JPMorgan Chase has announced a five-year, $350 million commitment in support of a global initiative aimed at meeting the growing demand for skilled workers and expanding career pathways for underserved populations.
Building on the firm's original five-year, $250 million investment in the New Skills at Work initiative, the funding will support community colleges — the largest job-training providers in most U.S. communities — and other non-traditional career pathway programs, including those for women, people of color, veterans, and returning citizens. To that end, the global financial services firm will invest $200 million in efforts to develop and pilot innovative education and training programs aligned with high-demand digital and technical skills that can lead to higher-wage jobs and career mobility; $125 million in education and training systems that improve collaboration and communication between employers and educators; and $25 million in the development and dissemination of actionable labor market data and research that helps governments and businesses direct investments to the education and training programs most likely to lift people out of low-wage jobs and into good careers.
In addition, over the next three years, JPMorgan Chase will partner with the Aspen Institute's College Excellence Program to recruit and select two hundred current, aspiring, or recently appointed diverse community college presidents and help them develop curricula, improve community college graduation and post-graduation success rates, and share best practices; will support, in collaboration with PolicyLink and the National Fund for Workforce Solutions, the creation of workforce data profiles in ten U.S. cities to identify gaps in education and economic outcomes by population and develop recommendations for addressing the drivers of inequity; and will work with the Massachusetts Institute of Technology's Initiative on the Digital Economy to identify and forecast emerging skillsets and proactively develop new training programs for upskilling and reskilling JPMorgan Chase employees.
"The new world of work is about skills, not necessarily degrees," said JPMorgan Chase chair and CEO Jamie Dimon. "Unfortunately, too many people are stuck in low-skill jobs that have no future, and too many businesses cannot find the skilled workers they need. We must remove the stigma of a community college and career education, look for opportunities to upskill or reskill workers, and give those who have been left behind the chance to compete for well-paying careers today and tomorrow."