Prudential Financial announces $180 million global investment to solve complex challenges facing opportunity youth, promoting...
24 April 2019 - 12:04AM
Business Wire
Largest private sector investment to date will prepare future
global workforce with education and training, build financially
stable communities and help break the cycle of poverty
Doubling down on its commitment to make lives better by solving
the financial challenges of our changing world, Prudential
Financial, Inc. (NYSE: PRU) is committing more than $180 million
through 2025 to support young people aged 15-29 worldwide who lack
access to school, training or regular jobs – a segment of the
global population often referred to as opportunity youth. This is
the largest financial private-sector investment in this group.
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“Businesses like ours have a role to play in ensuring that
global economic progress benefits all members of tomorrow’s
workforce,” said Prudential Chairman and CEO Charles Lowrey. “Our
goal is to improve young people’s lives by creating pathways for
them to achieve financial wellness, strengthen their communities
and ultimately help drive the global economy.”
Prudential’s investment will help young people across the globe
gain the right skills to compete for and succeed in quality jobs.
This population segment, which accounts for 350 million people
worldwide, represents untapped potential for the future workforce.
The company will support dedicated partnerships through grants,
corporate contributions and impact investments to improve financial
security for youth in more than 70 countries.
“We’ve seen firsthand from our work with partners around the
world the positive ripple effect that supporting youth in this way
has on local communities,” said Lata Reddy, senior vice president
of Diversity, Inclusion and Impact, and chair and president of The
Prudential Foundation. “Integrating this population into the
workforce will drive revenue growth for businesses and the global
economy. With the right skills and training, opportunity youth can
be both an engine of growth and a catalyst for positive social
change.”
Prudential has a long history of investing in opportunity youth,
committing more than $50 million in impact investments and
philanthropic support to partner organizations over the last two
decades. One example of this is the company’s initiative with its
real estate investment arm, PGIM Real Estate – one of the largest
real estate investment managers in the world – and the work with
its longtime partner YouthBuild, which focuses on helping
low-income young people acquire the skills needed for construction
jobs.
“In our journey to help youth rebuild their lives and their
communities, the partnership with Prudential has been instrumental
to our success. This investment is further proof of the company’s
commitment to supporting the next generation of workers and young
leaders around the world who come from all walks of life,” said Tim
Cross, president, YouthBuild International. YouthBuild has had a
meaningful impact in the communities where it operates, with 75
percent of the program’s students obtaining a high school degree or
its equivalent, or industry-recognized credentials.
More recently, Prudential has invested in talent development
platforms that bridge the education-to-employment gap by providing
training in high-demand skills where employers face persistent and
pervasive talent shortages. An example of the work is the
partnership with Andela, a New York-based startup, where Prudential
is helping to develop a talent pipeline of African software
developers.
“We are connecting talent with opportunity on a global scale
while also building and sustaining a pan-African elite tech
workforce. Prudential’s commitment is going to enable us to reach
more software engineers from across the continent, who are poised
to become tomorrow’s global tech leaders. We’re looking forward to
what we can do together,” said Jeremy Johnson, co-founder and CEO
of Andela. The startup’s talent pipeline is supported by a
data-driven, automated hiring and training system. The company
currently operates four training centers in Africa and has scaled
to over 1,000 developers.
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE: PRU), a financial services
leader with more than $1 trillion of assets under management as of
Dec. 31, 2018, has operations in the United States, Asia, Europe,
and Latin America. Prudential’s diverse and talented employees are
committed to helping individual and institutional customers grow
and protect their wealth through a variety of products and
services, including life insurance, annuities, retirement-related
services, mutual funds and investment management. In the U.S.,
Prudential’s iconic Rock symbol has stood for strength, stability,
expertise and innovation for more than a century. For more
information, please visit news.prudential.com.
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MEDIA:Caitrin
O’Sullivan973-367-6633caitrin.osullivan@prudential.com
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