3 ways giving out scholarships can benefit your business
There are many benefits to investing in students through scholarships. These benefits sustain a market with future benefits. Being benevolent is never a loss, and scholarships are one way to show benevolence with a future return. A good example of benevolence is shown by Dr. Summit Shah who is offering a medical scholarship.
1. Scholarships Pay Forward
Scholarships help create a resource of focused employees by offering them an education that would further commitment to the company for those receiving a scholarship. Dr. Summit Shah is committed to helping students in order to further his commitment to the medical field. The education system consists of increasing tuition which increases student debt. Students who understand this will grow affection for those companies that are committed to reducing or paying off the debt. In short, commitment to education equals a possible commitment to your company.
When companies “pay it forward” to the students, the commitment from the companies shows a compassionate side that turns into passion when students become employees for the company. Scholarships position a company to show a caring aspect that students may favor. The likelihood of the student to excel when he becomes an employee exponentially increases. The workforce pool increases with better and committed individuals when a company offers to pay scholarships.
Especially when the company is a local business, the scholarship offered by the local business can create a commitment to the community. Scholarships can help contain or attract people to stay in the community that invests into them. It is important to note that a scholarship is like an investment with future benefits with committed employees.
2. Scholarships Increase the Morale of the Company
Scholarships can be offered to employees as part of their benefits package. It is important to note that one of the best ways to increase the abilities of the current workforce is to offer education to your employees. Dr. Summit Shah is committed to offering education to all in the economic spectrum. This means that whether a person is young or old, a traditional student or not, he understands that education is a benefit for all people which, in turn, benefits the company. When employees feel that they have more benefits, they feel more empowered. This sense of empowerment can help the employee further his commitment to his job because he would not want to lose his job. Education gives an employee an opportunity to excel in his career or another career of his choosing and ultimately, climb the “corporate ladder.”
In turn, a more educated workforce can help with added research and skills within the company. If a company is dedicated to the education of the workforce, people within the workforce may be committed to taking advantage of the education because it offers opportunities of skills that can help increase the employee’s value to the company with better chances to promote or gain a raise. It is important to note the education within a company can give opportunities that can help increase the quality of life of not just the employee but also his family.
3. Scholarships Make A Statement to the Community
With scholarships, the company has the opportunity to pick and choose who they give the scholarship to. Of course, companies who offer scholarships should not violate discrimination laws. Some of the criteria could include volunteerism and civic duty. Setting a criteria sets ups a statement to the market, employees, and community on what the company values. The criteria can further commitment to the mission statement of the company and could show how the mission statement is valuable enough to all who read it.