JLL launches student loan repayment program for new analyst hires – Commercial Observer
Some new recruits at JLL may be able to return a portion of their student loan payments to their employer.
JLL launched a student loan repayment program on Thursday, under which it will give new analysts and associates $ 5,000 annually to repay student loans, up to $ 15,000.
The program aims to help the business reduce financial barriers for workers entering the capital markets field, especially for diverse and female employees who tend to have more student debt.
“With research suggesting that women and people of color graduate with a disproportionate amount of student loans, it means the industry is losing out to a huge pool of talent. ” Chris drew, co-head of JLL’s Miami capital markets office, said in a statement. “We aim to reach diverse graduates by reducing these financial barriers and inequalities to entry, helping to ensure that they view transaction roles as a viable career option. “
The program is open to all new hires in the Capital Markets group who joined JLL after January 1. To be eligible, employees must have worked for JLL for at least three months and earn less than $ 150,000 per year. Anyone can enroll, regardless of their background, although Drew hopes the program will tackle the higher debt ratios of women and minority employees.
Average student debt of university graduates was $ 30,000 in 2019, according to American News and World Report. But black students borrow from much higher rates than white students and women borrow about 7 percentage points more than male students, according to the National Center for Education Statistics (NCES). Historical exclusion of means of wealth creation – like housing, banking and education – has helped create a racial wealth gap that forces black and minority students to take out more loans, according to the Institute of Heritage and Social Policy at Brandeis University.
Black high school graduates from 2015 to 2016 borrowed just under $ 10,000 more on average than white degree holders, according to the NCES. Those who pursue higher education also borrow more.
Students pursuing an MBA can enter $ 40,000 to $ 100,000 in debt – and the numbers tend to be higher for top programs in the US, according to a 2019 the Wall Street newspaper Analysis.
This debt is what JLL’s program hopes to resolve. Drew, who chairs the Diversity and Inclusion Committee within the Capital Markets group at JLL, said the project has been underway since 2019 as the brokerage aims to increase diversity within its ranks.
“We all felt that having a consolidated committee of individuals working on [diversity, equity and inclusion] would be beneficial, ”Drew told Commercial Observer. “We really thought about it and thought this was something we really wanted to focus on.”
But other barriers to entry exist in the commercial real estate industry, including the commission-based salary model for sellers and the lack of knowledge about what the industry itself is, Drew added.
To address the low base salaries for commission jobs, JLL has invested $ 4 million to fund the compensation of entry-level racially diverse sales professionals and women to supplement commission salaries. The investment will pay a higher base salary for entry-level sales professionals in capital markets, agency leasing and tenant representation of JLL’s operations. Employees who use the program will also receive additional training and a mentor.
JLL, who has in partnership with historically black colleges and universities, also walk with Intended project – a program that provides training in commercial real estate to various students – and has donated $ 150,000 to help develop the project’s programming to date. Intended project recently extended to Miami with a scholarship program for two students to pursue an MBA at the University of Miami Herbert School of Business, CO reported.