You already understand the benefits of work-based learning opportunities. One of the best ways to turn that short-term career experience into something longer-lasting is by offering a sponsorship.
With a sponsorship, you agree to help a student with post-secondary tuition and offer a job after graduation. In exchange, the student signs an agreement to work for your company after graduation, typically for two to four years.
Sponsorships are located within Career Profiles in Compass, our tool that helps you develop future workforce while helping students find their best path. It’s easy for employers to indicate which careers include a sponsorship. It’s just as easy for students to search for careers that include this incredible opportunity.
Benefits of Sponsorships
We often refer to sponsorships as win-win.
The student wins by reducing or eliminating debt and securing a job they love for after graduation. They can also have valuable work experiences with your company while in high school or post-secondary school. This will help both of you identify if you’re a good fit for a longer-term relationship.
You win by helping a future employee attain the exact skills and education needed for a career at your company. You’re developing your future workforce and lowering your chance of employee attrition. The overall return on investment (ROI) of a sponsorship is better than traditional hiring methods. This is true even with the cost of covering partial or full tuition. Savings can be anywhere from 15-30% over the course of an employee’s career with your company. Read more about the employer benefits of offering a sponsorship.
Here’s how to get started with a sponsorship at your company:
Offering a Sponsorship
1. Create a Compass account with at least one Career Profile.
(You can offer sponsorships for more than one!) You use this Career Profile to offer your sponsorship within Compass.
2. Next, decide if you want Golden Path to manage the process.
We can handle the sponsorship process for you or you can do so on your own. Some companies already offer scholarships or tuition reimbursement opportunities. Others appreciate help getting one established or managing the process.
3. Determine the sponsorship details.
Golden Path can help you work out the specifics of your sponsorship. How much tuition coverage will you provide? Will it be in the form of a scholarship or loan reimbursement? Also, how many years will it cover?
4. Students follow a consent process in Compass.
This lets us know they are interested in a connection and/or a sponsorship. Students or their parents approve of sharing profile information with employers like you.
5. Golden Path then contacts these students.
We reach out and learn more about them, including their future plans and interest in a sponsorship. When we find a good match for you, we request their permission for an introduction.
6. Golden Path reaches out to you.
We send you a brief overview of the student, their skills, background, and future goals. From there, you can decide if you want to meet.
7. If we are managing the sponsorship:
We arrange a meeting and give both parties a chance to learn about each other. If it’s a good match, we facilitate the signing process with everyone involved. We help the student with their application and financial aid. We help you find programs that assist with the cost of tuition, such as ND Career Builders.
8. If we aren’t managing sponsorship:
You work directly with the student to complete the process. You stay in touch with the student throughout their post-secondary education. If desired, you offer the student additional work experiences along the way. Following graduation, you offer the student a job knowing they have the skills and training to succeed.
As part of your overall workforce development strategy, sponsorships are a powerful tool that an increasing number of employers are finding value in. Read The Fargo Forum story of Tyler Knott, a machinist with Leister Custom Machining in Horace, ND, for an example of how sponsorships benefit all parties.
For more information about offering a sponsorship at your company, contact us at info@goldenpath.net.