Second Chance Skills: Truist Foundation Bets on Reskilling for Incarcerated, Aging Workers

Charlotte, NC – As the U.S. grapples with a persistent labor shortage and widening skills gap, the Truist Foundation is placing a significant bet on reskilling initiatives, particularly those aimed at often-overlooked populations. The Foundation recently announced the winners of its 2025 Inspire Awards, channeling over $1 million in grants and in-kind support to nonprofits tackling critical workforce challenges – from helping formerly incarcerated individuals find stable employment to reskilling an aging workforce.

The awards, developed in partnership with MIT Solve, focus on innovative solutions that enhance reskilling, upskilling, and career navigation for adults in the middle or later stages of their careers. This year’s cohort reflects a growing recognition that a diverse and inclusive workforce is essential for economic growth.

Addressing Systemic Barriers

One of the key themes emerging from the awardees’ work is the urgent need to address systemic barriers to employment. For formerly incarcerated individuals, the challenges are particularly acute. According to recent data, nearly five times more formerly incarcerated people are unemployed compared to the general population. “The numbers are stark,” noted one expert familiar with the issue. “A criminal record creates a significant hurdle, even for qualified candidates.”

The Foundation's grants aim to provide pathways to employment by offering job training, mentorship, and support services designed to address the unique needs of this population. Several awardees are focused on industries with high demand for skilled workers, such as logistics, technology, and healthcare. “The goal is not just to find these individuals a job, but to build a sustainable career path,” explained a foundation representative.

Reskilling an Aging Workforce

Alongside supporting those re-entering the workforce, the Truist Foundation is also investing in reskilling initiatives aimed at addressing the challenges posed by an aging workforce. With millions of Baby Boomers nearing retirement, many industries face a looming skills gap. “We’re seeing a critical shortage of skilled workers in several sectors,” said an industry analyst. “It’s essential to invest in training and upskilling programs to ensure we have the talent needed to drive economic growth.”

The Foundation’s grants support programs that offer flexible, accessible training options for mid-career workers, allowing them to acquire new skills and adapt to changing job market demands. These programs often leverage online learning platforms, apprenticeships, and on-the-job training to maximize effectiveness.

Beyond Skills: Addressing the Broader Context

The Truist Foundation’s commitment extends beyond simply providing skills training. The foundation recognizes that addressing workforce challenges requires a holistic approach that considers the broader social and economic context. “Skills training is important, but it’s not enough,” emphasized a foundation spokesperson. “We need to address issues like access to affordable housing, childcare, and transportation to ensure that everyone has the opportunity to succeed.”

Several of the awarded nonprofits are incorporating wraparound services into their programs, providing clients with the support they need to overcome barriers to employment. This includes offering financial literacy workshops, resume writing assistance, and interview coaching.

A Growing Trend: Impact Investing and Workforce Development

The Truist Foundation’s investment in workforce development reflects a growing trend among impact investors who are prioritizing social and environmental impact alongside financial returns. “We’re seeing a shift in the investment landscape,” said one financial expert. “Investors are increasingly recognizing that social impact and financial performance are not mutually exclusive.”

By supporting innovative nonprofits that are addressing critical workforce challenges, the Truist Foundation is demonstrating that it is possible to create both social and economic value. The foundation’s commitment to workforce development is not only helping individuals build brighter futures, but also strengthening the economy as a whole.

The Bigger Picture: Addressing Systemic Challenges

While the Truist Foundation’s initiatives are commendable, experts caution that addressing the root causes of workforce challenges requires broader systemic changes. Issues like income inequality, access to education, and racial disparities continue to pose significant barriers to economic opportunity.

“These programs are a step in the right direction, but they can’t solve the problem alone,” said a policy analyst. “We need comprehensive policies that address the underlying structural issues that are holding people back.”

The Truist Foundation, however, is committed to playing a leading role in driving positive change. By investing in innovative solutions and collaborating with other stakeholders, the foundation is working to build a more inclusive and equitable economy for all. The foundation's commitment, coupled with the innovative work of the awardees, offers a glimmer of hope for a future where everyone has the opportunity to thrive in the workforce.

“It’s about more than just filling jobs,” concluded a foundation representative. “It’s about empowering individuals and creating a stronger, more resilient society.”