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State Street's CEO on Creating Employment for At-Risk Youths
Frustrated by some of his experience with public/private partnerships, the author began daydreaming about how State Street, which has a large charitable foundation, could attack the problem of workforce development. The foundation was already spending millions of dollars a year in the areas of education and job training, and State Street is one of Boston's largest employers: It could provide a job and a career at the end of a young person's education, which nonprofits could not. Furthermore, the company is full of Millennials who want to volunteer as mentors. In 2015 Hooley and his team launched Boston WINs ("workforce investment networks"). They committed to investing $20 million and hiring 1,000 graduates of urban schools over the next four years.