HSBC Makes $750K Grant to Virtual Enterprises International
April 17 2018 - 8:54AM
Business Wire
Donation and HSBC Volunteers Will Introduce
Entrepreneurship andCareer Readiness to Thousands More
Students
The skills most in demand for future jobs
will be soft business skills such asleadership,
communication, analytics, and administration,according to
Georgetown University Center on Education and the Workforce
study
Virtual Enterprises International and HSBC announced a landmark,
two-year $750,000 grant that will allow pivotal growth of the
nonprofit's youth entrepreneurship and career-readiness program in
high schools and middle schools throughout the United States.
VEI is an in-school, global business simulation program that
teaches students how to run a business and assigns them executive
and management roles that prepare them for real-life work
experiences. VEI is part of an international network of student-run
simulated businesses in more than 45 countries, all of which
transact business with each other to create one of the world's
largest virtual business communities.
HSBC will provide financial support, and the direct
participation of HSBC employees who will share their professional
acumen which will further support the expansion of VEI's program to
an additional 150 U.S. schools during a two-year period. Targeted
expansion areas include the New York metro area (New York City,
Long Island, Yonkers/Westchester and New Jersey); Detroit; Chicago;
and major cities in Florida such as Miami, Fort Lauderdale and
Tampa. The grant also lays the groundwork for VEI to scale its
program to all school districts at a critical moment when business
and education are struggling to find solutions for preparing
students for meaningful careers.
According to the U.S. Bureau of Labor Statistics, teen
participation in the labor force has been in steady decline for the
past 40 years, as opportunities for summer employment become more
scarce and involvement in extracurricular activities increases.
This trend raises red flags for many who believe teens are missing
the opportunity to learn "soft” business skills through a summer
job. The skills most valued and in demand for future jobs will be
leadership, communication, analytics, and administration, according
to a study by the Georgetown University Center on Education and the
Workforce.
VEI provides the solution by training students to create and
operate realistic yet simulated businesses together with other
student-run businesses across the globe as part of the school
day.
"HSBC is making it possible for us to teach thousands more
students about business by running one themselves," said Iris
Blanc, executive director of VEI. "After they complete our program,
our students are equipped with leading-edge business experience
that they can use in their college and business careers."
The decade-long HSBC-VEI relationship has provided VEI with
substantial financial support and real-world expertise from
hundreds of HSBC employees who have mentored students in business
and entrepreneurship. HSBC also provides signature sponsorship of
VEI's Youth Business Summit, an annual global business conference
in Manhattan. More than 200 virtual enterprises from more than a
dozen countries participate, competing against one another for best
national business plan, best national marketing campaign, and more.
More than 4,000 students are expected at the 2018 Youth Business
Summit in April 2018.
“Our long-standing partnership with VEI is part of our global
focus on employability programs for people of all ages,” said
Maureen Gillan-Myer, head of human resources for HSBC USA. “What
has been especially meaningful to us is that through VEI we are
able to offer our employees an opportunity to bring their expertise
directly into the classroom to support some very talented young
people who may become the business leaders of the future.” Since
its inception in 1996, VEI has offered in-school, live, global
business simulation as part of a student's daily classroom
instruction, preparing more than 100,000 youth for the professional
careers.
VEI students have gone on to work for HSBC and other major
companies. As part of its evolving role in the field, VEI recently
created a national model for an industry- and employer-driven
Career Readiness Framework to help the education and business
communities align workforce development programs and partnerships
with the skills and competencies needed for success in the
workplace. The Framework is now being implemented by districts
across the country.
Note to editors:
HSBC Bank USA, National Association (HSBC Bank USA, N.A.)
serves customers through retail banking and wealth management,
commercial banking, private banking, and global banking and markets
segments. It operates bank branches in: California; Connecticut;
Delaware; Washington, D.C.; Florida; Maryland; New Jersey; New
York; Pennsylvania; Virginia; and Washington. HSBC Bank USA, N.A.
is the principal subsidiary of HSBC USA Inc., a wholly-owned
subsidiary of HSBC North America Holdings Inc. HSBC Bank USA, N.A.
is a Member of the FDIC. Investment and brokerage services are
provided through HSBC Securities (USA) Inc., (Member NYSE/FINRA/
SIPC) and insurance products are provided through HSBC Insurance
Agency (USA) Inc.
HSBC Holdings plc is the parent company of the HSBC
Group, one of the world's largest banking and financial services
organisations. Headquartered in London, the Group serves customers
worldwide from around 3,900 offices in 67 countries and territories
in Europe, Asia, North and Latin America, and the Middle East and
North Africa. In recognition of wider obligations to the
communities in which HSBC operates and to sustainable economic
growth, the Group has set out a series of commitments to assist in
the global transition to a low-carbon economy, and to provide
people with the skills and knowledge needed to thrive in the global
workforce. More information is available in the HSBC Environmental,
Social and Governance Update.
Virtual Enterprises International (VEI) is a national nonprofit
that transforms students into business professionals by bringing a
workplace into their schools. Classrooms are converted to office
space, where students create a business and learn to operate it
successfully by doing business with other virtual enterprises in
classrooms around the globe. VEI currently serves 13,000 students
in 450 schools located in 19 states. Over its 20-year history, VEI
program has been delivered to over 100,000 students. Learn more
about VEI on our website, Facebook, Twitter, Instagram, and
LinkedIn pages.
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version on businesswire.com: https://www.businesswire.com/news/home/20180417005982/en/
Media enquiries to:HSBCRob Sherman, 212-525-6901US Head
of Media Relationsrobert.a.sherman@us.hsbc.comorVEI Media
RelationsRossana Weitekamp, 917-363-2510rweite@gmail.com
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