Cara and BMO Harris Bank Extend Job Offers as Part of Workforce Development Program

Rhea-AI Summary

BMO Harris Bank and Cara have launched a workforce development program called BMORE, aimed at removing employment barriers and creating access to banking careers. Launched with a virtual hiring event on September 16, 2020, the initiative extended job offers to a cohort of 12 job seekers from Chicago's Austin and Little Village communities. This collaboration emphasizes diversity in recruitment and aims to support local economic development. Cara's extensive experience in workforce development will aid in preparing candidates for customer service roles at BMO, with training adapted to virtual formats due to COVID-19.

Positive

• 12 job offers extended in inaugural cohort, exceeding initial goal of 10.
• Focus on creating equitable opportunities in underserved communities.
• Collaboration aims to diversify and include underrepresented talent.
• Cara has a retention rate of approximately 70% for placements across industries.

Negative

• None.

• Collaboration creates career path in banking, removes barriers to employment in Austin, Little Village and other Chicago communities
• Cara expanding cohort-based inclusive employment framework to additional organizations

CHICAGO, Sept. 23, 2020 /PRNewswire/ - Cara and BMO Harris Bank announced today a workforce development program co-created to remove barriers to employment and increase access to careers in banking and finance. The two organizations extended job offers to a cohort of 12 Chicago job seekers following their inaugural hiring event, held virtually on Sept. 16.

The program, entitled BMORE, represents a new model for both Cara and BMO in which the organizations collaborated to recruit, train and place individuals into customer service roles at the Chicago-based bank. Cara and BMO co-created each step of the program from recruitment through onboarding to support the new team members. In addition, the Customer Experience Representative (CER) job description was workshopped with Cara job seekers to better appeal to local, diverse talent.

Newly hired CERs will assist customers while building meaningful partnerships, as well as support branch operations and serve as critical brand ambassadors for BMO.

Recruitment for the BMORE program focused primarily on the Austin and Little Village neighborhoods in support of Mayor Lori Lightfoot's INVEST South/West initiative, which is designed to address economic disparity in key neighborhoods across the city, but the roles were open to all Cara participants. Because transportation is often a barrier to employment, candidates were considered for roles at BMO branches that are easily accessible by public transportation. Community partners Austin Coming Together, Latinos Progresando and Instituto del Progreso Latino collaborated on recruitment for the program in Austin and Little Village.

"We are extremely proud to partner with our friends at BMO Harris for this unique, but critical program," said Joe Mutuc, Cara's chief business development officer. "Our mission is to unlock the power and purpose within our communities and ourselves to achieve real and lasting success, and a big component of that is working with employers, like BMO, to recognize the untapped workforce talent across our city and creating equitable opportunities for everyone. Our hope with this initiative is that it will inspire other companies to assess and evaluate their own hiring practices."  

"We started building the BMORE program in 2019 to deepen our long-term connection with the communities we serve and to remove barriers to inclusion," said Ernie (Erminia) Johannson, BMO's group head of North American Personal and Business Banking. "That thinking inspired this collaboration with Cara – creating a pathway for people with barriers to employment to have access to a career in financial services. We're excited to bring this first cohort into the BMO family and look forward to scaling the program in the future."

Leveraging nearly 30 years of workforce development experience, Cara provided candidates with work readiness training, screening and skills assessment. Cara places people experiencing poverty and homelessness into nearly 1,000 jobs each year. The average one-year, same-firm retention rate for a Cara placement across all industries is approximately 70 percent.

In October, the new BMO CERs will begin their paid learning and development program before their official start date in November.

Due to COVID-19, the BMORE program needed to quickly adapt to the new environment. BMO and Cara redoubled their commitment to the program just as it was kicking off to ensure it could go forward. Recruiting, training, hiring, onboarding and learning will take place virtually during the pandemic. The team also broadened recruitment efforts to include Cara alumni whose employment was impacted by COVID-19. Despite the challenges of the pandemic, the program exceeded its goal of extending 10 job offers for its inaugural cohort.

Building on this work, Cara recently announced a virtual institute series to help employers achieve similar objectives to the BMO partnership, such as diversifying their workforces with talent often sidelined by the mainstream economy and learning the tactics they can take to help that talent succeed. Two separate training cohorts will take place this fall and winter. More information, including how to register, can be found here.

BMO Harris Bank is focused on supporting its communities and removing barriers to inclusion. In 2019, BMO donated $10 million to the United Way of Metro Chicago's Neighborhood Network in support of the Chicago Mayor's INVEST South/West initiative and BMO's Purpose to Boldly Grow the Good in business and life. Those funds were directed to Austin and Little Village to support their neighborhood revitalization plans. Earlier this month, the bank announced new goals in support of a diverse and inclusive workforce.

About Cara

Cara's mission is to unlock the power and purpose within our communities and ourselves to create real and lasting success. Through our personal and professional development and access to employment opportunities, Cara serves as a leader in poverty alleviation in Chicago and beyond. Since 1991, more than 6,500 people have been placed into more than 10,000 jobs and started on their path to self-sufficiency. Learn more at www.carachicago.org.

About BMO Harris Bank

BMO Harris Bank provides a broad range of personal banking products and solutions through more than 500 branches and fee-free access to over 40,000 ATMs across the United States. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the United States. For more information about BMO Harris Bank, visit the company fact sheet. Accounts are subject to approval. BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a highly diversified financial services provider with total assets of CDN$974 billion as of July 31, 2020.

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SOURCE BMO Harris Bank

FAQ

What is the BMORE program launched by BMO Harris Bank?

The BMORE program is a workforce development initiative created in collaboration with Cara to remove barriers to employment and increase access to banking careers.

When was the inaugural hiring event for the BMORE program held?

The inaugural hiring event for the BMORE program was held virtually on September 16, 2020.

How many job offers were extended in the first cohort of the BMORE program?

The first cohort of the BMORE program received 12 job offers, exceeding the initial goal of 10.

Which communities are targeted by the BMORE program?

The BMORE program focuses primarily on the Austin and Little Village neighborhoods in Chicago.

What role will the newly hired Customer Experience Representatives (CERs) have?

The newly hired CERs will assist customers, support branch operations, and act as brand ambassadors for BMO.