Federal funding for Historically Black Colleges and Universities (HBCUs) was nearly cut in half between 2003 and 2015, and endowments are one-third the size of endowments at peer institutions. Nearly 3 in 5 HBCU students are from low-income families.
Prudential has a long history of supporting HBCUs and its students through recruiting, financial contributions and more. The company’s latest efforts focus on strengthening HBCUs’ capacity and assisting students with funding through a recent round of more than $3 million in grants. But its innovative strategy goes far beyond writing a check. Employees are lending their expertise and experience to these institutions, too.
Sarah Keh, VP of Inclusive Solutions at Prudential Financial, joined host Doug Doyle on the WBGO Journal to talk about the new approach with HBCUs to close the financial divide.
Keh says the new initiative is exciting.
"It's really look at how do we the capacity of HBCUs as anchor institutions in their local communities, how do we help close some of the financial challenges that HBCU students are facing and how do we position Prudential as an employer of choice so that we can help build and increase the pipeline of talent that's coming into Prudential. And we're doing that for a couple of different reasons. We've been working with HBCUs for quite some time, but we know that HBCUs disproportionately serve lower income students and so that over 75 percent of them are on Pell Grants. We also know that HBCUs only represent three percent of all colleges and universities in this country but yet they produce over 20 percent of the graduates coming out. So they have a disproportionate impact on Black Economic Empowerment and helping to position students for the next opportunity. We really see this partnership as multi-pronged, but really just thinking through of how do we best support HBCUs as they continue to impact their students and their families and communities."
Keh stresses this is an important time for students to be aware of the employment and financial landscape facing them as well as being equipped with the tools they need to succeed.
"We're 100 percent seeing that as HBCU graduates are going into careers and earning income that more than 50 percent of them are going into higher economic mobility positions and opportunities as a result of their education. I think the education, training and support that they receive on HBCU campuses and then peer networks that are through their alumni networks and all of the individuals that are going on to greater opportunities post college, we want to really to help amplify that, increase that and insure that HBCUs have a strong foundation even though a lot of the federal funding has been cut."
Prudential leaders will participate in at least 12 guest lectures at Hampton University in both 2022 and 2023 to share their firsthand experiences and offer critical insights into the industry. Keh says the more than 20-year partnership with Hampton has produced tremendous results.
"We're really excited to deepen our partnership with Hampton University. We have the strongest pipeline of talent and alumni who are currently working at Prudential. We have a lot of excitement internally of how to give back."
You can see the entire interview with Sarah Keh here.
