What is WorkBOOST NYC?
The Financial Clinic launched WorkBOOST NYC – its first full financial security ecosystem – in May 2016 through a partnership with leading New York City-based workforce development organizations. In the first year cohort, the Clinic was proud to partner with Madison Strategies Group, Opportunities for a Better Tomorrow, Phipps Neighborhoods, and the Stanley M. Isaacs Neighborhood Center, who all successfully integrated financial security building curriculum and the ecosystem referral process into their programming. Emboldened by the initial results, the Clinic expanded WorkBOOST NYC to four new partners for the second year cohort: CAMBA, Comprehensive Development, Inc. (CDI), Seedco, and Year Up joined returning members, Madison Strategies Group and Opportunities for a Better Tomorrow.
The Clinic was thrilled to host Impact NOW, a half-day convening for workforce development and financial security practitioners, to share the best practices from WorkBOOST NYC – learn about the highlights and key takeaways from the day!
Upon the completion of the second cohort in late 2017, WorkBOOST NYC demonstrated exciting results, including:
Customer Financial Security
- 1,590 jobseekers were served by frontline staff
- 211 financial security outcomes achieved
- 80% of jobseekers set financial goals — a proven driver in future financial success
Staff Financial Security
- 91% of frontline staff now auto deduct to savings (a 36% increase)
- 55% built or adjusted their personal budget
- 46% started or increased contributions to retirement savings
Workforce Development Outcomes
- Placement rates increased up to 9%
- Weekly income increased up to $34.43
- The percentage of individuals achieving outcomes after two meetings doubled
- 37% of the WorkBOOST NYC cohort raised money for financial security activities
- 62% revised/created marketing materials that showcased financial security work
The Clinic and its WorkBOOST NYC partners determined a policy agenda based on the predominant barriers facing New York City jobseekers, which we will continue to pursue in the coming years, including:
- Maximizing the impact of a minimum wage increase
- Inspiring the road to work: tackling the benefits cliff
- Bridging the digital divide: increasing access and building proficiency
“At first I was a bit nervous…it was something new because I was hardly aware of the different aspects of finance until after taking the license training. I started to learn new things in regards to finance, and I also like the way students get to talk about their finance…students feel enlightened with the information given in learning ways to save money. [Using Change Machine], each student gets to see what they need to save each week in order to reach their goals, outline their spending, and make them realize where they are spending their money.”
“We want to replicate the WorkBOOST NYC tools developed for our Career Network: Healthcare team to all of the workforce programs at Phipps Neighborhoods! WorkBOOST has shifted the staff culture at Career Network: Healthcare; all of our staff have become much more comfortable providing light-touch coaching to young people and discussing their own finances at staff meetings. Everyone has financial goals, I have my own goal of saving for a house, and WorkBOOST has given me the discipline to ‘practice what I preach’ with both staff and job seekers. The financial security work has really allowed us to work closely with our Financial Empowerment Center (FEC). It has encouraged our FEC to provide a tailored youth development focus for our younger clients while continuing to improve our client experience across the board. We can’t wait to see how the program continues to evolve!”
“Madison Strategies Group has witnessed terrific engagement in WorkBOOST NYC at every organizational level. Both job seekers and workforce developers have embraced the addition of financial security into our work. Change Machine and the financial security ecosystem helped us take what we already believed in theory and turn it into action.”
WorkBOOST Practice Brief: Integrating Financial Security in Workforce Development – an overview of implementation best practices, perfect for workforce development managers and practitioners interested in embedding financial security building efforts
WorkBOOST Policy Platform – an outline of the forefront barriers to financial security facing jobseekers’ with recommendations for systemic change
When is More Not Extra? Issue Briefs – a series of four issue briefs on why and how workforce development organizations integrate financial security practices, created in collaboration with Corporation for a Skilled Workforce. The partnership that led to the creation of this series was made possible by a generous grant from MetLife Foundation.
WorkBOOST NYC is made possible by a grant from JPMorgan Chase & Co. The grant is part of JPMorgan Chase’s efforts to enable community partners to help individuals and families save money, build credit and improve economic opportunities in communities around the world.