The MassMutual Foundation, and MassMutual as a whole, seems to be much more focused on improving communities, enhancing diversity and inclusion, and fighting poverty, than they are on sustainability and environment. The MassMutual Foundation runs the Live Mutual Project, which fights poverty and income inequality in destitute communities. It also operates the FutureSmart program to bring financial education to young people, and the LifeBridge program to ensure the continuing education of children whose working parents pass away. On the environmental front, MassMutual's main goals are the conservation of energy, the efficiency of its consumption, and the use of renewable energy sources.
- The MassMutual Foundation is focused on "building thriving communities." The foundation's flagship project is the Live Mutual Project. The Live Mutual project focuses on providing basic needs such as affordable housing, food, and education for communities, developing community connections through mentoring, resource coordination, and cultural experiences, and improving financial capability by financial education, budgeting, saving, and planning activities.
- The Live Mutual Project attempts to address poverty and income inequality, and especially to improve impoverished communities. It began in the Frayser neighborhood of Memphis, Tennessee, and the North End neighborhood of Springfield, Massachusetts, but has since spread to other neighborhoods in need. The project and its partners first identify the specific barriers to financial health in a neighborhood, then an Action Tank is formed, comprised of local collaborators and residents, to plan for ways to overcome those barriers, and finally the plan is put into action with partner involvement. One of the major ways in which the project improves communities is by creating physical spaces to connect community members with resources that will help them find things like jobs, housing, loans, and other financial support.
- The MassMutual Foundation also directs two national programs, the FutureSmart and LifeBridge programs.
- The FutureSmart program uses innovative teaching methods to deliver financial education to middle and high school students. The FutureSmart program has helped educate more than 1 million students across the US since 2014, and its goal is to reach 2 million students by 2020.
- LifeBridge is a charitable life insurance program that helps children pay for their education if their insured parent or guardian passes away. MassMutual issues $50,000, 10-year term life insurance policies to working parents and pays the premiums for those policies. This ensures that those parents can provide education for their children in the event that the insured parent passes away.
- As part of MassMutual, the MassMutual Foundation has a goal of supporting meaningful causes and strengthening local communities. MassMutual employees participate in the organization's Matching Gift, Matching Time and Volunteer Time Off programs, donating their time and money to improve their own communities.
- MassMutual's Law Department runs a Pro Bono Program, through which it provides legal assistance to charitable organizations and underserved and underrepresented communities. The program partners with the Hampden Country Bar Association’s Legal Clinic to offer free legal services related to housing, family law and consumer debt issues. The Law Department's Pro Bono Committee sponsors volunteers who help veterans in discharge upgrade cases and immigrants seeking asylum. Finally, the Pro Bono Program operates a one-week law school boot camp for Springfield, Massachusetts high school students that is completely free and that aims to increase diversity in the legal profession.
Diversity and Inclusion
- One area of that MassMutual is particularly proud of is the realization of its diversity and inclusion goals, as well as its focus on employee wellbeing. According to the company's CEO and the Head of Diversity & Inclusion, "diversity includes the broadest possible range of cultures, backgrounds, experiences and perspectives". Therefore, MassMutual understands diversity in the broadest possible sense, and makes this topic the central theme of its corporate social responsibility efforts.
- MassMutual received widespread praise for the way it treats minority groups, like LGBTQ individuals, women, veterans, and individuals with a disability. The Korn Ferry Institute acknowledged MassMutual as a leading organization for its diversity and inclusion efforts.
- The American Heart Association and the National Business Group on Health recognized the way in which MassMutual cares for its employees and particularly the organization's wellness initiatives, which are focused on helping its employees and their families to "eat better, stay active and be mindful of their health." The company also invests in continued employee education, and it invested $1.6 million through its employee education assistance program in 2017.
- MassMutual has a purpose of helping people "secure their future and protect the ones they love, inclusive of race, gender, age, abilities, place of birth, religion and who they love."
- MassMutual has eight national Business Resource Groups (BRGs), which are specific units within the company created to "support recruitment, community outreach, awareness and education, brand recognition, marketing, retention and professional development." The BRGs are the Adapt BRG for individuals with disabilities and their caregivers, the Armed Forces, Veterans and Families BRG, the Association of Latinos at MassMutual and Allies BRG, the Asian BRG, the Passages BRG representing African Americans, the Pride BRG for LGBTQ individuals, the Women’s Leadership BRG, and the Young Professionals BRG.
- As much as 45% of the organization's Board of Directors consists of women and people of color, and MassMutual claims that this makes it "one of the most diverse groups in the industry."
- The organization received a number of awards for its diversity and inclusion efforts, including the America’s Best Employer for Diversity from Forbes, the Disability Equality Index Best Place to Work for Disability Inclusion award, the Diversity Best Practices Inclusion Index Company, the Military Friendly Employer by Victory Media, and a score of 100 on the Human Rights Campaign Corporate Equality Index.
- MassMutual participates in many initiatives that aim to improve diversity and inclusion practices in the corporate world, including the CEO Action for Diversity & Inclusion, the Paradigm for Parity, and the Boston Women’s Workforce Council wage gap report.
Sustainability and the Environment
- MassMutual's main sustainability goals are the conservation of energy, the efficiency of its consumption, and the use of renewable energy sources.
- The company's corporate headquarters building in Springfield, Massachusetts uses low-flow water fixtures and high-efficiency heating, ventilation and air conditioning (HVAC) equipment, and the parking lot has a rain harvesting system. This is why the building has earned a Silver Leadership in Energy and Environmental Design for Existing Buildings rating from the US Green Building Council.
- Additionally, the headquarters uses renewable energy sources like solar to provide for as much as 50% of its hot water needs. Elsewhere, the MassMutual Learning and Conference in Chicopee, Massachusetts also aims to reduce energy and water consumption.
Recent Press About MassMutual's CSR Efforts
- Mayor Walsh and MassMutual announce $1 million gift to support the Boston's Way Home Fund — Boston Mayor Martin J. Walsh and MassMutual announced that the company will be providing $1 million to support the Boston's Way Home Fund. MassMutual donated the money to help the City of Boston fight chronic homelessness by creating new permanent supportive affordable housing developments.
- The MassMutual Foundation provides Way Finders with $1.5 million in support of capital campaign — The MassMutual Foundation donated $1.5 million to Way Finders to help the organization construct its new Housing Center in Springfield. The Housing Center will help the citizens of Springfield by providing services like homelessness and foreclosure prevention, financial education, first-time homebuyer workshops, and employment training.
- MassMutual Foundation honors dedication of financial professionals with $275,000 in grants to nonprofit organizations — The MassMutual Foundation, through its annual Community Service Awards program, awarded $275,000 to nonprofit organizations like the Melanoma Research Foundation and the Schuylkill YMCA. The Community Service Awards program issues grants in honor of MassMutual employees "who demonstrate outstanding commitment to nonprofit organizations in their local communities."
- MassMutual expands access to insurance coverage to more individuals diagnosed with breast cancer — MassMutual has adopted new underwriting guidelines that rely on prognosis-based staging of breast cancer. The new guidelines enabled MassMutual to provide life insurance coverage to a greater number of individuals diagnosed with breast cancer, and it allowed others to qualify for better rates on their life insurance plans.