Archived: Prudential: In Newark, Anchor Institutions Prove Model for Revitalizing Cities

Prudential Financial is No. 15 on the DiversityInc Top 50 Companies list


How does a city impacted by decades of crime, poverty, unemployment and divestment rise again

The answer can be found in a place often overlooked by many New Jersey’s largest city, Newark.

Crime is at a 50-year low; 3,000 jobs have been added in the last year; more than $2 billion in commercial investments have been made; and downtown is booming with new residential developments, a jazz museum and a Whole Foods. Once-crumbling art deco buildings are being restored, barren land now hosts farmers’ markets. Most importantly, Newark’s resurgence has been led by one guiding principle to benefit the diverse community that already calls the city home.

“Newark has been positioned for decades at the nexus of inequality and opportunity,” writes LataReddy, senior vice president, Diversity, Inclusion & Impact at Prudential Financial, in an op-ed. “However, once-intractable problems are beginning to shift.”

In “Newark on the Rise: A Model of Inclusive Economic Growth,”Reddy writes that the key driver of the city’s resurgence is a unique model spearheaded by the city’s anchor institutions which includes deep-rooted businesses like Prudential. While other cities’ redevelopment plans have often displaced or overlooked lower-income communities, Newark business leaders have adopted Mayor Ras Baraka’s “Hire Local, Buy Local, Live Local” strategy, creating “pathways of opportunity” for residents through capital investment and catalytic philanthropy.

“Cities like Newark play a role in being either accelerators or barriers to mobility, and we have learned a lot working with the communitythrough successes and failuresto advance inclusive growth,” Reddy writes. “Newark has quite a lot to offer as a blueprint for other cities.”

Reddy cites four lessons that other cities can learn to create growth and opportunity for all residents. By reimagining anchor institutions, connecting people and places, strengthening intermediaries, and building amenities, stakeholders in a city’s future can create the infrastructure necessary to create inclusive growth that preserves a city’s character and historywhile securing its future.

To learn more, readNewark on the Rise: A Model of Inclusive Economic Growth.”

To speak with Lata Reddy about how Prudential is redefining the role of an anchor institution, contactCaitrin O’Sullivan.

Learn more about career opportunities at Prudential

Latest News

5 Biggest News Stories of the Week: July 1

As the saying goes, the news never stops — but there’s a lot of it out there, and all of it doesn’t always pertain to our readers. In this weekly news roundup, we’ll cover the top news stories that matter most to our diversity focused audience. 1. A Recap of…

Essence Festival Kicks Off Weekend of Celebrating Black Joy and Culture

Essence Magazine’s annual celebration of Black women and culture got underway with a press conference at the Ashes Powerhouse Theater in New Orleans on Thursday. Essence Festival, known as the “party with a purpose,” was started in 1995 as a one-off event to celebrate Essence Magazine’s 25th anniversary. Over the…

Champions of Pride Part Four: Trailblazers

Pride Month is a time to reflect on the trailblazers, freedom fighters, and history makers who fought valiantly to increase inclusion and representation for the LGBTQ+ community, and who have paved a way for a better tomorrow for future generations. In the last installment of our four-part series celebrating Champions…

PwC on Marching for LGBTQ+ Inclusion

Originally published at pwc.com. PwC is a Hall of Fame company.   Setting the scene In recent years, societies worldwide have seen a growing culture of respect and inclusion for lesbian, gay, bisexual, transgender and queer (LGBTQ+) people — a positive development supported in some cases by improved legal rights….

Mastercard Advances ESG Commitments, Outlining Progress in Annual Sustainability and DEI Reports

Originally published at mastercard.com. Mastercard ranked No. 2 on The DiversityInc Top 50 Companies for Diversity list in 2022.   Mastercard released its 2021 Corporate Sustainability and Diversity, Equity and Inclusion (DEI) reports, highlighting the company’s impact across Environmental, Social and Governance (ESG) to build a sustainable and inclusive digital…