View New York Partnership Announces “CareerLift” to Benefit Out-of-School and Out-of-Work Young Adults; Project to Evaluate Feasibility of a “Pay for Success” Model
This week, Mayor Bill de Blasio announced a $1.5 million new initiative, "CareerLift," driven by JobsFirstNYC, NYC Center for Youth Employment (CYE), and Social Finance. Supported by an $850,000 grant from The Rockefeller Foundation, the pilot aims to grow targeted opportunities for formerly out-of-school and out-of-work young adults to help them stay employed and advance in their careers. This partnership will support vulnerable youth by working with private-sector employers to help reduce employee turnover rates and improve productivity. This project will also evaluate the feasibility of a "Pay for Success" model, in which employers assume the cost of job retention services only if proven successful — a first-of-its-kind funding model in the U.S. for employment retention services.
"Investing in the success of our emerging workforce is essential to a thriving local economy," Mayor Bill de Blasio said. "Through CareerLift, we're helping our young people succeed in the private sector. It's a win for them, it's a win for employers and it's a win for New York City."
"For young adults who face a myriad of structural challenges in accessing the economy and climbing the economic and social mobility ladders of opportunity, greater support to stay in a job is critical to ensuring their financial independence and security. CareerLift is an innovative partnership model signaling a timely shift that just getting a job often isn't enough. A little support can be the difference in their success and ultimately the success of employers," said Sherazade Langlade, Vice President of Workforce and Economic Development at JobsFirstNYC.
The program will be implemented by two nonprofit workforce development organizations: Seedco—supported in part through a $150,000 grant from The Pinkerton Foundation—and Madison Strategies Group, as well Q Services, the employer partnering with Madison Strategies to place young adults in office service jobs. Seedco will work with a number of food service employers to place young adults in jobs. In addition to testing the feasibility of the model, funding will support staff from the provider organizations to help workers and employers address challenges, from housing and transportation to healthcare and workplace conflicts that might otherwise lead to losing their jobs.
See http://markets.businessinsider.com/news/stocks/Mayor-de-Blasio-Rockefeller-Foundation-JobsFirstNYC-Center-for-Youth-Employment-and-Social-Finance-Launch-Career-Lift-1013162345 for access to full release.