4 Reasons to Have a Banker on Your Workforce Board
1
Expertise in and Focus on Economic Development
Banks play a key role in the economic growth and well-being of communities; a bank’s success is fundamentally linked to the prosperity of its community. To support such growth, banks may see value in engaging in economic development initiatives in their local communities.
2
Background in personal financial practice
Customer financial capability—the effective use of personal finances and financial services—represents a positive indicator of career growth and success. Employees of financial institutions provide expertise regarding financial products and services, use and management of credit, and savings and asset development.
3
Goal of Improving Financial Security for LMI Individuals
Given Community Reinvestment Act (CRA) requirements, banks have a vested interest in making contributions to their communities to support low- and moderate-income individuals in accessing living-wage job opportunities. Workforce development boards share this interest by meeting their own performance objectives and being effective in meeting the workforce needs of community businesses.
4
Specialized Workforce Development Needs
Many workforce systems have designated financial services as a “demand industry” in response to the specialized workforce development needs of financial institutions. Workforce development boards often engage in creating career pathways designed to meet these needs. When banks participate in career pathway activities that engage low- and moderate-income individuals (including work experience, on-the-job training, and apprenticeship), such activity may count toward their CRA goals.