At a time when the pandemic has produced record losses in income and jobs globally, BlackRock’s philanthropic arm - the BlackRock Foundation - is providing $13 million in anchor funding to Generation, a global employment nonprofit that prepares, places and supports people across 14 countries into life-changing careers that would otherwise be inaccessible.
The grant builds on the Foundation’s existing nonprofit partnerships geared towards helping people who face systemic and ongoing barriers build stability today so they can access a more resilient future.
And in line with the firm’s goal to build a more resilient economy, the Foundation is supporting job training and placement opportunities to help households build a steady and upwardly mobile income as one pathway to achieving financial resilience.
COVID-19 has not only led to massive global unemployment by eliminating millions of jobs but has further exposed deep, growing societal inequities, with the physical and financial consequences disproportionately falling on certain segments of society, from communities of color to young people to single parents.
The funds, which are part of the final phase of BlackRock’s previously announced $50 million COVID-19 relief and recovery efforts, will help Generation scale its proven seven-step methodology to support more than 75,000 learners by 2022, placing them into entry-level, in-demand jobs in durable sectors including tech, green jobs and healthcare. Alongside Verizon, Microsoft and McKinsey & Company, BlackRock will seed the program’s Global Coalition, providing $5 million to help scale their global infrastructure and allocating an additional $8 million to support Generation’s country operations tackle specific employment challenges across the U.S., UK, France, Italy, Spain and India.
