In my role here at Bennett International, I have often had the unique pleasure of wearing my “MBA hat” right underneath my “Scholarship Programs Manager hat.” While it may appear a bit of a fashion debacle to the untrained eye, I would posit that there is an intuitive overlap between corporate goals and education initiatives, and we at Bennett thrive in this space.
“Corporate Social Responsibility” (CSR) has become quite the buzzword in recent years, and with good reason. Studies have shown that 87% of consumers will purchase a product because a company supported an issue they cared about, and 64% of millennials consider a company’s social and environmental commitments when choosing a workplace. Statistics like these abound with just a quick Google search, and undeniably, CSR initiatives help companies achieve their business objectives while also doing good. According to this Forbes article, the most effective CSR programs are those that clearly tie their causes to their corporate ethos and brand, and establish proper structures, partners, and quality-assurance measures for their CSR initiatives to make a lasting, tangible, and genuine impact on the communities served.
Emphasizing education as an aspect of corporate ethos is not a revolutionary idea, and not a far leap for most brands! Regardless of industry, the depth and breadth of education-based CSR opportunities are seemingly endless for corporations. Tech companies are well-suited to donate laptops and devices to underserved schools, or develop free, accessible learning platforms. Consumer goods companies might organize school supplies drives or career training programs. Pharmaceutical companies often include public health education as part of their CSR initiatives. Financial firms can boost community economic success by funding local education programs. I could go on! Many of our own corporate partners have also chosen to implement education-related policies, whether it be school placement services for relocating employee families, providing expert recommendations for employee children with special education needs, or administering a scholarship program for employees' children. For companies struggling to make the connection between their brand and potential education initiatives, consider tying CSR goals to a broader cause, such as the UN’s 17 Sustainable Development Goals (Quality Education happens to be number 4!).
Once an education-related cause is identified, proper structures, partners, and quality-assurance measures are key to achieving successful outcomes. But for companies that may not have strong connections to the world of education, finding a starting point can be a bit overwhelming. It takes time and effort to research and vet existing education programs, and it also takes time and effort to build a program internally from the ground up. It may be wise to first turn to education experts for guidance. As just one example among many, Bennett offers expertise in policy development as well as Scholarship Program Development Services to help companies design, establish, launch, and administer education initiatives all around the world.
Finally, in justification of CSR education initiatives making a particularly lasting, tangible, and genuine impact on the communities served and using university scholarships as just one example among many, I’ll let some statistics speak for themselves:
· A study through the National Center for Education Statistics reports that the number one reason for students leaving college, cited by 42% of respondents who dropped out, was financial pressure. People who drop out of college make 35% less than degree holders and are 20% more likely to be unemployed. 41% of first-generation college students reported seriously considering leaving school.
· A study through the National Bureau of Economic Research found that economically disadvantaged students who were awarded college scholarships increased their enrollment into 4-year degree programs, increased their degree completion rate by 8.4%, and ultimately, the successful students’ projected lifetime earnings substantially exceeded the cost of the scholarship.
· This study through the Association for Education Finance and Policy found that students who received performance-based scholarships generally spent more time and effort on educational activities than other activities and were more motivated than other students who did not receive a scholarship incentive.
· A Forbes summary of the book Who Graduates College, Who Doesn’t? stated that students who win private scholarships are more likely to graduate from college and to graduate on time.
· Research through MRDC indicates that even moderate scholarships for low-income students improved student academic outcomes and graduation rates.
· Research on the impact of college graduation on the community at large is extensive. College graduates are 24% more likely to be employed, 3.5 times less likely to be impoverished, and 5 times less likely to be imprisoned. College graduates are more socially connected, civically engaged, and active in their communities. College graduates are more likely to volunteer, vote, and live healthier lifestyles than those who do not have a college degree.
In conclusion, we believe that education is a compelling cause for any company’s CSR initiatives, and Bennett is proud of our expertise in this space and the good work that our partners are doing for their communities. We always welcome opportunities to connect with individuals and companies on developing new education-related CSR initiatives and invite you to reach out to us via our Contact Form if you would like to talk further!
By Hannah Buzzelli
Hannah Buzzelli joined the Bennett Operations team in 2019 where she helped manage the company’s daily workflow and provided natural expertise in process refinement. In 2022, Hannah took on a new role at Bennett as Scholarship Programs Manager, and in this capacity she has led the building out of all aspects of Bennett’s Scholarship Management Program: the IT platform for the receipt of scholarship applications, the processes whereby scholarship students are selected, the communications related to all stages of the application process, the onboarding of new scholarship recipients, and the student tracking and reporting required by the corporate scholarship provider. She has also helped to develop the mentoring program that supports scholarship recipients as they transition from secondary school their native countries to universities around the world. Hannah has since become a regular member of our blogging team.
Bennett International Education Consultancy works directly with hundreds of families each year across the globe. We support families by helping them make informed decisions about the best-fit schools for their children; with our guidance, they secure placement in preschools, private day schools, public/state schools, boarding schools, colleges & universities, including schools with particular programs, such as special needs support.