We Believe That When Employers Have a Stake in the Cost of Education, We Can Create a More Sustainable, Equitable, and Skilled Workforce: Tess Michaels, CEO of Clasp

​Clasp is a mission-driven fintech company focused on bridging the gap between education and employment by addressing student debt and facilitating talent acquisition in critical industries. Founded by Tess Michaels, Clasp collaborates with employers to invest in future talent, particularly in sectors like healthcare, by offering student loan repayment assistance as a recruitment and retention tool. This approach not only alleviates the financial burden on students but also helps employers attract and retain skilled professionals in hard-to-fill positions. By creating these mutually beneficial relationships, Clasp aims to build a more sustainable and equitable workforce. 

In Conversation with Tess Michaels, Founder & CEO of Clasp

What motivated you to start Clasp?

During my time as a graduate student, I witnessed firsthand the challenges posed by the student loan system. Coming from a family deeply rooted in healthcare, I also recognized the industry's ongoing struggle with talent shortages. These experiences inspired me to create a solution that addresses both issues simultaneously.

How does Clasp assist employers in attracting and retaining talent?

We partner with employers to offer student loan repayment assistance as part of their benefits package. This strategy not only eases the financial burden on employees but also serves as a compelling incentive for talent acquisition and retention, particularly in industries facing staffing challenges.

Could you elaborate on Clasp's approach to tackling the student debt crisis?

Our platform enables employers to invest directly in their employees' education by providing student loan repayment benefits. This approach creates a symbiotic relationship where employees receive financial relief, and employers build a more committed and skilled workforce.

What challenges have you encountered while developing Clasp?

One significant challenge has been navigating the complexities of the student loan landscape and aligning our solutions with the diverse needs of both employers and employees. Building awareness and encouraging adoption of our model also requires continuous education and advocacy.

How do you measure the success of Clasp’s initiatives?

We assess success through various metrics, including employee retention rates, recruitment efficiency, and overall satisfaction of both employers and employees. Additionally, we monitor the reduction in student debt burdens among participants as a key indicator of our impact.

What feedback have you received from employers and employees using Clasp?

The response has been overwhelmingly positive. Employers appreciate the innovative approach to talent management, and employees value the tangible support in managing their student loans. Many have expressed that this benefit has significantly influenced their decision to join or remain with an organization.

How does Clasp differentiate itself from other fintech companies in the education sector?

Our unique focus on creating employer-employee partnerships to address student debt sets us apart. By integrating talent acquisition and retention strategies with financial wellness initiatives, we offer a holistic solution that benefits all stakeholders involved.

What role does technology play in Clasp's operations?

Technology is central to our platform, enabling seamless integration between employers and employees. It facilitates efficient management of loan repayments, data analytics for measuring impact, and scalability to accommodate organizations of various sizes.

Could you share a success story that highlights Clasp's impact?

One notable example involves a healthcare organization that faced challenges in recruiting nurses. By implementing our student loan repayment benefit, they not only attracted a higher number of qualified candidates but also experienced a significant increase in retention rates over two years.

What advice would you give to other entrepreneurs looking to make a social impact?

Focus on understanding the intersection between societal needs and business opportunities. Building a mission-driven company requires passion, resilience, and a commitment to creating value that extends beyond financial returns.

How does Clasp ensure compliance with financial regulations?

We work closely with legal experts and regulatory bodies to ensure our operations adhere to all applicable laws and guidelines. Maintaining transparency and integrity is paramount in building trust with our partners and clients.

What strategies do you employ to foster a positive company culture at Clasp?

We prioritize open communication, continuous learning, and a shared commitment to our mission. By creating an environment where team members feel valued and empowered, we cultivate a culture that drives innovation and impact.

How can interested employers or individuals learn more about partnering with Clasp?

We encourage them to visit our website or reach out directly to our team. We're always eager to explore new partnerships and discuss how our solutions can meet their specific needs.

What’s next for Clasp?

We aim to expand our reach across various industries and continue refining our solutions to address the evolving needs of the workforce. Our goal is to become a standard component of employee benefits, contributing to a more sustainable and equitable employment landscape.

Tess Michaels, Founder & CEO, Clasp

“We are revolutionizing the way employers attract and retain critical talent in hard-to-hire fields—while simultaneously tackling the student debt crisis.”