HSBC and Microsoft Join Forces to Support the New Feeding America® Workforce Development Initiative

Rhea-AI Summary

HSBC Bank USA, N.A. has announced a $350,000 grant to Feeding America to support its workforce development initiative aimed at helping low-income individuals secure jobs. This initiative will target eight markets, providing essential training and resources. The support from Microsoft includes grants and online learning content for in-demand job skills. This partnership aims to address unemployment, particularly among under-resourced communities, while promoting food and financial security. Since 2012, HSBC has contributed $5.5 million to Feeding America in efforts to combat food insecurity.

Positive

• HSBC's $350,000 grant will directly enhance Feeding America's workforce development initiative.
• The initiative targets under-resourced communities, aiming to reduce unemployment rates among low-income individuals.
• Partnership with Microsoft enhances the program with online learning resources for job skills.

Negative

• The unemployment rate remains high among marginalized communities, indicating persistent economic challenges.
• Feeding America reports that the pandemic exacerbated existing inequalities, affecting people of color and women.

HSBC Bank USA, N.A., (HSBC), part of HSBC Group, today announced that the Bank and Microsoft Corp. will provide grants and resources to support Feeding America^®, the nation’s largest domestic hunger-relief organization.

Food bank visitor receives food assistance from Feeding America network (Photo: Business Wire)

The $350,000 two-year grant from HSBC will directly assist Feeding America in expanding its new workforce development initiative within communities in need. Microsoft is providing grant support and online learning content that aligns to today’s most in-demand skills and jobs to help strengthen and scale the initiative.

Feeding America food banks will help neighbors in need secure jobs in their local communities. Through the workforce development pilot, Feeding America food banks in eight markets will pinpoint the necessary workforce training and job search support required for higher wage opportunities within specific communities. The program will help low-income individuals gain expanded access to resources necessary to acquire new skills and connections that result in higher income employment.

Food banks will partner with local and national workforce entities that focus on employment opportunities for individuals in under-resourced communities, which includes identifying industries with the highest projected growth. People of color, individuals without post-secondary credentials, and earners making notably low wages (less than $35K/year) represent disproportionate shares of the unemployed. Out of total unemployment in the United States since August 2020, 40% are African American or Hispanic, while 63% have high school education or below. With lack of equitable access to skills training needed for economic mobility, low-income individuals turn to food banks as a source of food security. Feeding America’s workforce development initiative is addressing a root cause of hunger and hopes to promote food and financial security by supporting individuals in securing jobs with competitive wages.

In partnership with consulting firm McKinsey & Co., Feeding America identified eight essential components in effective and scalable workforce development programming. Due to the breadth and reach of Feeding America, its nationwide network of local food banks is already engaged in half of the necessary components, including recruiting participants for workforce support, providing access to other social services, and convening local partners. Food banks play a critical role in providing opportunities for people in need to seek new skills for higher income employment.

Grant awards were selected by Feeding America through a rigorous process. HSBC’s funding flows through the Future Skills High Impact Project Fund, a global initiative supporting ‘jobs of tomorrow’ in alignment with the global focus on sustainable finance and investments that include solutions that help our partners advance their social goals around diversity and equity.

“Given that HSBC’s global philanthropic focus is on employability, it has been tragic to see the impact the past year has had on the job market, particularly for women and people of color here in the U.S.” said Kelly W. Fisher, head of corporate sustainability for HSBC Bank USA. “We believe in the proven abilities and reach that Feeding America has, as well as the incredible expertise of Microsoft, and are so proud to launch this program together.”

Since 2012, HSBC has provided $5.5 million in grants to Feeding America to combat food insecurity, with significant focus on their child hunger programs and response to the COVID-19 pandemic.

“As millions of people recover from the economic impact of the COVID-19 pandemic, our new partnership with Feeding America and HSBC focuses on employment opportunities as a way out of food insecurity, especially within underserved communities,” said Kate Behncken, vice president and lead of Microsoft Philanthropies. “Together, we will scale new and existing programs to help people gain the entry-level and advanced skills needed for today’s in-demand jobs and digital economy.”

Eight Feeding America member food banks are currently piloting the workforce development initiatives, which includes identifying and assessing what connects people with new jobs and opportunities in their local communities. Each of the pilot sites - Arkansas Foodbank, Mid-Ohio Foodbank, Philabundance, San Antonio, Food Bank North Texas Food Bank, Houston Food Bank, Food Bank of Delaware, and Maryland Food Bank – will focus their efforts on under-resourced communities with high levels of inequality and unemployment amongst people of color and women. With HSBC and Microsoft’s involvement, Feeding America will implement strategies to help close the equity gap amongst individuals, such as child-care support for individuals participating in the training sessions. Free LinkedIn Learning courses provided by Microsoft will also enhance the quality of skills training for individuals.

Columbus, Ohio faces especially dire rates of inequality, exasperated by the COVID-19 pandemic. From March to April in 2020, Columbus saw its unemployment rates climb from 4.7% to 13.2%, largely affecting people of color and women who still suffer from the negative ramifications today. In March, 60 Minutes highlighted the soaring rates of inequality and unemployment in Columbus, using the unprecedented demand rates at the Mid-Ohio Foodbank to show just how devastating the toll of the pandemic has been on low-income families. At the Mid-Ohio Food Bank alone, the demand for food assistance increased fivefold at the pandemic’s peak.

“Feeding America is grateful to HSBC and Microsoft for their investment in programs that help to improve the lives of people who face hunger. Their generous support will help improve the financial stability of communities that need it most,” said Claire Babineaux-Fontenot, CEO of Feeding America.

Notes to editors:

About HSBC

HSBC USA

HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves customers through retail banking and wealth management, commercial banking, private banking, and global banking and markets segments. It operates bank branches in: California; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. In the United States, deposit products are offered by HSBC Bank USA, N.A., Member FDIC, investment and brokerage services are provided through HSBC Securities (USA) Inc., (Member NYSE/FINRA/SIPC) and insurance products are provided through HSBC Insurance Agency (USA) Inc.

HSBC Holdings plc

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,976bn at 30 June 2021, HSBC is one of the world’s largest banking and financial services organisations.

About Microsoft

Microsoft (Nasdaq “MSFT” @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.

About Feeding America

Feeding America® is the largest hunger-relief organization in the United States. Through a network of 200 food banks and 60,000 food pantries and meal programs, we provide meals to more than 40 million people each year. Feeding America also supports programs that prevent food waste and improve food security among the people we serve; educates the public about the problem of hunger; and advocates for legislation that protects people from going hungry. Visit www.feedingamerica.org, find us on Facebook or follow us on Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210812005210/en/

FAQ

What is the purpose of HSBC's $350,000 grant to Feeding America?

The grant aims to support Feeding America's workforce development initiative to help low-income individuals secure jobs.

Which organizations are partnering with Feeding America for the workforce initiative?

HSBC and Microsoft are partnering with Feeding America to enhance job training and resources.

How does the workforce development initiative target under-resourced communities?

The initiative focuses on identifying necessary workforce training and job search support in eight specific markets.

What has been HSBC's financial contribution to Feeding America since 2012?

HSBC has provided a total of $5.5 million in grants to Feeding America.

How will Microsoft's involvement benefit the workforce development program?

Microsoft will provide grant support and online learning content to help individuals acquire skills for in-demand jobs.