JPMorgan Chase has announced a five-year, $75 million global initiative aimed at connecting underserved youth to well-paying jobs.
Part of the firm's $350 million New Skills at Work initiative launched last March, the initiative will support efforts to scale high-quality career pathways; create connections between high school, postsecondary education, and in-demand careers; expand access to work-based learning experiences in industries most likely to fuel future economic growth; engage employers at the state and local level in the design, implementation, evaluation, and modification of integrated high-quality career pathways; and otherwise remove barriers to meaningful career opportunities for historically disadvantaged populations.
In the United States, the initiative will be launched in Denver, where JPMorgan has already invested $4 million over the last four years in such efforts, and five other cities, with support from two partners: Advance CTE, which will receive a $5 million investment to provide research and resources to participating cities to help them meet the initiative's objectives and translate lessons learned into tools and resources that can be leveraged by a broader set of communities; and Education Strategy Group, which will receive a $6 million investment to support sites with high-quality technical assistance and cross-site learning and convening.
In its announcement of the initiative, JPMorgan Chase notes that in an era in which well-paying jobs increasingly require a two- or four-year degree or some additional training, only 41 percent of young adults in the U.S. have completed their education beyond high school, while rapid changes in technology, automation, and artificial intelligence continue to drive the disconnect between skills and jobs.
"Young people who participate in career pathways, including real work experiences and higher education connections, have better overall outcomes in education and the labor marketplace," said Sarah Steinberg, vice president of global philanthropy at JPMorgan Chase. "We look forward to applying our lessons learned across the globe to give young people a better chance at career success."
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