Businesses give out scholarship for one of the following reasons: a) they want to give back to their communities, b) they are intrigued by tax deductions, or c) a combination of the previous two, plus good publicity. There could be no other reason, right? Not quite, as you will see.
Although humanitarianism and investments in future generations are very important, business owners also have to think about… well, their businesses. After all, if it weren’t for them, there would be no scholarships either.
But what if there is more to scholarships than meets the eye? Can giving scholarships actually be a smart, long-term business decision?
Common business problems
Let’s say you run a small-or-medium-sized business, and wish to expand your business operations. In case you already have a product, the usual route is to invest resources in effective marketing and, as demand expands, hire new employees.
However, here’s the problem: the majority of small-and-medium-sized businesses need relatively inexpensive marketing with a quick turnaround. Sure, giants like Coca-Cola and Apple can inject enormous amounts of financial resources into their campaigns – but, for the average business owner, slow marketing conversion can be fatal. Especially in a global market.
Then, there is the issue of finding reliable employees. We are all aware of doctored CVs, false first impressions and the trend of employees switching companies faster than time zones on a flight from New York to Rome.
Honesty and loyalty seem to be in deficit these days, and it would make every business owner scratch their head in confusion. Should you invest more in the HR department? Offer bigger salaries, better packages? Would it even matter?
By now, you are probably wondering if the solution is as simple as giving a scholarship. The answer is: no and yes.
If you opt for traditional method of setting a scholarship, you will encounter long hours of defining criteria, drawing legal documents, browsing through random candidates and selecting a winner. You might even get a perfect candidate, but the additional benefits will elude you.
Scholarship.app intends to remedy this. We have created a platform that lets you seamlessly define your scholarship and connect to students. Your unique scholarship will surely go to the right candidate.
The state-of-the-art wizard lets you specify all the criteria, and even includes legal templates to accompany your scholarship, so you don’t have to spend additional resources for legal work. All the templates are fully customizable.
Not only that, but the wizard also supports various types of scholarships: single, recurring, at set dates. Even the final draw, if you wish, can be performed by the platform.
Providing for Providers
We envisioned Scholarship.app to support your business as well.
By signing up and emitting a scholarship, you unlock a series of benefits. The biggest one is that, for a tiny portion of resources you would have invested in volatile marketing channels, you gain exposure to a giant pool of our subscribers, both through ads and as a scholarship provider. That is some good publicity.
This means that your business is viewed in a favorable light, which translates to a positive marketing campaign and word-of-mouth.
Additionally, emitting a scholarship lets you get in touch with the brightest, smartest students in the field of your choosing. In case you are looking for interns and/or employees, you will have the first pick of the future experts. And your relationship will already have started on the right foot, seeing that you help them reach their educational goals.
In terms of your business, this step alone might, over the years, significantly lower your expenditure for recruitment.
Community Culture is Future
As the global competition increases, businesses will have to find innovative ways to stand out.
More than that, we are entering an era of employment based on relations within a company.
Scholarships are still a bulletproof way for achieving both: positive marketing and good relations. Most importantly, they build communities.
The sooner you sign up and start creating your scholarships, the bigger the benefits you will reap over time.
Scholarship.app is devoted to connecting businesses with students that will become experts, and seeing them both thrive.