State Street & Year Up Partnership
Thirteen years ago, State Street Corporation recognized that not all jobs required a college degree. They had been recruiting 4-year college graduates for middle-skill roles, but found employee retention to be a challenge. At the same time, they also wanted to tap into non-traditional talent pipelines. State Street decided to partner with Year Up to see if the program was a solution to their needs.
State Street initially hosted several IT interns at their Boston headquarters and quickly saw benefits in employee retention and engagement. They then piloted a custom track in Fund Accounting, expanding the relationship to provide a reliable pipeline of middle-skill talent. The financial operations pilot, and the years following, proved that the partnership was not only good for corporate responsibility but also an investment with clear returns in talent acquisition and retention.
Today, Year Up’s graduates are a significant component of State Street’s middle-skill talent pipeline—State Street has hosted 800+ Year Up interns and hired 500+ graduates since the partnership began. With the opening of an on-site training center at State Street’s operations location in Quincy, Year Up interns are now trained specifically to meet State Street hiring needs.This joint program is a testament to State Street’s commitment to building a strong local workforce and Year Up’s ability to develop diverse talent.
“Our partnership with Year Up simply makes good business sense. We’re increasing our ability to fill entry-level positions,and increasing retention and engagement—all while contributing to the economic well-being of our communities.”
– Mike Scannell, Head of Corporate Citizenship, Talent Acquisition, and Global Inclusion at State Street
Outcomes & Impact
By partnering with Year Up, State Street Corporation gains:
Pipeline of skilled, trainable talent ready to work immediately
- 800+ interns hosted
- 500+ graduates hired
Increased employee engagement and retention
Reliable intern-to-hire conversion
- 120+ interns requested per year
- Hires 60% of interns hosted
State Street Corporation is the second oldest financial institution in the United States, serving more than 100 global markets and responsible for 11 percent of the world’s assets.
Department Investor Servicing
Locations Boston, Jacksonville, and New York City
Training Tracks Financial Operations and Information Technology
Deepening The Partnership
The On-site Learning Community
With the Boston WINs initiative, State Street Corporation committed $20 million to creating an emerging market of sustainable talent that will benefit the entire Boston community.By connecting available Boston talent with career opportunities,State Street is an early adopter of innovative hiring practices and the change Year Up wants to see in the talent market. BostonWINs will build a stronger, more inclusive talent market and engage young talent at scale—50% of that talent will come through Year Up.
This Year Up talent is uniquely trained for success in theState Street workplace through an on-site training center inQuincy. Welcoming its first class in fall 2016, the training center enables Year Up students to build professional and technical skills, while immersed in the State Street culture. The training center also provides more opportunity for congruency betweenYear Up and State Street—a cultural competency training developed by Year Up will foster deeper connections between interns and managers through mentorship.
Year Up Alumni Building Their Careers at State Street Corporation
“Working at State Street was the platform I needed to start my career, build experience,and grow my network. My fresh and innovative ideas, in addition to my skillset, bring a refreshing perspective to my team. New perspectives drive change and without change there is no growth.”
– Jodeliz Cora, Year Up intern at State Street, State Street employee 2012-present