State Street Commits $20 Million & 1,000 Jobs to Workforce Development Initiative with Launch of its Boston Workforce Investm...
June 16 2015 - 12:00PM
Business Wire
New “Boston WINs” Program Will Create Career Paths for City’s
Youth
State Street Corporation today announced the launch of the State
Street Foundation’s Boston Workforce Investment Network (Boston
WINs) at a press conference attended by Governor Baker and Mayor
Walsh. Boston WINs aligns five local and national nonprofits with a
shared goal of preparing more Boston youth for 21st century
careers, expanding Boston’s young, thriving talent pool and
promoting economic mobility. Boston WINs is based on the concept of
venture philanthropy which applies long term funding, measurement
and direct involvement to philanthropic programs to expand their
effectiveness.
The State Street Foundation will provide an investment of $20
million over four years to five organizations: Bottom Line, Boston
Private Industry Council (PIC), College Advising Corps (CAC),
uAspire and Year Up. This financial support will enable each
organization to significantly scale their respective programs and
together create better outcomes for Boston youth. Collectively, the
Boston WINs organizations project that they will increase the
number of youth served by approximately 60 percent. State Street is
committed to hiring 1,000 Boston students that will have been
served by one or more of the WINs organizations over the next four
years.
“The goal of the Boston WINs initiative is to provide
opportunities for our city’s future workforce by focusing on the
creation of career paths for local youth, and supporting them in
the education process,” said Jay Hooley, chairman and chief
executive officer of State Street Corporation. “As an employer, we
hold a critical part of the solution to workforce development. 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.”
Governor Baker and Mayor Walsh Pledge their Support
“State Street’s Boston WINs initiative takes a hands-on approach
to bridging the workforce skills gap and creating new opportunities
for our youth,” said Massachusetts Governor Charlie Baker. “A
strong workforce and economic growth go hand in hand and
Massachusetts has an opportunity to capitalize on both by ensuring
our workers have the skills to meet the needs of employers in the
21st century economy.”
“I am very pleased that State Street is making this investment
in the city's economic vitality and future,” said Boston Mayor
Martin J. Walsh. “We share the philosophy that career pathways and
work-based learning are leading approaches to expanding opportunity
for young Boston residents.”
Venture Philanthropy
Venture philanthropy consists of three key aspects: longer
funding terms that support programs and operations, a due diligence
process for selection that includes scale of impact and an
investment approach that includes direct involvement in the
organizations at the board and program level to increase the
investments’ impact. The WINs initiative requires the selected
organizations to commit to specific growth and success metrics and
to regularly interact with one another to ensure long-term
commitment and strong results for the students in these programs.
In addition to its financial commitment, State Street will support
Boston WINs by encouraging employee volunteerism, designating
executive board members and 2:1 matching employee gift support for
the five Boston WINs organizations.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading provider of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $28.5 trillion in assets
under custody and administration and $2.4trillion* in assets under
management as of March 31, 2015, State Street operates in more than
100 geographic markets worldwide, including the US, Canada, Europe,
the Middle East and Asia. For more information, visit State
Street’s web site at www.statestreet.com.
*Assets under management include the assets of the SPDR® Gold
ETF (approximately $28 billion as of March 31, 2015), for which
State Street Global Markets, LLC, an affiliate of SSgA, serves as
the distribution agent.
CORP-1455
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State Street CorporationBrendan Paul, +1
617-662-2903Bpaul2@statestreet.com@StateStreet
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