Advancing racial equality and economic opportunity in Texas
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By Bank of America
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection.
How Bank of America is investing in Black and Hispanic Students in Texas: A panel discussion hosted by Bank of America Austin Market President, Nikki Graham
The events of 2020 have made abundantly clear that racial equality and economic opportunity for everyone are goals that cannot wait. The coronavirus pandemic continues to have an outsized impact on Black and Hispanic communities, and the spotlight on racial injustices underscores the need for action.
“Advancing economic mobility through education and workforce training is a priority for Bank of America in Texas and across the country. Creating meaningful career opportunities that include a pathway to reducing student debt, obtaining health care and retirement benefits will ultimately help Black and Hispanic-Latino students build net worth, help their families, and drive meaningful progress in our communities.”
— Jennifer Chandler, Dallas Market President, Bank of America
The coronavirus has also accelerated concerning trends already underway. Unemployment rates for Black and Hispanic people between the ages of 20 and 24, which hovered in the high single digits during the third quarter of 2019, were already significantly higher than the national average during a healthy economy. A year later, unemployment has risen sharply for these college-age groups, reaching 24% for Black job seekers and 16.3% for Hispanic/Latino job seekers. Meanwhile, the national unemployment rate hovers around 7%.
“We are preparing our students with relevant skills as well as degrees. Our partners, private companies of all sizes and across many industries in and around Dallas, are in need of such graduates.”
— Dr. Pyeper Wilkins, Vice-Chancellor, Workforce & Advancement of Dallas College
“The current times have been very challenging and disruptive for our students, often causing them to question whether they can continue their studies,” said Dr. Ruth Simmons, president of Prairie View A&M University.
Guidance counseling, a college degree and a network to tap after graduation are critical for launching a successful career. In the post-pandemic economy, they will be even more crucial. The growing adoption of robotics and machine learning means that up to half of all current jobs could be at risk by 2035 and that the high-quality jobs of the future will require additional skills and training.
“As the longest-standing institution of higher learning in Austin, Huston-Tillotson University continues to demonstrate making our mission a reality by being a transformational force in the fabric of the community and beyond. When our community partners recognize this and work alongside us to create meaningful and sustaining partnerships, it strengthens our entire community. This combination of like-minded companies is a phenomenal example of collaborations committed to education as the great equalizer.”
— Dr. Colette Pierce Burnette, President and CEO, Huston-Tillotson University
As part of Bank of America’s recent $1 billion commitment to advance racial equality and economic opportunity, the company announced further details around its $25 million national commitment to enhance up-skilling and reskilling for Black and Hispanic/Latino individuals, including $2.65 million so far for students in Texas. Through initial partnerships with 21 higher education institutions, including community colleges, historically Black colleges and universities, and Hispanic-serving institutions, Bank of America is giving $1 million to each of the 21 institutions selected to date, including two in Texas, to help support a stronger hiring pipeline for students of color.
"As the longest-standing institution of higher learning in Austin, Huston-Tillotson University continues to demonstrate making our mission a reality by being a transformational force in the fabric of the community and beyond,” said Dr. Colette Pierce Burnette, president and CEO, Huston-Tillotson University. “When our community partners recognize this and work alongside us to create meaningful and sustaining partnerships, it strengthens our entire community. This combination of like-minded companies is a phenomenal example of collaborations committed to education as the great equalizer.”
The bank announced it is partnering with Dallas College-El Centro Campus and Prairie View A&M University as part of this work. Each partner institution will receive $1 million to develop or enhance programs to meet specific skills gaps to create higher-paying, family-sustaining jobs that are in demand. Programming will include financial coaching and enhanced career guidance and course selection to help ensure that students complete their degrees while also helping companies grow through a diverse employee base.
“The current times have been very challenging and disruptive for our students, often causing them to question whether they can continue their studies. Efforts by Bank of America to encourage their persistence and ambition are very much needed and will create a pathway for many to remain enrolled and complete their education. We are grateful for the timeliness and generosity of these actions.”
— Dr. Ruth Simmons, President, Prairie View A&M University
“Jobs are a critical pillar to addressing the racial wealth gap in our country, which is why we’re focused on building a stronger and more diverse hiring pipeline,” says Nikki Graham, Austin market president, Bank of America. “Through a collaborative approach with our leading partner institutions, this program will have a real and meaningful impact for Black and Hispanic/Latino students and communities in Texas.”
A central goal of the initiative is to help ensure that students of color, once enrolled, can complete their studies. Nationally, less than 40% of community college students earn a certificate or degree within six years of enrollment, and the rates are lower still among Black and Hispanic students, at 28.8% and 37.1%, respectively.
“Efforts by Bank of America to encourage their persistence and ambition are very much needed and will create a pathway for many to remain enrolled and complete their education. We are grateful for the timeliness and generosity of these actions,” says Dr. Ruth Simmons.
The Black and Hispanic students who attend Dallas College will have immediate access to career-connected learning experiences when they enroll. "We are preparing our students with relevant skills as well as degrees," says Dr. Pyeper Wilkins, vice-chancellor of Dallas Colleges. "Our partners, private companies of all sizes and across many industries in and around Dallas, are in need of such graduates."
“The opportunity for Black and Hispanic-Latino communities to have access to high-quality jobs is critical for addressing the racial wealth gap in our country. This initiative aims to strengthen the hiring pipeline for Black and Hispanic-Latino students, creating not just jobs but the opportunity to enjoy lifelong careers, which will create a lasting ripple effect across our communities and the greater economy.”
— Ebony Thomas, Senior Vice President, ESG: Racial Equality and Economic Opportunity Executive, Bank of America
In addition to the $2 million commitment to programming at Dallas College-El Centro Campus and Prairie View A&M University, the bank has expanded its support of higher education initiatives to advance economic resiliency across the state. This extended commitment includes $645,000 in total funding so far to:
- Alamo Colleges – St. Philip’s Campus
- Huston-Tillotson University
- St. Edward’s University
- Texas Christian University
- Texas Southern University
- University of North Texas
- University of Texas at Austin
- University of Texas at Arlington
Bank of America will also work alongside other major employers in Texas to target the region's specific hiring needs. Participating higher education institutions are putting the grants to use by adapting existing programs or developing new ones focused on boosting soft skills, such as verbal and written communications, and increasing access to career coaching, course selection guidance, networking and internship opportunities.
“The opportunity for Black and Latino communities to have access to high-quality jobs is critical for addressing the racial wealth gap in our country,” says Ebony Thomas, senior vice president, ESG: Racial Equality and Economic Opportunity Executive, Bank of America. "This initiative is aimed at strengthening the hiring pipeline for Black and Hispanic/Latino students, creating not just jobs but the opportunity to enjoy lifelong careers.”
Authors:
- Nikki Graham, Austin Market President, Bank of America
- Jennifer Chandler, Dallas Market President, Bank of America
- Michael R. Pavell, Fort Worth Market President, Bank of America
- Hong Ogle, Houston Market President, Bank of America
- Jessica Miller, San Antonio Market President, Bank of America