Courtesy / Unum
More than 30 students participated in Unum's first-ever Historically Black Colleges and Universities Innovation Challenge last year.
Updated: August 4, 2020
Giving Notebook: Unum, United Way launch funds to fight racial bias, advance equity
Courtesy / Unum
Mike Simonds, chief operating officer of Unum, said that a new Social Justice Fund established by the company aims to "move the needle" and make a real difference for minority groups that face discrmination.
Stepping up to fight racial bias and advance equity, two Portland-based entities have launched funds dedicated to that cause.
Unum Group (NYSE: UNM), the Chattanooga, Tenn.-based disability insurer and group benefits provider with a large presence in Maine, was first out of the gate in early July with a new Social Justice Fund to create stronger, more equitable communities.
While the fund is designed to make a difference for many marginalized groups facing discrimination, the immediate focus this year is to support organizations working to end racism, discrimination and bias.
A mix of employee donations, company matches and an annual Unum corporate gift of $500,000 will support the fund.
"Like many individuals and organizations, we have had a commitment to equality as a core principle and a value at Unum for a very long time," Mike Simonds, Unum's Portland-based chief operating officer, told Mainebiz in a phone interview.
"We're very proud of that work, but I would say that what happened with such prominent depth in the Black community, and the Black Lives Matter movement was absolutely a catalyst for us," he added. "Our teams responded and pushed us quickly, and frankly we were anxious and willing to become more vocal and make sure we were able to communicate some of the work happening, as well as increase our commitment."
Local organizations devoted to ending social injustice are invited to apply online for grants ranging from $2,500 to $10,000.
Applicants are required to have either a 501(c)3 nonprofit designation or a fiscal sponsor.
The fund launch comes on top of other efforts related to inclusion and diversity at Unum, which employs 10,000 people overall and 2,800 in Portland.
In October, Unum launched a Historically Black Colleges and Universities Innovation Challenge to find creative ways to attract diverse talent and provide scholarship opportunities.
Through that effort, Unum hosted 32 college juniors and seniors from Historically Black Colleges and Universities to work together to solve real-world challenges and explore career paths in the insurance industry.
Participants were divided into teams, assigned business coaches and given less than 24 hours to come up with a business case to pitch. Unum is planning a second HBCU Innovation Challenge later this year as a virtual event.
"We are working really hard to diversify the communities and schools we recruit from," Simonds told Mainebiz. "One way to do that is to build relationships with schools."
He also said the Innovation Challenge gives Unum an opportunity to get to know students better and boost its employee recruitment pipeline.
"Our core belief is that the best, most talented and most engaged workforces win. That's what we're about," Simonds said.
He added: "The funny thing about insurance is that we don't have patents, big factories or anything like that. The full value of our company logs in every morning and logs out every night."
United Way initiative
United Way of Greater Portland on Monday unveiled a new Racial Equity Fund to support the work of local nonprofits led by and serving people of color in the community.
File photo / Tim Greenway
Liz Cotter Schlax of United Way of Southern Maine.
The effort also aims to make progress on long-term goals outlined in a plan called Thrive2027 to improve education, financial stability and health for every person in Greater Portland.
IDEXX Laboratories Inc. is the fund's lead founding partner, with additional funding coming from accounting firm BerryDunn, Gorham Savings Bank, Hannaford, KeyBank and payments provider WEX Inc.
Although programs funded by United Way of Greater Portland currently serve an estimated 50% people of color in the Greater Portland area, the group said it has established the Racial Equity Fund as one step to more intentionally address disparities in education, financial stability and health.
“In order for our community to achieve the Thrive2027 goals, we need all members of our community to have a place at the table, so we can provide and implement solutions together that take into account the unique experiences of diverse populations, especially our Black and African American neighbors,” said Liz Cotter Schlax, the group's president and CEO and a 2019 Mainebiz Woman to Watch.
To reduce inequities in the nonprofit sector related to access to funding and networks, organizations will receive both programmatic funding and capacity-building technical assistance, United Way said.
Learn more about the fund and how to contribute here.
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