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What are the advantages for employers providing employees with scholarships?
PUBLISHER: ABSOLUTE HR SOLUTIONS
The need for education in the workplace continues to increase, and polls show that both employers and the population agree that it is vital to
success at work. Unfortunately, the cost of education continues to increase every year. As a result, fewer potential students have access to
education. For the past several years, the cost of attending college has increased at a rate twice that of inflation. In addition, student
borrowing (and thus debt) has grown by over 20% each year since the 1990's.
An increasing number of companies recognize that many high school graduates need financial help to achieve their dreams. As a result, many
sponsor scholarships for the children of their employees. In addition to the obvious philanthropy benefits, these programs also help these
companies meet other important goals.
Scholarships can attract highly skilled workers and strengthen employee loyalty. A sponsored scholarship program encourages the company's
workforce to become better educated.
Some companies just provide financial assistance to the children of employees. Other companies will offer support to students pursuing a
particular career or major. Another option is to provide scholarships in conjunction with the company's student mentoring or internship
programs. Finally, scholarship programs can also be used recruit under-represented minorities.
Knowledge driven corporations use employee tuition reimbursement programs recruit and retain employees and educational assistance can boost
morale.
The cost of educational assistance and benefits programs is often lower than other benefits while their popularity is usually very high among
employees. Companies that outsource the design and administration of these programs significantly reduce the cost and involvement of human
resources. Carefully research the potential service providers when selecting a third party administrator. Conduct careful reference checks that
include companies of similar size and workforce composition.
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