Coalition of New Jersey CEOs aim to hire or train 70,000 New Jersey residents
Topics: NEW JERSEY
Both efforts will focus on underrepresented communities of color and other underserved communities.
“This pledge from some of our state’s largest and most well-known corporations is a potential game-changer for communities that have been hit hardest by the pandemic,” said Governor Phil Murphy. “We want to thank each and every one of them for stepping up in a time of need, and challenge other companies throughout New Jersey to join this important effort.”
The coalition is challenging the rest of New Jersey’s corporate community to mirror their pledge and provide more inclusive opportunities to New Jersey residents by training or hiring an additional 40,000 workers from New Jersey by 2030, and by increasing spending with New Jersey based businesses by another $250 million by 2025.
The CEO Council arose from meetings of the Governor’s Restart and Recovery Commission, named by the Governor in April to advise the administration and
elp with the safe reopening of the state’s economy. The Council is made up of the CEOs of BD, Campbell Soup Company, Johnson and Johnson, Merck and Co., Prudential Financial, PSEG, RWJBarnabas Health, Verizon, and Zoetis.
Beyond partnering with the public sector and non-profit organizations, the coalition will create a series of novel programs, including the first state wide and first government-supported Career Impact Bond Fund, and a Procurement Center of Excellence, in order to achieve these goals.
Career Impact Bonds (CIBs) are a distinct form of income share agreement, designed to upskill low-income and underserved learners and workers to achieve economic mobility, made possible by leveraging philanthropic, corporate, and for the first time, government funding.
New Jersey will be the first state to launch and dedicate government resources toward a CIB Fund. CIBs pay for the cost of the training programs and wrap-around services on behalf of the student beneficiaries.
Students then pay back the costs over time once they attain and maintain employment with a salary above a certain threshold. The repaid money is recycled to fund training for future students.
In addition, the CEO Council plans to help establish a Procurement Center of Excellence to provide resources and training to support the growth of diverse and small NJ-based suppliers to prepare them to work with the world’s largest corporations. ■