100 a month towards an associate's or senior associate's student loan for up to six years or when the employee is promoted to manager level, whichever comes first.According to Michael Fenlon, global director for PwC, the benefit could be worth $10,000 thanks to the impact extra payments have on interest, and shave off 2-3 years off the total payment period."Eighty percent of our workforce is millennials," said Fenlon. "They are the ones who told us that this is a big deal to them."Elaine Florentino, 23, an associate at PwC, <a href="http://www.businessinsider.com/help-paying-student-loans-employee-benefits-2016-3">is one of the 76 employees in the pilot program</a>. She anticipates the $100 a month will cut one year off payments for her $57,000 of student loans."It's kind of like a light at the end of the tunnel," she told Business Insider. "It will get paid."PwC isn't the only company choosing to offer this benefit. For instance, <a href="https://www.shrm.org/hrdisciplines/benefits/articles/pages/student-loan-repayment.aspx" target="_blank">Natixis Global Asset Management</a> offers $5,000 to an employee who has been with the company for five years, with the opportunity to earn an additional $1,000 for each of the next five years.Fidelity Investments offers its full-time employees the <a href="https://jobs.fidelity.com/our-culture/benefits/work-life-programs.html" target="_blank">Step Ahead Student Loan Assistance</a> program, which contributes $2,000 toward an employee's student loan debt annually, for up to five years.However, many employers are hesitant to help employees pay student loans. Unlike 401(k) contributions and tuition reimbursement (for employees who pursue degrees sponsored by their employer), student loan debt assistance is not currently tax-deductible. In fact, the amount gets taxed as income for the employee. But the "<a href="https://www.congress.gov/bill/114th-congress/house-bill/1713" target="_blank">Employer Participation in Student Loan Assistance Act</a>," a bill proposed by Congressman Rodney Davis (R-IL) and Congresswoman Gwen Graham (D-Fl), could change that by making repayment assistance tax-deductible just like tuition reimbursement is, according to <a href="https://www.sofi.com/blog/new-student-loan-legislation-helps-employer-pay-debt/" target="_blank">Dan Macklin, cofounder of student lender SoFi</a>.<div class="KonaFilter image-container display-table float_right"><div><div class="image"><a href="https://www.flickr.com/photos/itupictures/9025689028/">ITU Pictures / Flickr</a>Alternative solutions to helping employees pay debt are beginning to take shape.</div></div></div>"PwC is offering the student loan paydown because our people have told us that it's an issue that matters to them," said Fenlon. "It ties to a bigger commitment at our firm and it's our goal to help solve important problems for our clients and society. We think student debt is a major societal problem and we want to be leaders in helping to solve it."Alternative solutions to helping employees pay debt are beginning to take shape. <a href="http://studentloangenius.com/" target="_blank">Student Loan Genius</a>, a student loan benefits provider, recently introduced the <a href="http://i0.wp.com/studentloangenius.com/wp-content/uploads/2016/03/Student_Loan_Genius_Infographic_401k_Feature-3.png" target="_blank">Student Loan 401(k) Contribution.</a> With this feature, employers match a percentage of what an employee pays towards student loan debt, as a contribution to the individual's retirement plan. The contribution would be pre-tax for both the employer and the employee. "By putting unused, already budgeted, pre-tax retirement plan dollars to work, this feature helps break down one of today's biggest investment road blocks for employees who are held back by student debt," Tony Aguilar, Student Loan Genius cofounder and CEO, told Business Insider. While the benefits benefits provider is working with dozens of companies to implement this feature, it hasn't yet been offered to any employees."Employers are really waking up to the fact that while adding other benefits are nice, they need to be more in tune with what employees really want in order for them to acquire top talent," said Andrew Josuweit, CEO of student loan repayment website <a href="https://studentloanhero.com/about/" target="_blank">Student Loan Hero</a>, in an email. "Rather than simply go with the status quo and what they think employees want, it's encouraging to see some companies are doing more to address what employees actually need to improve their financial health." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/best-underrated-netflix-movies-2016-3">The 8 best movies on Netflix you've probably never heard of</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="RtNzl0MTE6pe4jjn7Y4AkJCfVzMjYKTw" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

