STEM scholarships can enable students to improve people’s lives and a business’s performance metrics. Tech giants know this, so they financially support education to inspire young people to enter the field.
Let’s take a look at STEM scholarship programs and why they’re important.
As high-skilled science, technology, engineering, and math (STEM) positions grow, more tech giants seek to drive interest in the field with scholarships. For example, Amazon recently awarded over $37,500 to eight high school seniors as part of its Future Engineer program, totaling over $300,000.
Amazon offered paid internships alongside the STEM scholarships, hoping to promote interest in some of its career paths. The company specifically targeted underserved communities and underrepresented groups to increase its impact. While this tech giant is one of the most prominent examples, it is not the only business inspiring youth through education support.
Tech giants are powerhouses with immense sway over their industry. They are also well-known by the general public. In other words, they can practically hire anyone they want. Why, then, do they pour so much funding into something that might not pay off when they could direct it to internal operations?
At face value, investing thousands — if not hundreds of thousands — of dollars into STEM scholarships can seem like the wrong investment choice. It makes little sense from a financial standpoint because the people benefiting are not connected to the company. However, it is a highly strategic business move.
In competitive STEM fields, industry powerhouses want to secure all the best candidates. Attaching internship opportunities to scholarships helps attract applicant interest and increases their chances of outperforming competitors.
Providing young adults with STEM scholarships as they begin their professional journey also saves businesses tremendous time. They no longer have to offer specialized on-the-job training or guess their candidate’s knowledge gaps, so onboarding becomes more seamless.
Many small and medium-sized businesses (SMBs) support STEM education and inspire the next generation. Most create scholarship programs to help underrepresented demographics pursue their professional goals. Although these businesses cannot offer the same amount as tech giants, the positive impact is just as substantial.
When SMBs support underserved communities, they broaden the talent pool and find a wealth of untapped talent. This strategy increases their chances of sourcing promising professional workers others have overlooked. Best of all, scholarship awardees get career opportunities they would not have had otherwise.
You can significantly lower sourcing and hiring costs by providing STEM scholarships. If you target students entering college — the beginning of the professional funnel — with financial support and a clear career path, you are much more likely to secure highly skilled candidates who are a perfect fit for your business.
Additionally, you can spend less time training since the scholarship awardee starts with no assumptions — they do not have to unlearn protocols or expectations from a previous job. This way, you minimize overhead costs and streamline onboarding.
Since the scholarship awardee’s family and friends will undoubtedly hear about your support, news will quickly spread. As a result, you also improve brand awareness and increase loyalty among socially conscious groups.
Using STEM scholarships to inspire and support students is essential because many find the cost of education too burdensome. On average, they have to spend $35,550 annually out of pocket to attend college. Unsurprisingly, few can afford over $142,200 for a bachelor’s degree, even with loans and grants.
Even though students can search for scholarships elsewhere, SMBs offer fundamental community support. A clear, local career path can enrich students’ professional lives and help them succeed. When young people begin their professional journey with job security, they have a much higher chance of achieving their goals.
Statistics show the next generation has taken a heavy interest in STEM fields. However, few get the opportunity to enter these careers because college expenses are a significant hurdle. For example, women only comprised 35 percent of the STEM workforce in 2021. Minorities and people with disabilities only make up a fraction of the field.
The next generation needs inspiration through educational support to follow their dreams. If more SMBs follow the steps of tech giants and offer STEM scholarships, they will have a hand in supporting all sorts of industries. These businesses may even secure their future job market.
Historically, the number of people entering STEM fields has been low — the sudden interest spike from today’s youth is unusual. In other words, there is no guarantee the following generations will share their passion. If you want to take action, now is the best time.
If tech giants and SMBs try to inspire the next generation, they can have a lasting impact on STEM. Empowering underserved communities and bringing attention to these fields will result in better business opportunities and career outcomes.
Offering more scholarships to capitalize on the sudden interest is a great idea. After all, young people have been very vocal about wanting to enter STEM careers. The Bureau of Labor Statistics expects jobs in these fields to grow by nearly 11 percent from 2022 to 2023. To put that into perspective, the growth rate for all other positions is only 3 percent.
Even though tech giants like Amazon end up in the national news far more often for their efforts, SMBs offer more scholarship programs. Many realize they have a unique opportunity to improve their local community. Additionally, they know the return on investment is just as significant as investing in other areas, like marketing. Consider offering STEM scholarships to attract the best talent today.