The WorkPlace creates for-profit subsidiary
Bridgeport-based The WorkPlace, a workforce development nonprofit, has established a for-profit subsidiary to help job seekers and employers.
The new corporate entity, called WP Ventures, will operate two fee-for-service business components: Engage Staffing and the blueGreen Research Institute.
Engage Staffing is a general staffing firm providing temporary, seasonal, project-specific, temp-to-hire and direct-hire services.
The blueGreen Research Institute provides grant writing, program development and research services to public, private and governmental entities. The expertise of the institute encompasses creating and launching programs, including research, model development, program management, grant development/fundraising, marketing and evaluation.
“Creating WP Ventures as a subsidiary is a significant development in support of our mission,” said Joseph M. Carbone, president and CEO of The WorkPlace, in a statement.
“Revenue generated from these operations could fund future workforce development projects and services,” Carbone said. “Additionally this will unleash aggressive efforts to integrate staffing into our business, expand our partner base and significantly increase the value of our brand.”
Dividends from WP Ventures will be used to target the filling of service gaps that can exist in publicly funded programs, WorkPlace officials said. WP Ventures will have its own board and corporate governance. It will also pay taxes.
“WP Ventures demonstrates a new way for not-for-profit agencies to approach social issues like a business,” The WorkPlace”™s statement said. “Use of for-profit subsidiaries is uncommon in U.S. workforce development agencies, but it makes sense for The WorkPlace to try this approach now.
“By creating a for-profit subsidiary, The WorkPlace anticipates job seekers will benefit from more placement opportunities in a wide variety of industries and occupations. Employers, meanwhile, will gain access to a greater pool of job candidates and innovative support services.”