Business Insider | PR Newswire
This week, Mayor Bill de Blasio announced a $1.5 million new initiative, “CareerLift,” driven by JobsFirstNYC, NYC Center for Youth Employment (CYE), and Social Finance. Supported by an $850,000 grant from The Rockefeller Foundation, the pilot aims to grow targeted opportunities for formerly out-of-school and out-of-work young adults to help them stay employed and advance in their careers. This partnership will support vulnerable youth by working with private-sector employers to help reduce employee turnover rates and improve productivity. This project will also evaluate the feasibility of a “Pay for Success” model, in which employers assume the cost of job retention services only if proven successful — a first-of-its-kind funding model in the U.S. for employment retention services.