A billion-dollar company is trying a new perk to attract millennials: Paying employees' student loan debt

<div class="KonaFilter image-container display-table float_right"><div><div class="image">PwCElaine Florentino, an associate at PwC, is getting an employee benefit that helps her with her student loan debt.</div></div></div>Elaine Florentino, 23, graduated from Bentley University in 2014 with a degree in accounting and again in 2015 with a masters in taxation.Along with her two degrees, she took home about $57,000 in student loan debt.Florentino, who lives in Boston, Massachusetts with her 5-year-old son Elijah, is in a unique position when it comes to paying that debt back, however.As an associate for big four consulting firm PricewaterhouseCoopers, she's taken full advantage of a new, unique company benefit currently only available at the Boston office: monthly payments toward her outstanding student loans."When you graduate and you're straight out of college, you're kind of the only one carrying that burden," Florentino told Business Insider. "When someone helps you, it makes you feel appreciated."The program, called the <a href="http://www.pwc.com/us/en/careers/experienced/why-pwc/employee-benefits.html" target="_blank">Student Loan Paydown</a> (SLP), is administered by Boston start-up <a href="https://www.gradifi.com/employer" target="_blank">Gradifi</a> and is currently in a pilot phase. When it launches to the larger company on July 1, the program will contribute $100 a month to employees who have student loan debt. Employees will receive up to $1,200 annually for up to six years, or until the employee is promoted to a manager role - whichever comes first.The total amount could be worth about $10,000, thanks to the effect of extra payments on the loan interest, and might help shave off 2-3 years of debt, according to Michael Fenlon, global talent leader at PwC.PwC is one of the few private US companies offering this employee benefit as part of an initiative to help alleviate student loan debt, which is currently at a national high of<a href="http://ticas.org/posd/map-state-data-2015" target="_blank"> $1.3 trillion and affects over 40 million people in the US.</a> "The impact here is not just for individuals, but for a crisis in the US," Fenlon said. <div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">PwCElaine Florentino is one of 76 employees who are part of the firm's pilot program. She is pictured here with her son, Elijah.</div></div></div>Other major employers who currently offer variations of this benefit include Fidelity Investments and Natixis Global Asset Management.Employers who help employees pay off loans are rare. This may be in part because, unlike 401(k) contributions and tuition reimbursement, student loan debt assistance is not tax-deductible. In fact, the amount gets taxed as income for the employee.With the "<a href="https://www.congress.gov/bill/114th-congress/house-bill/1713" target="_blank">Employer Participation in Student Loan Assistance Act</a>," however, things might change. This bill was proposed by Congressman Rodney Davis (R-IL) and Congresswoman Gwen Graham (D-Fl), to make repayment assistance tax-free just like tuition reimbursement is. Florentino, who devoted $451 every month to her loans after paying expenses for herself and her son, initially expected her payments would take 10 years and that with interest, she would ultimately pay a total of about $80,000 to her lender. With the SLP benefit, she expects to finish paying her loans a year early, and for at least $8,000 less.Signing up for the program was easy, Florentino says. As one of 76 employees in the SLP pilot program, she had to register her private and federal loans, a total of $57,000, with the company's database so they could verify the loans and ensure they are, in fact, student loans (rather than personal loans). After that, the process "became seamless," and she started seeing the payment go straight to her student loan account every month. Though the pilot program just started this past January, Florentino is excited for the results it can bring."I feel much better about my student debt," Florentino said. "It's kind of like a light at the end of the tunnel. It will get paid." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/this-couple-makes-a-living-traveling-the-world-2016-2">This couple ditched their 9 to 5 jobs to make a living traveling the world</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="xoMmVhMTE6QSvaPhTlsgWpA1xByWNHWl" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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