Home Personal Finance News How Do Institutions Benefit From Giving Out Scholarships?
PPersonal Finance News
How Do Institutions Benefit From Giving Out Scholarships?
byThe RinggitPlus Team
Ever wondered how institutions and companies benefit from giving out study grants that cost them up to hundreds of thousands in Ringgit? We explore the illuminating benefits of giving out scholarships!
When looked at from a pure business standpoint, giving out scholarships doesn't quite make sense. The amount is usually in the hundreds of thousands and the nature of a scholarship is such that the recipient never has to pay it back. This benefits the student greatly of course, but how does it benefit the party giving out the scholarship? As it turns out, there are several beneficial reasons an institute or company might give out scholarships to struggling scholars.
Since scholarships are essentially study grants given out with no obligation of repayment, the news of a new one being given out travels fast. In fact, it's quite rare for a scholarship to be promoted or advertised. Even if you're no longer interested in continuing your studies, chances are good that you would promote the news of a scholarship being given out to your friends who are still studying. This free word of mouth publicity for the institute, company, or university acts as free marketing. It spreads the news of the brand around in a good way.
Attract and Retain Loyal Employees
It's typical of some companies to offer bonded scholarships, or study grants where the student will have to later be attached to the firm somehow. Usually by working for the company. Companies also sometimes offer special employee benefit programmes which only serve recipients of their scholarship to further sweeten the deal. Nothing fosters loyalty like giving out scholarships and benefits to people already predisposed to contribute to your area of industry.
Since scholarships are functionally similar to donations, giving these out will increase goodwill and improve other people's perception of the brand. This of course leads directly to other people willing to work with the brand more. Aside from brand perception, we can't discount the genuine good feelings that come out of helping members of the community get educated and being a force for good in the world, even if it has zero effect on profits.
Dedication to the Area of Industry
Some firms live or die by being on the cutting edge of the industry. So it's beneficial for them that the best minds and talent are put to work in the industry they're in. To that end, offering scholarships that filter for the highly-skilled and talented will help build up their industry. A shoe company may offer scholarships to sports science students who are heavily interested in athletics, fabrics, physics and fashion so they can keep working in the field and produce better tech or innovation that the company can then benefit directly from.
In short, scholarships don't just benefit the students, they benefit the givers as well. If you're a student looking for scholarships to help fund your continuing studies, we recommend a visit to the Malaysia's Scholarships Fair 2017 happening this 22nd of April. Register for the fair at www.scholarships2u.com/fair. Scholarships2u.com is a one-stop gateway for scholarships worldwide.
This year, they have world-class institutions from Australia, Dubai, Grenada, Switzerland, Spain, the United States, and the United Kingdom in addition to our local universities. You can visit them and find out for yourselves how you can benefit from each other. Do you have anything to add to this article? Do share your thoughts and ideas with us in the comments section down below!
Scholarships2u
The RinggitPlus Team
Discussion	Cancel reply
Everything You Need To Know About EPF Investment Schemes
Malaysia Personal Income Tax Guide 2017
SSponsored
8 Colleagues You Have Based On KL Gangster: Underworld
Do these gangsters sound suspiciously like some of the people you work with? We will leave it to you to answer that question.
Malaysia Economy For Q2 2020 Contracted By 17.1%, Worst Since 1998
byPang Tun Yau
Malaysia's economy contracted by 17.1% in Q2 2020 – a worse than expected outcome and the worst contraction…
PTPTN Loan Repayments Deferred For Another 3 Months, Applications Open Tomorrow
The government has agreed to defer the loan repayments of the National Higher Education Fund Corporation (PTPTN) for…
How to Protect Yourself from Investment Scams
byDesiree Nair
You work so hard for your money, don't blow it all on a scam! Find out how to spot and stay clear from common investment scams in Malaysia.
ee-wallet
HSBC Offers RM15 GrabFood Vouchers With Minimum RM100 GrabPay Reloads
byAlex Cheong
HSBC is now rewarding its cardholders with RM15 GrabFood vouchers when they top up a minimum of RM100…
Singles and Retirement: Don't be Forever-on-Loans
byDiana Chai
Almost every portal preaching about retirement planning must-do's will talk as if everyone is destined for marriage and the dual-income household. We're not. We're going to tell you how to rock single retirement like you should!