One of the largest banks in the world recently reported the hiring of 10,000 new employees, all from low-income neighborhoods.
Bank of America’s new Pathway program helps provide long-term career opportunities for those who wouldn’t otherwise have the resources and support necessary to find higher-paying occupations with potential for long-term growth.
The Pathway program focuses investment into five major markets in the U.S., including Phoenix.
Not only did Bank of America achieve its goal of hiring 10,000 new employees from low- and moderate-income (LMI) neighborhoods, but they did it ahead of schedule. The program’s viability has led Bank of America to commit to hiring another 10,000 from LMI neighborhoods by the year 2025.
How the program works
Bank of America has partnered with Year Up, an organization focused on bringing equitable access to economic opportunity and education for young adults. The group provides direct service to young adults of all backgrounds. Through strategic partnerships, including the one with Bank of America, Year Up is able to connect young adults who are struggling financially with talent providers, employers, and policymakers.
Local partners of Bank of America have also stepped up in support of the Pathway program. Along with Year Up, companies including Dress for Success, St. Joseph the Worker, Boys and Girls Club, and A New Leaf have worked to provide the program with access to specialized education and training that is necessary to give participants a greater chance at long term career opportunities. Other partnerships include community colleges, UnidosUS, and the National Urban League.
While Pathway has established a talent pipeline through these strategic partnerships, the main piece of the program is Bank of America’s in-house education platform called The Academy. The Academy is characterized by Bank of America as “A best-in-class learning approach that is designed to set them up for success throughout their careers providing a full range of ongoing professional development programs using industry-leading innovation including client engagement simulators, virtual reality, interactive labs, boot-camps, and instructor-led coursework.”
How it helps business
The program does not simply provide jobs for those in low-income neighborhoods, it establishes a reliable pipeline of talent that can be used to fill jobs that have long-term career growth potential.
“This work furthers the bank’s longstanding commitment to creating equal employment opportunities for all by building a strong, diverse talent pipeline through hiring and recruiting, including from LMI neighborhoods, continuing our ability to mirror the clients and communities we serve,” Bank of America said in a statement.