A scholarship is the name given to the funding your company will donate to help one or several students follow their education with a certain financial peace of mind. Think of scholarships as the best way to invest in the future generations, in their dreams and accomplishments, in their capabilities and skills that will bring good to society. It’s also a great way for you to start a social impact project that will directly help someone in need.
A lot of studies and researchers have discussed the fact that companies and brands only have one goal: profits. This is what Milton Friedman’s economic views have taught us, as you might recall it. Nevertheless, it is also true that nowadays, companies are seen as part of the society and in this sense, they have a strong role to play in creating and helping create future generations that have the skills and tools to do good and improve society in many ways (economics, environment, technology, etc.). But for younger generations to have access to this fount of knowledge, they might need help funding their entrance in this world. That’s also where companies can jump in.
The contemporary business gets involved in actions that are building value for itself and for others. Hence, the scholarships programs that many companies have already built and that give ways and opportunities to young people to get the education and knowledge they need. Because if you think that this is only a good thing to do but that doesn’t bring value to your business, you’re wrong.
Scholarships, just like many other social impact and CSR activities, bring visibility and awareness to your brand. Whether the visibility is linked to the form that attracts many applicants, to your SEO and to the good reputation that you’re building for yourself among the today-students-tomorrow-employees, a scholarship program is a great way to let talents acquire the knowledge they need to shine. Many companies actually use their scholarships programs to also get in touch with soon-to-be-graduated young people who match their requirements in terms of employment. It’s up to you to choose the criteria for applications based on the elements that matter most to you: grades, demographics, financial need, field of interests, etc.
Also another great strategy is to promote scholarships among your employees. Some of them might actually want to promote the case of one of their children or nieces or whatever. This sense of belonging to a big family that helps each other is also a great way to bond employees to you.
Offer scholarships and get to know this new public: they most certainly have stuff to teach you about who they are, how they live and what they want. No matter the industry in which you’re active, it is clear that these younger personas represent the ones that you will try to reach out to in a few years, whether it is as customers or as talents to hire. So make sure to understand their mindset and their generational aspirations because the more you know, the easiest you’ll get in touch with them.
Now that you have this in mind, you probably want to implement this scholarship program into your own company. Good. Let’s get started, then.