Goldman Sachs pilot workforce development program takes place at Dallas College
In an effort to help local small businesses with the current labor crunch, Goldman Sachs recently kicked off the second year of its pilot workforce development program,10,000 Small Businesses Fellows, in Dallas. The milestone builds upon the program’s innovative framework that creates career pathways for students while addressing the growing talent gap for Dallas small business owners. The event was held at Dallas College, one of the four sites across the country where the Goldman Sachs Foundation is facilitating hands-on internships between community college students and local small business owners.
“Before I enrolled in Goldman Sachs 10,000 Small Businesses Fellows, I was running my business all by myself. I was in dire need of an extra set of hands but couldn’t afford to hire new talent,” said Ericka McKim, Founder of And I Like it Cheesecakes. “I’m so grateful to Goldman Sachs for connecting me to a driven Dallas College student who brought value and new perspectives to my business.”
“I’m so proud of Dallas College students for their incredible accomplishments throughout their internships with Goldman Sachs 10,000 Small Businesses Fellows,” said Dr. Linda Braddy, President, Dallas College Brookhaven Campus. “Our students are key to Dallas' workforce and connecting them with small business owners is an innovative way to strengthen our local economy. It's inspiring to see our students supplement their education with hands-on work experience that will be critical to their future career success."
Goldman Sachs 10,000 Small Businesses Fellows is addressing one of the largest issues facing small businesses today – the labor shortage. By connecting local small business owners to talented community college students through fully funded internships, Fellows creates meaningful work opportunities for students while easing the burden of hiring and retaining talent for small businesses. The initiative supports the future of Dallas’ local workforce and small business community.
A survey by Goldman Sachs 10,000 Small Businesses Voices found that 84 percent of small businesses said hiring challenges have worsened in the past three months, with 87 percent of those hiring finding it difficult to recruit qualified candidates. Though they remain resilient, 89 percent support policymakers taking action to help address small business workforce challenges.
“Small businesses are the heart of local communities across the country, but they’re also the first to feel inflationary pressures and the economic aftereffects of the pandemic. Goldman Sachs research reveals that their chief concern is the labor shortage, so we created 10,000 Small Businesses Fellows to tackle this issue head-on,” said Asahi Pompey, President of the Goldman Sachs Foundation. “We’re honored to partner with Dallas College and our local 10,000 Small Businesses alumni to connect high potential community college students to develop their careers and create pathways into entrepreneurship.”
Forthcoming research by Goldman Sachs demonstrates the early success of the Fellows program. 81 percent of small businesses said that the internship created value for their business and met a business need. On average, the estimated value of the Fellow’s contribution to the business was over $8,500. 87 percent of students stated that the internship was a meaningful work experience, while 83 percent noted that they gained new skills and knowledge that would be helpful for the future. The research also outlines several policy recommendations including increased investment in next-generation training programs and workforce development opportunities.
“I'm so grateful to be paired with a small business owner that I can learn from every day. I've found true entrepreneurial and career mentorship that has been critical to boosting my confidence in the workplace," said Danna Maravi, Student at Dallas College and Fellow with Ebbah Realzola of MEXZIM Corp. "Goldman Sachs 10,000 Small Businesses Fellows has allowed me to develop valuable work experience to get the most out of my studies and opens the door for future professional opportunities."