Your company’s scholarship program is a great way to invest in the future of your employees. By offering scholarships, you are providing employees with the opportunity to further their education and professional development. Not only does this help your employees grow, but it also benefits your company as a whole.
Scholarships are a great way to attract top talent to your company. They also demonstrate your commitment to investing in the development of your employees. So, what are the different types of scholarships your company should be offering?
- Full-Tuition Scholarships or Academic Scholarships: A full-tuition scholarship covers the cost of tuition and is typically awarded to students who have demonstrated academic excellence. If you offer this type of scholarship, Jeremy Schulman recommends ensuring there are plenty of opportunities for students to renew the scholarship each year so they can complete their degree without worrying about the financial burden. Academic scholarships are awarded to employees based on their academic achievements. These types of scholarships usually cover the cost of tuition, books, and fees associated with attending school.
- Diversity Scholarships: Diversity scholarships are awarded to employees from underrepresented groups in order to promote diversity within your company. These scholarships help create a more inclusive environment within your company and provide opportunities for all employees to reach their full potential.
- Need-Based Scholarships: Need-based scholarships are awarded to students based on their financial needs. This is a great way to ensure that your company is investing in employees from all walks of life, not just those who come from wealthy families. It’s also a good way to build goodwill in the community since you’ll be helping students who might not otherwise be able to afford college.
- Merit-Based Scholarships: Merit-based scholarships are awarded to students based on their academic achievements or other accomplishments (such as community service). If you offer this type of scholarship, make sure the criteria for selection are clear and objective so that there’s no confusion about who should receive the award.
- Employee-Referral Scholarships: Employee-referral scholarships are a great way to incentivize your employees to refer qualified candidates to your company. Not only will you save money on recruitment costs, but you’ll also end up with employees who are already familiar with your company culture thanks to their referral source.
- Returning Adult Grants: Returning adult grants are designed for adults who want to go back to school after taking a few years off (for example, to start a family or pursue a career). These types of grants can be very helpful for employees who want to further their education but may not have the financial resources to do so immediately.
Your company can offer many different types of scholarships, but these 5 are a great place to start. By offering a mix of scholarships, you can ensure that your company is attracting top talent from all walks of life and making an investment in employee development. Do you have any other suggestions for the types of scholarships companies should offer? Let us know in the comments below!