ISBN Launches Debt Payback Program
“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 ISBN president Scott Missad. “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.”
The payback program is designed to allow members to promote their debt support system under their own brand, ensuring that they can personalize it to suit their business models and set their own conditions, bonuses and milestones. ISBN will cover costs via industry fundraising in an effort to save members the hassle and cost of administration.
In fact, fundraising began at the Annual Conference with a silent auction sponsored by Reuzel. Three paintings created by keynote speaker and renowned artist Erik Wahl raised more than $10,000, to be spent entirely on this new ISBN program. “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.”
About ISBN: The International SalonSpa Business Network (ISBN) represents the global voice for the multi-location salon and spa segment of the professional beauty industry. It comprises the full spectrum of the industry, from high-end to value-priced spas and salons; those with thousands of locations to those with two or three; corporate to individually owned; and franchise companies and their franchisees. To be eligible for membership, applicants must own or operate five or more salons or spas and employ at least 50 licensed professionals; own and operate two or more salons and spas that yield total gross sales of at least $3 million annually; or be franchisors in the industry.