HBR's 10 Must Reads on Nonprofits and the Social Sectors (featuring "What Business Can Learn from Nonprofits" by Peter F. Drucker)

State Street’s CEO on Creating Employment for At-Risk Youths

by Joseph Hooley

IN 2014 THE MASSACHUSETTS GOVERNOR’S OFFICE called and asked me to serve in a public/private partnership. The group hoped to improve the quality of community colleges in the Commonwealth. Workforce development is an issue I care about, and every CEO gets calls like this from time to time. I try to help out when I can, so I said yes.

I went to a few meetings, and I quickly became frustrated. This wasn’t my first experience with public/private partnerships, and although some have been very successful, too many have not worked well. It can be mind-numbing. As I sat in one meeting, I began daydreaming about how State Street might have the leverage to attack parts of the ...