Companies helping employees tackle student loan debt

For years, policymakers have debated different approaches to helping the poor , but new data offers resounding evidence for a strategy that works: an approach known as a “Graduation” program. This method offers participants a “productive asset” to generate income with training on how to use it, as well as the resources (such as healthcare, food, loans, and coaching) to maintain the asset while building a pathway out of poverty.

Infrastructure Development Company Limited (Idcol), a government-backed Bangladeshi energy and infrastructure group, is helping bring solar power to homes in rural Bangladesh that once relied on dangerous kerosene or expensive diesel for electricity. The keys to Idcol’s expansion are financing plans that cater to lower-income people, as well as partnerships with 56 grass-roots organizations like the microfinance institution Grameen. Solar energy is reliable, clean, and more cost effective in the long run, and has become a lifeline for low-income Bangladeshis living beyond access of the main grid.

Flexibility allows employees to “work smarter and better.” The productivity payoffs of offering part-time hours and remote work outweigh the administrative costs of such policies, according to a study in Australia.

An Oakland nonprofit incubator, The Runway Project, addresses racial and economic injustices in entrepreneurship by offering flexible loans for people of color and low-income individuals looking to start a business. Borrowers benefit from flexible loan terms and qualifications, both of which are usually barriers to entry for people of color in the business world.

Stockholm, Sweden is known as the best city in the world for work-life balance, as it boasts flexible work hours and nearly two years' parental leave per child for each parent. While raising a child with a full-time career still poses challenges, the norm for businesses in Stockholm is to cater to working parents' busy schedules in order to support equal childcare between mothers and fathers.

A collaborative funding organization called the Runway Project gives loans to primarily Black entrepreneurs in the Oakland area. The initiative aims to address racial disparities in startup capital by reducing the financial risk of starting a business. The program also includes personalized support as a "wrap around" approach to the lending process.

Europe's generous social policies, such as allowing employees to retain their salaries while taking sick time to care for themselves or family members, may help to mitigate the coronavirus outbreak while also safeguarding the economy. Although the long-term impacts are yet unknown, in the short term, government-provided incentives are helping people and businesses stay afloat.

Grants for women living in refugee camps have helped recipients start businesses and learn new skills, allowing them to improve their quality of life. Additionally, the women created an informal cooperative and take turns investing a percentage of proceeds from each successful business into another member’s business.

A psychiatric mental health nurse practitioner (PMHNP) is a role that combines the medical expertise of a nurse with mental health training. PMHNPs undergo special certification to combine the two fields and help ease the strain on the mental health workforce, which has been significantly depleted since the COVID-19 pandemic. The U.S. Bureau of Labor Statistics predicts that PMHNPs will be the fastest-growing profession over the next decade and several universities are obtaining grants to boost their PMHNP programs, providing stipends for those who want to earn the certification.

Commitment to Kashmir (CtoK) incubates small cohorts of young craftspeople, providing financial resources, technology support, and mentorship to support the growth of their craft enterprises. Since its founding in 2010, CtoK has helped 37 people establish businesses within and despite the myriad challenges that exist in a conflict zone.