New Workforce Development Initiative Aims to Help Underserved Populations in South Florida Upskill for Careers in Financial Services

Rhea-AI Summary

The Council for Adult and Experiential Learning (CAEL) has announced the expansion of the Build Better Careers program in South Florida, aimed at helping residents without college degrees access high-growth jobs in banking and financial services. Funded by the Truist Foundation's Where it Starts Initiative, the program seeks to connect job seekers to higher-wage jobs and long-term career opportunities in the industry.

The initiative will collaborate with local partners, including CareerSource South Florida and OIC of South Florida, to identify, recruit, and upskill high-potential working adults. Over the next three years, CAEL and its partners will work to connect traditionally underserved populations with career paths in financial services, insurance, and adjacent industries. The program also aims to address barriers such as food and housing insecurity that have historically prevented qualified individuals from accessing these careers.

Positive

• Expansion of Build Better Careers program to create pathways for underserved populations in South Florida
• $15.7 million grant from Truist Foundation to support the initiative
• Projected growth in finance-related occupations, with 911,400 openings annually through 2032
• Collaboration with local partners to provide hands-on training and education
• Addressing barriers like food and housing insecurity to improve access to high-growth careers

Negative

• 18% of Florida's adult population has some college credit but no degree or credential, potentially limiting access to higher-paying roles

With support from Truist Foundation, Build Better Careers program will create pathways to high-growth jobs in banking and financial services for South Florida residents without a college degree

FORT LAUDERDALE, Fla., July 30, 2024 /PRNewswire/ -- The Council for Adult and Experiential Learning (CAEL)—a national nonprofit organization dedicated to helping adult learners navigate the pathways between education and employment—today announced the expansion of an ambitious initiative designed to help South Florida residents without a college degree access high-growth jobs in the banking and financial services sector. With funding from the Truist Foundation's Where it Starts Initiative, the Build Better Careers program aims to expand opportunities for South Florida residents by connecting area job seekers to higher-wage jobs and long-term career opportunities in the industry and recruiting financial services organizations to hire more adult learners.

"Too many South Floridians are currently locked out of economic mobility and high-paying roles either because of insufficient access to education or systemic barriers, such as food insecurity, inadequate child care and a lack of affordable housing," said Earl Buford, president of CAEL. "This is about mobilizing educators, talent developers, and employers to create pathways to careers in financial services for high-potential individuals within our communities who can take their existing skills to the next level. It's about creating career ladders and lattices to long-term economic opportunity."

According to the Bureau of Labor Statistics, employment in finance-related occupations is projected to grow faster than the average for all occupations through 2032, with an average of 911,400 openings projected each year. However, many roles beyond the entry level that pay above the median wage require some level of education and training beyond a high school diploma, if not a bachelor's degree. More than 1.8 million Floridians, or approximately 18% of the state's adult population, have some college credit, but no degree or credential.

To help broaden access to careers in banking and finance, the Build Better Careers initiative aims to identify, recruit and upskill high-potential working adults and help them translate their existing knowledge and skills to prepare for roles in financial services. Using a peer-to-peer capacity-building model, CAEL will mobilize and train a coalition of workforce training providers, community-based organizations, and institutions of higher education with an initial set of local partners that includes CareerSource South Florida and OIC of South Florida.

"By creating tailored pathways to high-growth careers in financial services, we are addressing a critical need in our community and providing residents with the tools they need to achieve economic stability and success," said Newton Sanon, President and CEO of OIC of South Florida. "This initiative will not only empower individuals but also strengthen our local economy by ensuring a diverse and skilled workforce."

Over the next three years, CAEL and its national and regional Build Better Careers partners will collaborate with a diverse set of stakeholders in South Florida communities, including educators, trainers, and employers, working to help connect traditionally underserved populations with career paths in financial services, insurance, and adjacent industries. In addition to providing hands-on training and education, the program will also engage community-based organizations who will help address barriers—such as food and housing insecurity and a lack of affordable child care— that have historically prevented high-potential and qualified individuals from accessing high-growth careers.

Launched in 2022, Build Better Careers is made possible by a generous $15.7 million grant from the Truist Foundation, which will help more than 6,000 adult learners connect with rewarding education-employment pathways over its six-year operational period. The six-year multi-city initiative is designed to create upward mobility for individuals from underserved communities by building career paths in professions and industries historically unavailable to them, such as financial services.

CAEL taps into more than 40 years of experience collaborating with employers, workforce boards and colleges and universities—with a deep subject matter expertise in building education and training programs to meet the needs of adult learners. To design and scale the program in South Florida and four other markets, CAEL has assembled a diverse coalition of national partners, including CareerWork$ (BankWork$ program), adult learner recruitment solution CollegeAPP, labor market analytics firm Lightcast, career planning platform PAIRIN, and experiential learning provider Riipen.

Local community-based organizations, institutions of higher education, and workforce organizations are invited to participate and can find additional information on the initiative at cael.org/truist.

About CAEL: Recognizing that adult learners are the backbone of the U.S. economy, CAEL helps forge a clear, viable connection between education and career success, providing solutions that promote sustainable and equitable economic growth. CAEL opens doors to opportunity in collaboration with workforce and economic developers, postsecondary educators, employers and industry groups, and foundations and other mission-aligned organizations. By engaging with these stakeholders, we foster a culture of innovative, lifelong learning that helps individuals, and their communities thrive. A national membership organization established in 1974, CAEL is a part of Strada Collaborative, a mission-driven nonprofit. Learn more at cael.org and stradacollaborative.org.

About Truist Foundation: The Truist Foundation is committed to Truist Financial Corporation's (NYSE: TFC) purpose to inspire and build better lives and communities. Established in 2020, the foundation makes strategic investments in nonprofit organizations to help ensure the communities it serves have more opportunities for a better quality of life. The Truist Foundation's grants and activities focus on building career pathways to economic mobility and strengthening small businesses. Learn more at Truist.com/Purpose/Truist-Foundation.

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SOURCE Council for Adult and Experiential Learning (CAEL)

FAQ

What is the Build Better Careers program announced by CAEL in South Florida?

The Build Better Careers program is an initiative to help South Florida residents without college degrees access high-growth jobs in banking and financial services. It aims to connect job seekers to higher-wage jobs and long-term career opportunities in the industry.

How is Truist Foundation (TFC) involved in the Build Better Careers program?

Truist Foundation is funding the Build Better Careers program through its Where it Starts Initiative. The foundation has provided a $15.7 million grant to support the six-year multi-city initiative.

What are the employment projections for finance-related occupations according to the Bureau of Labor Statistics?

According to the Bureau of Labor Statistics, employment in finance-related occupations is projected to grow faster than average through 2032, with an average of 911,400 openings projected each year.

Who are the local partners involved in the Build Better Careers program in South Florida?

The initial set of local partners for the Build Better Careers program in South Florida includes CareerSource South Florida and OIC of South Florida.

How long will the Build Better Careers initiative run in South Florida?

The Build Better Careers initiative is planned to run for three years in South Florida, collaborating with various stakeholders to connect underserved populations with career paths in financial services, insurance, and adjacent industries.