Generation, a non-profit employment organization, has reportedly secured a new funding worth $77 million, along with $50 million in-kind resources. The recent funding round involved Verizon, Microsoft, McKinsey & Company, and BlackRock and will help the organization increasingly tackle unemployment issues in 14 countries across the globe.
The combined commitment will allow Generation to collaborate with governments as well as other workforce partners worldwide to support people, particularly mid-career workers and young adults, who are facing systemic barriers to employment amid the economic disruptions caused by the COVID-19 pandemic.
With the recent funding, the organization and its workforce partners will cater to the needs of 75,000 people over the next 2 years, by providing employment opportunities with a stable income to ensure the transformation of communities. Additionally, the funding will support its new global research to yield greater insights for policymakers, employers, and workforce programs. The commitment also encompasses in-kind resources, cash funding, and connections to the employers for Generation graduates.
Generation has been handling 40,000 graduates from the employment programs conducted in 14 countries to date, which spans 30 professions across 4 sectors namely skilled trades, customer service, healthcare, and technology. For the record, 93% of its learners are unemployed when they enter the program, while 84% of its graduates are provided with job opportunities within three months of completion.
According to Verizon’s Chief CSR Officer, Rose Stuckey Kirk, though Citizen Verizon, its responsible business plan, the company is partnering with Generation to surge initiatives that aid people in using their skills to thrive in the workforce, as well as realize its goal to upskill and reskill half a million people in the next 10 years. It also showed excitement towards becoming a part of the coalition and supporting the vision of Generation in providing new opportunities during the economic disruptions, for those who have unequal access to the tools required to advance their skills, education, and chances for economic prosperity.
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