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challenging conventional wisdom All Staff Meeting Thursday, September 14, 2017 Financial Capability as the Driving Force Behind Better Outcomes
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Transcript of Force Behind Better Outcomes - nawb.orgnawb.org/forum/documents/workshops/Financial Capability as...
challengingconventional wisdom
All Staff MeetingThursday, September 14, 2017
Financial Capability as the Driving Force Behind Better Outcomes
Today’s Presenters
Marlena Sessions Vice President of Public and Private PartnershipsGrant Associates
Richard AcostaVice President of InnovationGrant Associates
Jared MarlingAssistant Director of Capacity BuildingThe Financial Clinic
Grant Associates has become a trailblazer and a force for innovation in delivering workforce services nationally. A certified Woman-Owned Business founded in 1997, we have operated nearly 80 different programs in cities of all sizes. Our programs reflect strength across the spectrum of workforce development. Long-standing relationships with employers and our business-centric strategy help us match qualified applicants to local talent needs.
Our mission
In 2017, we helped connect 10,800 people to employment thatgenerated over $310 million in income for the residents and communities we serve.
Our impact
Environmental Scan
NYC: A Case Study
• 8.5MM Residents• Over 300,000 participants
in the workforce system71K+ WIOA Youth70K+ TANF140K+ WIOA Adults
NYC: Environmental Scan
• 2nd Highest Cost of Living in North America• Increased by 20%+ since 2010
Living Wage
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
U.S. Individual NYC Individual NYC Individual + Child
Distressed Neighborhoods: PovertyU.S. Poverty Rate
Poverty
NYC Poverty Rate
Poverty
NYC Working Age
Poverty
Families w/ Children
Poverty
NYC: Changes to the Economic Landscape
• Minimum wage increase$11 in 2017$13 in 2018$15 in 2019
• Implementation of a Career Pathways approach to workforce servicesCustomer choice a priorityGoal drivenExpanded service continuumFocus on careers and advancement
• Opportunity to align financial goals with career goalsCareer advisement and retention
Value of Financial Capability in Workforce
• Empowering customers• Increasing executive functioning• Reducing recidivism• Increased confidence• Managing risk
US Personal Savings Rate
50
60
70
80
90
100
1940 1950 1960 1970 1980
Mean Rates of Absolute Mobility
Child's Birth Cohort
% o
f Chi
ldre
n Ea
rnin
g m
ore
than
thei
r Par
ents
The Financial Clinic
The Financial Clinic
Spectrum of Embedding Financial Security Strategies
The Financial Clinic
The Financial Clinic
Incorporating Financial Capability Services: Key components • Strong executive support• Dedicated staff resources• Integration from Day 1• Adjusting job descriptions and performance expectations• Robust training resources• Continuing the conversation• Developing customer facing collateral and engagement • Leveraging partnerships• Celebrating success
Incorporating Financial Capability Services: Challenges• Changing programmatic priorities• High degree of onus on the customer to engage• Finances are a sensitive subject• Impact is not immediate
The results
Results• 5,600+ individuals received
coaching services in 2017• Improved FCS scores• Improved retention rates• Increased full time
employment
0%
10%
20%
30%
40%
50%
60%
70%
80%
30 Day Retention 180 Day Retention Full Time Placements
2016 2017
Employment Outcomes
The Results
88
119
103
145
208
177
299
0 50 100 150 200 250 300 350
REFER TO FREE TAX PREP
OPEN A FINANCIAL ACCOUNT
CALCULATE FINANCIAL TRANSACTION COSTS
START SAVINGS PLAN
DEVELOP A SPENDING PLAN
CALCULATE TOTAL DEBT
PULL CREDIT REPORT
Coaching Milestones
• In addition to identifying financial goals with nearly 1,400 customers:
The Results
Cash Value of the money put back in customers pockets over the last year:
$103,927
Long-term Impact
Long-term Impact
The Road Ahead
• Expansion of resources available to customers• Longitudinal impact analysis• Bringing more services in-house• Advocate together for policy change
challengingconventional wisdom
All Staff MeetingThursday, September 14, 2017
Thank you!Richard Acosta
Grant [email protected]
Jared MarlingThe Financial Clinic
Marlena SessionsGrant Associates
Hands-on Coaching Tools
Hands-on Coaching Tools
