For all kinds of employers, the struggle to find and retain qualified employees is more difficult than ever. But automotive companies of all sizes, from local dealers to multinational manufacturers, can make a local, regional and national impact by sponsoring scholarships. 

Investing in scholarships helps you build your talent pipeline, impact your community and make your company a more attractive choice for job seekers. Specifically, a scholarship program can: 

• Train future technicians to build your talent pipeline for the future
• Support your current workforce by upskilling current employees or providing education benefits to their families
• Build a positive presence in your local community through philanthropy

For today’s high school graduates, the pathway to a sustainable career is littered with barriers, and the cost of higher education is the most daunting. Tuition costs continue to outpace inflation, and the price of room, board, supplies and other living expenses can often be even higher. Two-year community and technical schools provide a cheaper alternative, but even these options are out of reach for many, especially students from historically marginalized populations and those who come from low-income families and communities. 

In many cases, these high costs force students to choose between taking out loans or balancing full-time work with school, or both. In other situations, high school graduates are joining the workforce in roles that don’t require certification or training—an option that may serve them well in the short term, but could also cause them to miss out on the million-dollar earnings premium that average college graduates see over their careers.

For those students whose career path does include a two- or four-year degree, private-sector scholarships can bridge the financial gap, helping them start working toward that premium faster and with less debt. And for employers like you, investing in a smart, impactful scholarship can foster a skilled, talented workforce pipeline for your business.

So how do you make a smart investment in a scholarship program?

For businesses in the automotive sector, there are abundant opportunities to invest in students, and the first step is to decide the goal of your scholarship program. Are you looking to support future technicians, sales staff or managerial employees? In that case, a perfect example is a program like the one Scholarship America recently administered for a state’s new car dealer’s association. The scholarship was open to students anywhere in the state who planned to attend two-year vocational/technical colleges and pursue automotive technician careers. The program provided more than a million dollars in support, enabling hundreds of students to persist in their studies. 

Do you want to provide scholarships as a benefit to your current employees and their families? In that case, you can follow the example of Scholarship America partner Mercedes Benz U.S., who sponsors several programs for dependent children of employees, including the Mercedes Benz U.S. International Scholarship. 

That program also provides awards for eligible high school students in Alabama, thanks to MBUSA’s large presence in the state, and it’s just one example of a program that positions a business as a supporter of education in its broader community. Toyota’s Making Life Easier scholarship is also a shining example of a community-focused program, awarding renewable scholarships to students each year. (Those students associated with eligible nonprofit partners in their communities, are able to apply, allowing Toyota to make local connections even while operating a national scholarship.)

The current labor gap won’t be solved by any single strategy—but the best way to create a sustainable talent pipeline is to ensure that the three million Americans who graduate from high school every year can follow their chosen path to become trained, skilled and certified members of the workforce. 

A well-designed scholarship program can help you build that pipeline while also meeting your philanthropic and workforce development goals—and experienced scholarship administrators like Scholarship America can help you navigate the complexities and details so you can make the biggest impact possible.

Check out the NADA webinar for more information: Empowering Tomorrow: How Scholarships Fuel the Future of the Automobile Industry.