Fueling economic growth through jobs and skills development

Mastery of a trade or job skill can have as significant an impact on lifetime earnings as a college degree. According to the most recent Bureau of Labor Statistics data, 37% of the workforce lacks any education beyond high school, making job skill training and certifications all the more important.^footnote1 McKinsey recently reported that some 30 million workers without college degrees have the skills for jobs that pay, on average, 70% more than what they earn now, but they lack the required degree or certification to access these jobs.^footnote2 Meanwhile, drilling into the data reveals a more complex social picture: Not only are Black and Hispanic-Latino workers less likely to have college degrees, but they are also less likely to have job certifications or licenses.^footnote3 What’s more, income disparities have been compounded by the coronavirus, during which Black and Hispanic-Latino communities have seen disproportionate job losses.^footnote4

“Bank of America, with our deep connections in the communities we serve and our ability to convene other partners, is uniquely positioned to help develop long-term career opportunities,” says Bank of America CEO Brian Moynihan.

Building competencies and skills inside and outside of college

To help reduce the skills gap across the country and meet demands for a pipeline of diverse talent, Bank of America is bringing together nonprofit partners and employers, including its own clients, as well as broader networks such as local chambers of commerce, with the goal of supporting skills-training programs and a clear path to employment for individuals in communities across the country. For example, local employers can work directly with nonprofits, higher education institutions and other skills-building organizations to ensure that students are trained and certified with specific skills that are locally in demand, including those needed for IT jobs. In turn, employers are encouraged to set tangible hiring goals and commit to supporting graduates.

This initiative builds on the Bank’s longstanding commitment to workforce development through its philanthropy, as well as its own hiring commitments, and aligns to advance racial equality and economic opportunity. For instance, in 2020 the Bank announced a jobs initiative designed to hone skills and boost career advancement for Black and Hispanic-Latino students through partnerships with community colleges, historically Black colleges and universities, Hispanic-serving institutions and major employers in 19 communities across the U.S.

Creating opportunities at the bank

As part of these efforts, Bank of America is reinforcing its longstanding practice of hiring and developing a diverse workforce, and ensuring inclusive workplaces in communities around the country, by committing to hire from this talent pool.

The bank has developed initiatives such as its Pathways program – which exceeded its goal of hiring 10,000 people from low-and moderate-income communities – to create a diverse talent pipeline for the company. It also partnered with top business leaders to create one million jobs for Black Americans over ten years through the OneTen coalition, and joined the Business Roundtable’s multi-year initiative to reform hiring and talent management practices by emphasizing the value of skills in an effort to improve equity, diversity and workplace culture.

Explore more of Bank of America’s commitment to advancing racial equality and economic opportunity in local communities across the country, including support for small businesses, addressing food insecurity, increasing access to healthcare and more.

3/11/2022