Prudential Financial Inc. is looking to "double down" on its investment in young people, according to Lata N. Reddy, senior vice president of diversity, inclusion and impact, and chairwoman and president of the Prudential Foundation, Newark, N.J.
The firm has agreed to commit more than $180 million over the next six years to global programs and organizations that help train and employ individuals aged 15 to 29 in more than 70 countries.
The goals is to help these individuals gain skills to compete for and succeed in jobs across multiple industries, with Prudential supporting dedicated partnerships through grants, corporate contributions and impact investments. Prudential noted in a news release that this segment of the population accounts for 350 million people and represents untapped potential for the future workforce.
As of Dec. 31, the Prudential Foundation had $130 million in assets.
Ms. Reddy said in an interview that the company will work with "a variety of partners, all of whom have successful track records in creating employment for young people who are not in school or formally employed." Prudential also will invest in organizations that provide industry training programs.
"For a long time, we have been investing in this population," Ms. Reddy said. "These are young people who find themselves in the position that they're in through circumstances outside of their control."
Over the past two decades, Prudential has committed more than $50 million to impact investments and partnerships such as YouthBuild in Somerville, Mass., which focuses on helping low-income young people acquire the skills needed for construction jobs, and Andela, a New York-based startup that identifies and cultivates African software developers.
Ms. Reddy added: "These young people are a huge source of talent. So, it makes sense for us to double down on this investment in this population."