While some companies are laying off employees while they try to stay afloat financially, AT&T is investing in its employees in the biggest way possible, by providing scholarships for children of their employees.
The AT&T foundation, which is the phone company’s philanthropic wing, announced that it has donated more than $5 million to 600 children of its employees in college scholarships for the upcoming 2009-2010 school year.
The scholarships were awarded to eligible children pursuing either two- or four-year undergraduate degrees at accredited colleges or universities. A one-time honorarium was also offered to students attending U.S. military academies.
Recipients of the scholarships were decided upon after considering a number of factors, including applicants’ academic achievement, leadership skills, work experience, awards and honors, school and community participation, and special consideration if the applicant was the first generation in their family to attend college.
"Investing in a well-educated workforce may be the single most important thing we can do to help America remain a leader in a digital, global economy," said Laura Sanford, the president of the AT&T Foundation. "The AT&T Foundation is committed to helping hard working students achieve future life success and is proud to support the families of our employees."
The scholarship donations are part of the foundation’s six "performance goals" for 2009, which are: Strengthening Community, Investing in People, Leading with Integrity, Minimizing our environmental impact, Connecting People and Business, and Leading Innovation and technology.
The AT&T Foundation is in the midst of celebrating its 25th anniversary in 2009. Since 1993 it has awarded $60 million in academic scholarships. Additionally, the foundation donated $169 million through "corporate, employee and AT&T Foundation giving programs" in 2008 alone, with education being a major focus of most of the giving.