McKinsey commits $30 million to Generation non-profit

Generation is McKinsey & Company’s philanthropic initiative aimed at building employment opportunities globally. The firm has announced a new $30 million pledge for Generation, aided by millions more from BlackRock, Microsoft, Verizon, and several other organizations. 

Combined, the consortium of large corporates will channel nearly $130 million over the next two years into Generation – McKinsey’s global foundation that delvers inclusive training, upskilling, and reskilling programs in 14 countries globally.

Since launching in 2014, Generation has drawn $100 million in support from McKinsey and trained nearly 40,000 people worldwide. “Generation has been able to help people who have the least amount of resources and access to employment opportunities overcome those challenges and gain entry to good jobs,” said Mona Mourshed, founding CEO of Generation and former McKinsey senior partner.

With the pandemic wiping out millions of jobs worldwide, Generation’s work has never been as pertinent as it is now. The latest pledge reflects this reality, and recognition of the organization’s unique position to drive a global economic recovery.

And it's not just the economic fallout of the pandemic in focus: the impact of Covid-19 was demonstrably felt more in some social groups than others. 2020 was a year when racial inequality came to light in myriad ways, and “Generation’s work matters more than ever” against this backdrop, according to McKinsey Director Anne-Marie Frassica.

McKinsey already pledged to tackle racial inequality last year, and $2 million from the latest funds in the US and $250,000 in Brazil have been earmarked to train Black learners – aimed at promoting the economic contribution of Black-owned enterprises. “We are delighted that we and other funders are able to support Generation to accelerate its global impact,” added Frassica.

These targeted initiatives aside, the new funding will also be channeled into broader growth activities. “We are excited that McKinsey is continuing its support of Generation, joined by these other funders, to help expand our reach to more learners all over the world,” concluded Mourshed.

Generation began in five markets – the US, Mexico, India, Kenya and Spain – with a focus on young, unemployed learners between 18 and 29. Today, the organization is active across the Americas, Europe, Africa and Asia-Pacific, and helps people of all ages and background navigate their unique barriers to employment.