ISBN launches debt payback program for members
A new program reinforcing ISBN member salons, spas and barbershops as the top destinations for beauty graduates was announced this week at the association’s annual conference, located this year in Florida. Speaking to delegates from some of the biggest employers in beauty on May 5, ISBN president Scott Missad, CEO of Seattle-based Gene Juarez Salon and Spas, revealed the creation of platform, facilitated by ISBN, to will allow members to offer a debt payback program as an additional employee benefit.
‘We are in the middle of a crisis; a crisis in attracting new talent, but also debt crisis. Our members represent the majority of the entry level positions for new graduates and we believe as an association we should cultivate and support them as they get started,’ said Scott. ‘Most of our new recruits come to us with a staggering amount of debt and they can’t focus on the future if they are always looking over their shoulder. So our hope is that by helping them pay back their debt we can free them to focus on becoming artists, rather than scrambling to make their monthly payments. And now our members can offer greater benefits that will help attract and retain the best talent and students will know there are employers out there offering both financial security and a rewarding career.’
Research conducted across industries shows that more employees joining companies with a debt program are more likely to stay. They also report being less stressed. But the starkest difference is revealed in the workplace happiness statistics: 96 per cent of those offered debt payback programs are happy at work, compared to only 49 per cent at companies without.
The new program offered by ISBN has been designed so members will promote their debt support system under their own brand, while the flexibility ensures they can personalize it to suit their business model, setting their own conditions, bonuses and milestones. The ISBN will cover the cost of the platform maintenance by fundraising within the industry, saving members the hassle and cost of administration.
The fundraising began at conference with a silent auction, sponsored by Reuzel, of three pieces of priceless artwork created by one of the keynote speakers, renowned artist, entrepreneur and creative genius Erik Wahl. The paintings raised more than $10,000 that will be spent entirely on the creation of the ISBN platform. Erik opened the conference with a stunning presentation championing the value of and route to sustained creativity within salons, spas and barbershops, while producing three incredible pieces in around two minutes.
‘The money raised by the auction of Erik’s beautiful paintings will cover the rollout of the ISBN debt payback platform,’ said Valorie Tate, ISBN Executive Director. ‘The program is open to ISBN members and is the first that truly delivers value in modern times. It is flexible enough to be crafted to suit each individual business. By facing the funding crisis head-on, the program is a crucial step in the battle to keep our professionals in beauty as a popular and attractive career.’