Behind State Street’s $20 Million Commitment to Jobs in Boston

At IP, we love seeing huge global conglomerates that don’t leave their closest neighbors in the dust. Corporations with international reach often go hand-in-hand with corporate foundations that have an international giving strategy. That’s especially true when total assets under management reach, oh say the $28 billion mark, as with the case of the State Street Corporation.

Related: How One Global Corporate Funder Stays in Tune with Local Needs

Well, the Boston-based State Street Foundation has caught our attention again—this time with a $20 million commitment to boost local jobs. Not only is State Street throwing money at local jobs, but it also committed to hiring 1,000 Boston students for “21st century careers.”

This is all part of the foundation’s Boston Workforce Investment Network (Boston WINs), which connects five nonprofits dedicated to preparing Boston youth for careers and promoting economic mobility. This $20 million will be spread over the next four to five years and distributed to the following organizations: Bottom Line, Boston Private Industry Council (PIC), College Advising Corps (CAC), uAspire and Year Up. The 1,000 new hires that State Street has promised must be served by at least one of these organizations by 2019.

So what types of new jobs will these be?

According to recent Boston Globe coverage, job openings are widening and competition is down for new college grads in the city. Finally, grads are finding it easier to secure good jobs for everything from engineering to technology and sales. There’s even a renewed hope for liberal arts majors!

“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.”

Job readiness, work experience, and employment are huge parts of State Street’s overall grantmaking strategy, and they have been since 2010. Although organizations based in Canada, Europe, the Middle East, South Africa, and Asia Pacific are also considered for grants, U.S. grantmaking is top priority. Fortunately for local grantseekers, the State Street Foundation accepts unsolicited preliminary grant applications throughout the year on a rolling basis.   

To learn more about this funder’s local giving, check out our profile, State Street Foundation: Boston Area Grants, and the foundation’s Nonprofit Grants section.