HSBC – North America and the Cristo Rey Network

HSBC Nonprofit Work Study Program

Situation Analysis: A survey showed that for every 100 high school students in the United States who begin ninth grade, 67 finish high school in four years; 38 go to college and 18 earn associate degrees in six years. (Mortenson, T. [2000]. NCES-IPEDS graduation rate survey. Postsecondary Education Opportunity.)

Solution: HSBC partnered with the Cristo Rey Network to create the HSBC Nonprofit Work Study Program. This program subsidizes college preparatory education to students in Cristo Rey Network high schools and supports students who work at community-based nonprofit organizations. The organizations benefit from the employment of student workers underwritten by HSBC.

Expanding Educational Opportunities

The Cristo Rey Network is a national system of secondary schools that provides college prep education to young people in distressed urban environments. More than 92% of the students attending Cristo Rey schools are minorities, and the median family income is $33,051.

The signature component of the Cristo Rey model is a work-study program in which all students share entry-level clerical jobs at businesses, funded by the corporations. The program allows students to earn a significant portion of the cost of their education and provides them with real-world job experience.

HSBC's relationship with individual Cristo Rey Network schools began in 2003, initially supporting scholarships. In 2005, HSBC expanded its support of Network schools throughout the United States, becoming the organization's first national corporate partner.

The HSBC Nonprofit Work Study program supports student workers at multiple nonprofit organizations, including the American Cancer Society, National Council on Economic Education, Teach for America and Junior Achievement.

The partnership with HSBC is a "win-win" proposition, according to Cristo Rey Network President John P. Foley, S.J.

"Our students pay for their education with their job, learn about the critical work done in the nonprofit sector, and contribute to an organization that is making an enormous difference in people's lives," said Father Foley. "The non-profit organizations where our students work are able to have an even greater impact on the local community."

Impact on Children and Community Organizations

Cristo Rey Network students are asked not whether they are going to college, but where they plan to pursue their post-secondary studies.

Recognizing the benefits of higher education, over 96% of the Cristo Rey Network's class of 2006 went to college, and the average daily attendance rate at school was 97%.

Because of these results, the program receives a 90% corporate sponsor renewal rate each year, and students are also enthused about the program.

Students at Cristo Rey New York High School in East Harlem work at the National Council for Economic Education (NCEE), a nationwide network that promotes economic literacy with students and their teachers.

"The best part of my job is that I get to learn more about entrepreneurship," said Maria Martinez, a Cristo Rey New York student. "I would recommend working at NCEE to my fellow students because you learn about things that really matter in our community."

Liz Brucks, Director of Special Projects at Teach for America Chicago, praises students from Cristo Rey Jesuit High School of Chicago who work in her department.

"They approach each of their tasks with a remarkable sense of ownership. They are a valuable part of the Teach for America team, and we enjoy working with each of them."

Additional Successes

In addition to the HSBC Nonprofit Work Study program, HSBC supports employee engagement initiatives with Network schools.

An executive from HSBC is on the board of directors of Cristo Rey Jesuit High School in Chicago, and more than 250 employees have volunteered in several initiatives, including teaching classes, setting up computers, assisting students with college applications and beautifying school grounds.

The HSBC Nonprofit Work Study program is one of HSBC's major education initiatives in the U.S., complementing the company's scholarship programs that serve 1,800 students annually, its national partnership with Junior Achievement reaching 100,000 children, and the "Institute on the Environment and the Economy" offered in collaboration with the Foundation for Teaching Economics.

For more information visit HSBC – North America's corporate responsibility website.

Company Profile

HSBC Holdings plc

Headquarters: London

Industry: Banking and Financial Services

Total Revenue: $70.07 billion

Countries with Operations: 82

Employees Worldwide:

312,000

Recognizing the benefits of higher education, over 96% of the Cristo Rey Network's class of 2006 went to college, and the average daily attendance rate at school was 97%. Because of these results, the program receives a 90% corporate sponsor renewal rate.