State Street Launches $20 Million Workforce Development Initiative

State Street Launches $20 Million Workforce Development Initiative

State Street Corporation in Boston has announced a four-year, $20 million initiative aimed at bolstering educational attainment, workforce development, and economic mobility for the city's youth.

The State Street Foundation's Boston Workforce Investment Network (Boston WINs) will award $1 million each per year to five nonprofits working to improve college graduation and employment rates — Bottom Line, Boston Private Industry Council, College Advising Corps, uAspire, and Year Up — to scale their programs. Collectively, the grantees expect to increase the number of youth served by 60 percent, and State Street has committed to hiring a thousand of those youths to full-time, mostly entry-level positions over four years.

According to the Boston Globe, the organizations will work together to help students matriculate and graduate from college and land full-time jobs after earning degrees as well as advise them on financing their educations without incurring oppressive debt. A State Street representative on each of the nonprofits' boards will oversee their collaboration.

"As an employer, we hold a critical part of the solution to workforce development," said State Street Corporation chair and CEO Jay Hooley. "By bringing together these organizations and aligning them to a common goal, we can improve outcomes for students along the continuum from high school to higher education and beyond. The Boston WINs network model will help each organization deliver outcomes that surpass what they could have accomplished individually."