Employers often lament how hard it is to find good candidates with the experience and attitude necessary to become successful team members. However, they can take a hint from yesteryear, updating it with a modern twist, by starting a scholarship program to help them cultivate talent.
Once upon a time, people who mastered their craft took on apprentices to pass on knowledge. Today, many employers prefer educated candidates, but the student loan crisis has many young people reluctant to take on substantial debt for future salaries that may not justify the expense.
Ease students’ burdens while providing yourself with a pool of experienced talent. Here’s your guide to establishing a scholarship program for your B2B company.
Why Create a Scholarship Program?
The greatest reason to create a scholarship program is that your business will not run itself – sooner or later, you’ll want to step back from the helm. To do so, you need people who know your organization inside and out and who will uphold your vision and commitment to growth. It’s a huge trust fall, and you can’t expect a stranger to catch you. You want someone with the right training, experience and attitude to maintain what you’ve built.
However, there are several other benefits to creating a scholarship program. Here’s why your B2B company needs one.
Benefits to Employers
B2B enterprises require a different knack than retail stores. Your customers are highly educated in the products they want and use, and they demand a higher level of service and expertise.
People representing solutions marketed to fellow business owners need much more than a one-day seminar on how your product works. They must understand it inside and out, preparing themselves to answer in-depth technical questions.
It’s tough to find someone off the street who can get up to speed with this qualification before they start interacting with your clientele. However, the right scholarship program can include internship opportunities to train new talent before they join the regular payroll.
Additionally, B2Bs that establish a scholarship program also reap the following:
- An ongoing candidate pool with new talent identified each year to replace those who retire or quit.
- A firm relationship with area schools and institutions that can become valued referral sources.
- A more positive reputation in the wider community, which can increase demand for their products and services.
Benefits to Society
Society at large needs individuals trained to take over tomorrow’s jobs with minimal transition pains. Businesses that don’t invest enough time in training new employees affect deliverables.
Such delays particularly devastate B2B enterprises, as you deliver the products other companies rely on to produce theirs, causing issues throughout the supply chain. Minimizing disruptions through educating the next generation smooths processes.
Different Ways of Structuring a Scholarship Program
Scholarship programs take several forms, from giving money directly to internships to hybrid designs. Which one is right for your enterprise? Here are your choices.
Direct Academic Funding – Direct academic funding provides money for individual students to use at the institution of their choice. For example, the Watermark Scholars Program for Women in STEM awarded a scholarship to a fourth-year medical student in Oklahoma and a computer engineering student in New York.
You might arrange scholarship funding only for students in specific academic disciplines — for example, computer engineering. However, larger firms may gift general scholarships designed to reach a wider potential talent pool and improve their brand reputation.
Paid Internships – Paid internships require a higher level of coordination with specific schools to ensure students receive academic credit for the work performed. However, they’re ideal for honing talent for future careers with your firm.
Many students find these arrangements appealing to help them purchase books and supplies while enrolled and have a fast track to a career upon graduation. Businesses benefit from a pretrained staff member ready to step in and take over from day one of their regular employment.
School Partnerships – Although more rare than liaisons with higher education institutions, you can also investigate partnerships with K-12 schools. These programs raise kids’ interest in your business, improving community relationships while growing a potential talent pool. Check out some of these existing models for inspiration:
- Robert A. Taft High School has joined with Cincinnati Bell to create the Taft Information Technology High School
- Books on Sunset, a small bookstore in Elgin, Illinois, offers “Kids Love a Mystery” nights for students who read books during Kids Love a Mystery month.
- U.S. Navy personnel from the VP-62 Squadron assist fourth through sixth-grade math students at Inlet Elementary School in Jacksonville, Florida.
Combination Programs – You might use a combination approach in your scholarship program depending on your organization’s size and needs. For example, you might do a small outreach at a local elementary school paired with cash scholarships and internships for college students.
Tips for Advertising Your Scholarship Program
Once you start a scholarship program to cultivate talent for your B2B company, you need to spread the word. Partnership schools often take much of this burden from your shoulders.
However, you can also get creative, especially in reputation-building. For example, using car-wrapping to advertise your scholarship builds name recognition in your local community while attracting interested youth to your business.
You can also raise interest at community events. For example, setting up a booth at a local festival provides opportunities to inform passing youth about your options.
Training Future Business Leaders
B2B scholarship programs provide you with trained staff members while passing the torch to a new generation. They can be valuable tools in ensuring the continuity of your business. Follow these steps to select the best model for you and partner with area schools to train tomorrow’s leaders today.
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