In addition to the benefits that anchors provide by delivering on their stated mission (e.g. education, healthcare, or government services), anchors can have an even more significant impact on the common good when they decide to leverage procurement, human resources, and investment assets in everyday business practices to build community wealth and close the racial wealth gap.
Embracing the Anchor Mission Framework does require a shift in thinking and a recognition of the cost of continuing to do business as usual. CCW envisions a day when its work with anchor institutions is obsolete because these practices become the norm, and residents, communities, and institutions have what they need to thrive.
CCW supports anchors in each of the three primary strategies encompassed by the Anchor Mission framework:
Purchasing from Local BIPOC-Owned Businesses
Navigating procurement becomes intricate for large institutions handling multimillion-dollar transactions annually to sustain their operations. Simplifying the process, spending typically falls into two main categories - contract spend and discretionary spend.
To facilitate immediate connections with local businesses owned by People of Color, explore two valuable resources: CCW’s Curated Catering List and ShopBIPOC. These platforms empower institutions to engage in inclusive procurement practices, contributing to the support and growth of BIPOC-owned enterprises.
[Read more about Inclusive Procurement affects local bipoc-owned businesses]
Advancing Careers from Entry-Level Positions
Addressing challenges associated with high vacancy rates and turnover in entry-level positions, establishing intentional career pathways proves mutually beneficial. Employees experience skill development, wage growth, and prolonged employment while the institution cultivates a loyal workforce, retaining high-quality personnel and fostering internal growth. It's a strategic approach that contributes to individuals' professional development and the organization's overall success.
[Read more about Human Resource Practices: Career Pathways for Entry-Level Positions]
Moving Capital from Wall St to Main St
Most anchor institutions have a sizable amount of investment assets, which are invested in various financial instruments to maximize financial return. The anchor mission framework brings a new lens to an institution’s investment practices. What if 1 - 5% of those assets were invested in local investing opportunities that address pressing community needs, such as financing for affordable housing, affordable loans for businesses too small or deemed too risky for corporate banks, or a refinancing pool for expensive consumer and medical debt?