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.
As we continue to see the ecosystem grow and flourish, some notable accomplishments to date include:
- Over 1,000 customers have received financial security building services, with 342 outcomes achieved, such as reducing debt, saving consistently, building credit, and reaching financial goals.
- Financial security strategies were successfully embedded into all eight partner organizations and optimized for diverse program models, from one-on-one meetings to group class curriculum.
- A minimum of three capacity building outcomes were achieved at each organization, such as defining goals for program achievement, including financial security work in supervisory conversations, and changing job descriptions to include financial security work. Three organizations having secured funding to continue the work independently.
- 70 frontline staff members were trained to incorporate financial security building strategies, and 100% have achieved milestones in improving their own financial security, including: 71% increased or began saving in employer-sponsored 401(k), 71% started a personal budget, and 57% organized debts or started using a personal financial application on their phone or computer.
- Preliminary numbers show participants have a greater program completion rate, greater job retention, and higher wages – after just 90 days of services, one partner organization saw a 9% increase in placement, an 8% increase in retention, and a $34.83 increase in weekly income for participants receiving financial coaching.
Want to learn more? Join the Clinic and Corporation for a Skilled Workforce on December 12 at 1pm EST for a virtual presentation on a new approach for effective and impactful integration to help workforce programs achieve greater financial security for their participants to achieve workforce outcomes. RSVP now!
The Clinic and its WorkBOOST NYC partners determined a policy agenda formed based on the predominant barriers facing New York City jobseekers, which we will continue to pursue in the coming year, 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