By Kimberly McLain

Newark is a city on the rise.

You only have to look at the downtown skyline to see the impact that more than two billion dollars in commercial and residential development have made in the heart of the city. This is good, and necessary, for the city's continued progress. However, this economic revitalization, while impressive, is not being felt by the majority of everyday Newarkers.

Newark residents hold only 18 percent of all jobs in the city, a proportion much lower than most major cities, according to a New Jersey Institute for Social Justice report. And the city's poverty rate is at 30 percent, more than double the national average.

People will argue there's a moral imperative for Newark businesses to hire locally, and there is one. People will say good corporate citizens must do right by their residents, and they do. However, beyond these traditional principled arguments, for those leaders who must answer to their investors and bottom lines, there is also a compelling business case to be made.

As the president and CEO of Newark Alliance, the leading business roundtable for major corporations and anchor institutions in our city, I understand first-hand that hiring locally makes good business sense and is good for the bottom line.

Businesses like to talk about return on investment - ROI - well let's be clear, the ROI on hiring locally is real. Investing in and supporting our local workforce is not about charity, it's not about set asides or guarantees. It's about providing competitive and qualified Newarkers access to attractive job opportunities, and in turn ensuring that the city has a rich talent pool of local residents available to companies.

There are many misnomers and myths about the value proposition of hiring locally.

Some believe that an inclusive hiring strategy is separate from (at best) or counter to (at worst) a sound business strategy. That is simply untrue. According to research conducted by the Democracy Collaborative, there are direct financial benefits to anchor institutions and businesses - hiring locally lowers recruiting costs, increases diversity and inclusiveness, strengthens employee commitment and loyalty, and reduces outsourcing costs. The indirect benefits are just as impactful.

Increasing local employment will not only improve the lives of our residents and their families, but it will enhance our communities, business environment and the city at large.

So how do we make this happen? Newark Alliance is partnering with Newark Mayor Ras Baraka, New Jersey Institute for Social Justice and leaders across our great city on an innovative collaborative hiring strategy to connect Newarkers to gainful, living wage employment.

Newark 2020, part of Baraka's "Hire. Buy. Live. Newark" initiative, will connect 2,020 Newark residents to local work that pays a living wage by 2020, cutting the gap between the city and state's unemployment rate in half.

If we are successful, nearly $50 million in additional wages will be infused into Newark's local economy each year, benefiting local businesses and stimulating residential housing markets. Newark Alliance members RWJ Barnabas Health, Rutgers-Newark, PSEG and Horizon Blue Cross Blue Shield of New Jersey - to name a few - are among the historic institutions in this city that have already set specific hiring targets to contribute to the 2020 goal.

Our plan starts with comprehensive employer engagement effort.

We are having critical conversations with local businesses about the advantages of hiring locally, while also working with partners to establish the talent pipelines and career pathways to make it happen. This comprehensive effort will require all of us to work together in a coordinated, unprecedented way.

No single entity can do this alone, which is why a vast network of partners have been established under the city's leadership, including employers, community based organizations, faith based institutions, nonprofits and others to reach the collective goal of connecting Newarkers to work.

We understand there is not a "one-size-fits-all" model, and we know every company is different with their own needs. We also know that effective hiring is critical to any employer, so all employers can do their part to ensure they have an inclusive process.

But we do know that if it's done right, we can implement systems that create a pathway for Newarkers to attain the education and the credentials necessary to not only get hired, but to advance in their careers, and in the end, that's better for all of us.

Anchor institution hiring strategies have been successfully implemented in similar urban communities across the country including Baltimore, Cleveland, Minneapolis, New Orleans and Philadelphia.

Newark's renaissance will be short-lived if we don't work together to address this urgent need for good job opportunities for city residents. Delivering employment and economic opportunity to Newarkers will not happen overnight. It requires a long-term, collaborative effort with critical stakeholders across the city; Newark 2020 is just that.

It won't be easy, but ultimately hiring locally will enhance the lives of our residents, making our families, businesses, and communities stronger. By working together, we have the opportunity to make Newark a better and safer place to live, learn, work and play.

Kimberly McLain is the president and chief executive officer of Newark Alliance, Newark's leading business roundtable, where major corporations and anchor institutions convene to develop common economic development and workforce strategies for Newark businesses and residents.

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