In a couple of previous posts, I’ve put forward the idea of substituting HR department with scholarships. At Scholarship.app, we feel strongly that scholarships are an untapped resource with the potential to transform whole chunks of ineffective HR and marketing departments.
That being said, you may still have doubts. Is it really that easy? Is it even a viable option for your business? Let’s break it down.
Great face value
Let’s start with the most obvious benefits of awarding a scholarship – community building and good publicity. By hosting a scholarship, you are giving back to the community, and positioning yourself as a business that cares. This translates into great word-of-mouth (how could it not?) and your business is effortlessly being promoted to the community’s wider reach.
Admittedly, this relates more to the marketing department, but it will prove invaluable in your HR efforts.
Why? Because, in an economy built on values, communities and what you stand for are everything. Nowadays it’s easier to find a job, yet lots of people don’t necessarily stay in companies whose values don’t align with their own. Salary is not the main currency anymore (pun intended).
Translating communities into HR relationships
So far, we’ve covered community building and standing up for values.
With scholarships, though, you are effortlessly gaining access to a wide database of young experts in a field of your choosing. Just think about the countless hours HR officers would have to spend to provide you with the same list; not to mention the cost of it.
While we’re on the subject of costs, scholarships are more affordable than an HR department for the effect they produce. Recruiting through scholarships is only a fraction of what you would spend for an HR recruiting process.
There is another, hidden benefit to scholarships: HR recruiting may find you an employee, but it can not guarantee their loyalty. At least not to the extent scholarships can. You have already started building great relationships by supporting the scholarship winners on their arduous road to a degree.
If you fuse this mutual appreciation with the prospects of internship and employment, you’ve got yourself a devoted and grateful employee whose values align with your own. And through internships, you can nurture them into a great employee, years before you actually hire them.
Scholarships allow for long-term planning, immense number of contacts, and amazing relationships between you and your intern/employee. Add to this community building, values and marketing power, and you can see why we find them so promising.
Limitations of scholarship model
However, let’s look at some scenarios where the proposed scholarship model is limited.
The scholarship HR model is great for young experts that you can nurture into awesome employees, but it is lacking in acquiring mid- and senior-level employees. These are found and approached by headhunters and HR departments, since they probably have no need for scholarships whatsoever.
Additionally, since the scholarship model relates to long-term planning, if you need an employee right away – it might be best to seek help from an HR manager. Although long-term planning and taking the time to develop relationships is an amazing process, the reality of our fast-paced world doesn’t always accommodate it.
Furthermore, scholarships obviously can’t handle the HR processes with the existing employees. The HR department is clearly irreplaceable in this regard. Team building, communication and relations within a company remain HR’s forte.
Value of traditional HR
The costs of HR department may be higher, but they translate into a more predictable process, at least when it comes to acquiring employees. Even if you award a scholarship, there are still no guarantees this person will become an intern/employee, although it is likely. However, even if they opt for another company in the end, you would still have a friend in the same business and a great chance at networking.
Finally, the big database you acquire through scholarships can be a blessing and a curse. Of course, it provides you with lots of potential candidates, but it also puts strain with the selection process. At Scholarship.app, we’ve made sure the entire process is streamlined and easiest it can be. We can even select the best candidate for you.
Two is stronger than one
To sum up, scholarships can be an amazing tool and open the door to remarkable candidates and loyal, devoted relationships, but they can’t fully replace the HR department.
So, instead of substituting it, it’s better to say they can complement HR in a new and powerful way.
And we believe that’s worth thinking about. Scholarship.app is devoted to connecting businesses to communities and unlocking amazing HR and marketing benefits for them.
Head over to our website to learn more and see how you can complement your HR endeavors in the best way.
