Worcester Business Journal

www.wbjournal.com • Worcester Business Journal • 2 022 Economic Forecast 9 $1,000 off commercial loan closing costs... Consider it a deal with CSB. Let our Commercial Team Go Beyond Banking and take $1,000 off your commercial loan closing costs. TM Let's shake on an offer that will make your closing experience that much easier. Contact one of our lenders today! 978-365-3401 | clintonsavings.com *Minimum loan amount of $500,000. Offer valid through January 31, 2022. ECONOMIC FORECAST 2022 Investing in youth employment beyond summer BY JOHN TANACEA Special to WBJ W ith summer internships long over and teens and young adults either having returned to school or embarked on their first full-time job, it's a perfect time for employers to reflect on the importance of supporting youth employment programs beyond the summer months and into every season of the year. When young people are connected to employment and workforce experience, they learn about navigating the professional world and workplace dynamics, earn a paycheck and gain other valuable skills and perspectives, while employers develop the next generation of talent and provide an important pathway to economic opportunity and a stronger community. In fact, a 2020 Georgetown University study shows students who enter the workforce early are more likely to secure better, higher- paying jobs later in life, which oen motivates improved financial literacy and interest in saving and investing, leading to wealth creation and greater economic mobility. But right now, many young people looking for jobs lack the access and resources they need. Not only did younger workers – especially those from communities of color – experience relatively high peaks in unemployment over the course of the coronavirus pandemic, but there are emerging demands for early exposure to jobs, specialized training, and workforce skills. Many young people are at risk of being le behind in a fast-changing job market if they don't gain workforce experience, education, and on-the- job training. According to the latest available local jobs figures from the U.S. Bureau of Labor Statistics for October, the Worcester County unemployment rate is 5.2%, slightly lower than the Massachusetts statewide average of 5.3%. ere is no doubt the private sector can contribute to these opportunities, as we are well positioned to help address youth unemployment both within our own companies as well as with other municipal and community programs. For example, Bank of America has connected 6,500 young people to paid internships, paid training programs, and employment opportunities this year alone – and 20,000 summer jobs for young people since 2010 nationwide. Here in Worcester, Bank of America is committed to supporting youth employment and leadership development opportunities through a partnership with the City of Worcester and the Worcester Community Action Council, which over the past five years has been funded with a $50,000 annual grant. Also, our Student Leaders program each year provides two community- minded high school students with paid internships working with local nonprofits. rough a new coalition of marquee partners within sports, convened and led by Bank of America, we are providing job and workplace mentorship opportunities to young people, including with the New England Patriots. Recognizing the importance of a year-round approach to youth employment, the bank looks to fund paid opportunities beyond just the summer months. By partnering with organizations year-round who are addressing youth employment, including Urban League, NPower, Year Up, Major League Baseball teams, and several National Football League teams, as well as city summer jobs programs, we're providing marketable professional opportunities, while offering access to diverse workforce experiences beyond our own industry. Investing in a year-round youth employment strategy with a focus on functional skills, access to local professional opportunities, career growth, and mentorship is sound strategy. By doing so, companies will not only improve the lives of young people, but help grow the Greater Worcester economy, build a diverse talent pool of future professionals, and strengthen the communities we call home. John Tanacea is the market executive for Bank of America in Worcester. W

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