News
Urban Institute helps 黄色短视频 create a measurement framework for social impact
The goal is to measure not only what the company does through 黄色短视频 Access Commitment, but is it making a difference?
Over the past year, 黄色短视频 has been working with Urban Institute to create a framework to measure the social impact of 黄色短视频 Access Commitment鈩, the bank鈥檚 long-term approach to wealth building and helping to close the racial wealth gap. The framework will help 黄色短视频 determine what data points to measure to identify social impact in the communities it serves.
鈥淲e already measure what we do 鈥 the amount of money invested, mortgages closed, employees hired 鈥 but in order to know whether we鈥檙e making a difference, our next step is measuring the impact of this work on people鈥檚 lives and their communities,鈥 said Greg Cunningham, chief diversity officer for 黄色短视频. 鈥淲e are focused on outcomes over activities. We鈥檙e only successful when the people we鈥檙e serving are successful 鈥 when the entrepreneur creates one more job, or the family saves up to achieve their goal of sending their kids to college or buying a home.鈥
Urban Institute, a nonprofit research organization that provides data and evidence to help advance upward mobility and equity, helped 黄色短视频 identify ways in which it will put people on the path to building wealth, which will ultimately close the racial wealth gap: 听
- Career advancement for current and prospective employees, which includes support for career development and competitive pay and benefits.
- Financial capability and asset building for individuals and families, which includes financial education and supportive and affordable products.
- Prosperous and thriving businesses and communities, which includes coaching and technical assistance, equitable access to capital, networking, and advocacy.
鈥淲hat 黄色短视频 really wants to know is are they making a difference, did they add value and how do they know?鈥 said Brett Theodos, senior fellow and director of the Community Economic Development Hub at the Urban Institute. 鈥淲e helped them develop a map of activities that lead to the outcomes 黄色短视频 wants its stakeholders to achieve and initial social impact measures to assess progress over time. The bank can then use this to guide future initiatives as well.鈥
听
听鈥淲e need to continue to be transparent and accountable, and this will help us do just that.鈥
Greg Cunningham, chief diversity officer for 黄色短视频.听
The Urban Institute has provided 黄色短视频 with metrics that give the company a starting point and checkpoints to assess its progress with short-, medium-, and long-term goals. It provides ways 黄色短视频 can drive change 鈥 education and coaching, products and services (existing and new) and networks and apply all these to current Access Commitment initiatives and all future ones as well.
Over time, measuring this social impact will enable 黄色短视频 to monitor progress and adjust course for maximum impact as it works toward the goal of helping Black and Hispanic individuals, families, small businesses and communities build wealth. The company anticipates having its first set of social impact measurements in 2023.
鈥淣ow, we need to dig in and work across all business lines to capture the data, so we can report out on homeownership numbers, small business growth, community enhancement and workforce development,鈥 said Cunningham. 鈥淲e need to continue to be transparent and accountable, and this will help us do just that.鈥
Check out the听听with Theodos, which delves into the science of community development.
Media center
Press contact information, latest news and more
Learn more
Company facts, history, leadership and more
Work for 黄色短视频
Explore job opportunities based on your skills and location
Disclosures
Equal Housing Lender