Why—And How—To Start a Scholarship For Your Employees

September 25, 2024

Why—And How—To Start a Scholarship For Your Employees

By Matt Konrad

Human Resources professionals know that developing and maintaining your talent pipeline is a vital challenge facing companies of all sizes. As reported by the Harvard Business Review and highlighted on our blog, “If employers want to ensure that they have the workers they need not only for the present but also the future, they’re going to have to get better at sourcing their own talent and actively developing their employees’ skills.”

One powerful way to invest in both your employees and the organization is by recommending the implementation of a scholarship program for your team members. Here’s why advocating for employee scholarships is a smart move for your company—and how an experienced partner like Scholarship America can help make it happen.

Why Provide Scholarships for Your Employees?

Enhancing Employee Loyalty and Retention: When employees see that the company is willing to invest in their personal and professional development, they are more likely to feel valued and committed to staying with the organization. This reduces turnover rates and the associated costs of recruiting and training new staff.
Attracting Top Talent: A scholarship program is an attractive perk that can help draw top-tier candidates who are looking for employers that support their long-term growth. By showcasing your commitment to employee education, you can set your company apart in the eyes of high-caliber professionals.
Upskilling Your Workforce: Providing scholarships enables employees to continue learning on the job. As employees develop new insights and expertise, they can drive innovation and improve productivity.
Fostering a Positive Company Culture: A scholarship program demonstrates an investment in your employees’ future, increasing your team’s motivation and engagement. This can lead to higher job satisfaction, better morale, and a more cohesive team dynamic.
Aligning with Corporate Social Responsibility (CSR): Customers, clients, and partners are more likely to support businesses that demonstrate ethical practices and a commitment to social good, and supporting employee education can align with broader corporate social responsibility (CSR) goals.

What Do You Need to Consider When Starting an Employee Scholarship?

At Scholarship America, all of our conversations about scholarship programs start with “why?” Every great scholarship program starts with a clearly defined goal and a target audience who you want to impact—and even if your goal is to help any and all members of your workforce, it’s still important to drill down and consider where you can do the most good for your team members and your company.

Once you’ve defined your purpose, it’s time to think about the details of the program itself. Common factors to consider include:

Eligibility: Who qualifies for the scholarship program?
Budget: How much will you award, and are you focused on providing numerous small scholarships or fewer, bigger awards?
Renewal: Will you offer one-time scholarships or renewable awards that support students over multiple years?
Timing: What are the scholarship application opening and closing dates? When will payments be made?
Evaluation, selection and notification: Who will design the application, evaluate submitted applications, make award selections and respond to student and parent questions?
Payment: What is the process for making payments?
Marketing and communication: How will you spread the word about your scholarship, especially to remote or global employees?
Support beyond the award: Will you offer mentoring or advising as employees work toward their degree or certificate?

These questions, and the management of your program once you’ve answered them, can be complex and time-consuming. That’s where a partner like Scholarship America can help—we combine our nonprofit mission with best-in-class scholarship administration and more than six decades of experience, and our team is happy to work with you on crafting the best possible scholarship program for your workforce.

An employee scholarship program is a strategic benefit that can have a positive impact across the board. By enhancing employee loyalty, attracting top talent, developing a skilled workforce, fostering a positive culture and aligning with CSR goals, you can make a compelling case for investing in your employees’ education. And with the help of a great partner, you can realize all these benefits while knowing you’ve got an expert administrator to sweat the details.

Ready to talk? Get in touch:

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Merit-based undergraduate scholarships in engineering

Why—And How—To Start a Scholarship For Your Employees

By Matt Konrad

Why Provide Scholarships for Your Employees?

Enhancing Employee Loyalty and Retention: When employees see that the company is willing to invest in their personal and professional development, they are more likely to feel valued and committed to staying with the organization. This reduces turnover rates and the associated costs of recruiting and training new staff.
Attracting Top Talent: A scholarship program is an attractive perk that can help draw top-tier candidates who are looking for employers that support their long-term growth. By showcasing your commitment to employee education, you can set your company apart in the eyes of high-caliber professionals.
Upskilling Your Workforce: Providing scholarships enables employees to continue learning on the job. As employees develop new insights and expertise, they can drive innovation and improve productivity.
Fostering a Positive Company Culture: A scholarship program demonstrates an investment in your employees’ future, increasing your team’s motivation and engagement. This can lead to higher job satisfaction, better morale, and a more cohesive team dynamic.
Aligning with Corporate Social Responsibility (CSR): Customers, clients, and partners are more likely to support businesses that demonstrate ethical practices and a commitment to social good, and supporting employee education can align with broader corporate social responsibility (CSR) goals.

What Do You Need to Consider When Starting an Employee Scholarship?

Once you’ve defined your purpose, it’s time to think about the details of the program itself. Common factors to consider include:

Eligibility: Who qualifies for the scholarship program?
Budget: How much will you award, and are you focused on providing numerous small scholarships or fewer, bigger awards?
Renewal: Will you offer one-time scholarships or renewable awards that support students over multiple years?
Timing: What are the scholarship application opening and closing dates? When will payments be made?
Evaluation, selection and notification: Who will design the application, evaluate submitted applications, make award selections and respond to student and parent questions?
Payment: What is the process for making payments?
Marketing and communication: How will you spread the word about your scholarship, especially to remote or global employees?
Support beyond the award: Will you offer mentoring or advising as employees work toward their degree or certificate?