What's Happening?
Bank of America has announced a $350,000 grant to American Corporate Partners (ACP) to support 250 mentorships for veterans and military spouses. This initiative is part of the bank's celebration of America's
250th birthday and aims to assist veterans in transitioning to civilian careers. ACP is a nonprofit organization dedicated to bridging the gap between military and civilian sectors through one-on-one mentoring. Since partnering with ACP in 2018, Bank of America has facilitated 400 mentorships, helping veterans with career planning and professional growth. The bank has committed to hiring 10,000 more veterans over the next five years, building on its previous hiring of 20,000 veterans since 2015.
Why It's Important?
This grant underscores Bank of America's commitment to supporting veterans and military spouses, who often face challenges in finding meaningful employment after service. By investing in mentorship programs, the bank is helping to address underemployment among veterans, providing them with the guidance needed to succeed in civilian careers. The initiative not only benefits veterans but also contributes to economic growth by leveraging their skills and leadership qualities. With an average post-mentorship salary of $90,000 and an 80% retention rate, ACP's program demonstrates significant success in empowering veterans.
What's Next?
Bank of America's expanded partnership with ACP is expected to create more opportunities for veterans to transition into civilian roles across various industries. The bank's commitment to hiring veterans will likely continue to strengthen its workforce development strategy, emphasizing skills-first hiring. As the mentorship program progresses, it may inspire other corporations to invest in similar initiatives, further supporting veterans and contributing to economic growth.
Beyond the Headlines
The initiative highlights the ethical responsibility of corporations to support those who have served the nation. By providing mentorship and career opportunities, Bank of America is not only honoring military service but also addressing the silent struggle of underemployment among veterans. This approach reflects a broader cultural shift towards recognizing and valuing the contributions of military families in the workforce.
