Citi exec: Supporting education will fuel future transformers
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- Every year, a portion of Citi's electronically traded proceeds go toward nonprofit organizations that tackle illiteracy and education inequality.
- For his work, Alaa Saeed, Citigroup's global head of electronic platforms and distribution, was was named one of the 10 people transforming finance in Asia.
- Visit Business Insider's Transforming Business homepage for more stories.
Innovative thinking is key to solving unprecedented challenges facing businesses. To empower the young innovators and transformers of tomorrow, it is vital to support education. This need has become all the more acute due to the impact of the global pandemic.
Both classroom learning and business depend on the flow of information and knowledge. I see this in the day-to-day buzz of the trading floor, which has changed in what seemed like the blink of an eye, as our and many other industries switched to working remotely.
Like many around the world, we relied on technology to stay connected at a time when engaging in person was not an option. Those of our colleagues, like me, who are parents bore the additional impact of school closures and the disruption to our own children's education, with online learning replacing the classroom experience.
We also observed this parallel in our interactions with the nonprofit partners we support in the education sector. Every year, a portion of Citi's electronically-traded proceeds go toward nonprofit organizations that tackle illiteracy and education inequality through our "e for education" campaign.
In addition to the funds donated, totaling $9.4million in 2020, community outreach is a central element of the campaign. But the virus outbreak meant that we had to find new ways to connect. This year, therefore, the vast majority of our 53 events were held virtually.
To take an example, Students at the Bronx Global Learning Institute for Girls visited our trading floor in 2019. In 2020, we engaged virtually through our nonprofit partner Reach the World, which specializes in distance-learning. The organization was in a position to support students as they tried to learn in excessively crowded home environments, often with minimal support and weak Wi-Fi access. Heather Halstead, Executive Director of Reach the World, says: "When low-income students are suddenly forced to learn at home without adequate support, deep divides ensue."
Indeed, inequality has emerged as a predominant theme across the sector as a result of the pandemic. Russell Hobby, CEO of Teach First UK, says the crisis has intensified inequalities in the education system, with a predicted 36% increase in the attainment gap between wealthier and disadvantaged pupils. "The crisis is far from over. It's vital that we invest in education now to prevent school closures defining the future for a generation of young people," he notes.
The crisis has also exacerbated gender inequality in education, which could have future implications for diversity in the professional sphere. Research from Malala Fund shows 20 million girls are at risk of dropping out because of the pandemic. The organisation has been providing emergency resources to its partners since April 2020. "From putting lessons on mobile phone apps in Pakistan to producing educational radio broadcasts in Nigeria, these Education Champions are doing whatever they can so that girls don't fall too far behind," says Suzanne Ehlers, CEO of Malala Fund.
Months away from school could result in a lost generation in low-income communities around the world. Dr. Geetha Murali, CEO of Room to Read, says: "As the pandemic is set to restrict access to schools for months to come, we need new investments to overcome the digital divide." Room to Read has deployed low-tech solutions alongside online interventions, broadcasting literacy lessons to over 130 million households through TV and radio and delivering over 107,000 remote mentoring sessions to girls at risk of not returning to the classroom.
The shift to virtual education has highlighted the digital divide, as many families do not have the technology for children to participate in virtual learning. "It is at times like these that established practice is disrupted and many organizations are forced to adapt," says Theodoros Chronopoulos, Senior Program Officer at EMpower, a nonprofit that connects resources across 15 countries so that young people, especially girls, can create transformative change.
Uncommon Schools is investing millions to transform its organization into 55 virtual schools that can serve nearly 21,000 students. Its mission is to prepare students from low-income backgrounds to graduate from college and be the leaders of tomorrow. CEO Brett Peiser considers a high-quality remote model fundamental to their students' success during the pandemic: "This model needs to keep students learning. To make the model work, we are taking a big leap technologically."
In addition to improving the prospects of children, UK charity Place2Be seeks to improve their wellbeing. Chief Executive Catherine Roche highlights that: "Now more than ever, it is absolutely crucial that we support both children's mental health and their access to education, so that the issues caused by the pandemic do not have a long shadow that seeps into their prospects for the future."
This view is echoed by David Umansky CEO & Co-Founder of Civic Builders, who states: "We must not allow this moment to create deeper divides for young learners across economic and demographic lines." Civic Builders' core mission is to remove real estate as a barrier to public education.
As the education sector itself has had to adapt and transform during the crisis, supporting the crucial work they do will ensure the difficulties faced by students this year will not define the prospects of young learners, who in turn will drive future innovation. Consistent support for nonprofit education organisations lays the foundations to keep the wheel of progress turning and is critical to the long term success of businesses, industries and importantly societies.
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