Helping people develop critical skills for
in-demand careers through new investments in education and training
programs
Building a future-ready workforce at JPMorgan
Chase by forecasting emerging employee skillsets, career pathways
and upskilling opportunities
JPMorgan Chase today announced a $350 million, five-year global
initiative to prepare for the future of work and meet the growing
demand for skilled workers. Building on the firm’s original, five
year $250 million commitment in 2013, this New Skills at Work
investment will provide substantial support to community college
and other non-traditional career pathway programs.
New Skills at Work focuses on creating economic mobility and
career pathways for underserved populations, and, for the first
time, will help forecast emerging skillsets for JPMorgan Chase
employees and proactively develop new training programs to prepare
the firm’s workforce for changes in technology and business.
“The new world of work is about skills, not necessarily
degrees,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase
& Co. “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.”
The $350 million initiative will focus on two key approaches to
ensure high-quality education and job training programs help more
people and reach more communities.
1. Creating economic opportunity and career
mobility
- $200 million to help prepare
individuals for the future of work by developing and piloting
innovative new education and training programs aligned with
high-demand digital and technical skills, leading to higher-wage
jobs in growing industries and career mobility.
- $125 million to strengthen education
and training systems that are necessary to improve collaboration
and communication between employers and educators, including
community colleges. This alignment between supply and demand is
critical to help increase the number of people who have the skills
for in-demand jobs in information technology, healthcare and
advanced manufacturing.
- $25 million to support the development
and dissemination of actionable labor market data and research that
allow government and business to direct their investments to the
education and training programs that most effectively lift people
out of low-wage jobs and into good careers in their
communities.
2. Identifying and forecasting future workplace skills
at JPMorgan Chase
- Work with the Massachusetts Institute
of Technology’s Initiative on the Digital Economy (IDE) to identify
and forecast future workplace skills, and leverage that knowledge
to build and accelerate opportunities internally for upskilling and
reskilling.
Creating Economic Mobility for
Underserved Populations
New Skills at Work will focus on workforce training and career
readiness for individuals whose barriers to opportunity are
particularly severe and who are shut out of the rewards of a
growing and changing economy.
Job Training for the Future of Work
A rapidly changing economy requires foundational, digital and
industry-specific technical skills in order to access good jobs.
According to some estimates, by 2030, more than 30 percent of the
U.S. labor market and 375 million workers globally will need to
change jobs or upgrade their skills significantly to continue to
advance within the workforce. JPMorgan Chase will make
philanthropic investments in local education and job training
programs that are proven to help more people, such as women, people
of color, veterans, and returning citizens, secure in-demand, good
jobs. This investment will test new innovations and lift up the
programs that are most effective at helping workers obtain skills
for tech-enabled careers in growing industries such as information
technology, health care and advanced manufacturing.
Community Colleges & Other Education Institutions
These investments will scale programs where educators and
business leaders work together to better align education with the
skills, credentials and competencies demanded by the careers of
today and tomorrow. Specifically, the firm will make new
investments in community colleges, which serve more than one third
of undergraduate students today and are the largest job training
providers in most U.S. communities.
Over the past five years, the firm has made $50 million in
philanthropic investments to support community colleges in building
the infrastructure to more effectively collaborate with industry
and design curricula aligned with the jobs of the future. Leading
examples include efforts at Columbus State Community College,
Dallas County Community College District and Northern Virginia
Community College. For example, in the Greater Washington region,
the Greater Washington Partnership’s Capital CoLAB is a
first-of-its-kind partnership which brings together university and
business leaders to design credentials for the digital skills that
are most in demand.
JPMorgan Chase will also partner with the Aspen Institute’s
College Excellence Program to build the next generation of diverse
community college leaders. With JPMorgan Chase funding over the
next three years, the Aspen Institute will recruit and select
almost 200 current, aspiring or recently appointed diverse
community college presidents to help them develop curriculum,
improve community college graduation rates and post-graduation
success in securing good jobs, and share best practices with other
leaders.
Data Driven Solutions
Through a new collaboration with PolicyLink and the National
Fund for Workforce Solutions, JPMorgan Chase will support the
production of tailored workforce data profiles in ten U.S. cities
to identify opportunities to promote economic mobility and job
training for disadvantaged populations. This research, along with
similar efforts around the world, will identify gaps in education
and economic outcomes by population, identify drivers of inequity,
and develop a set of policy and programmatic recommendations to
design education and training systems that advance inclusive
economic growth.
These analyses and others will support smart policy solutions
grounded in data. For example, black and Hispanic men are six and
two and a half times more likely, respectively, to be in prison
than white men. When they do return from prison, more than 60
percent are unemployed one year after being released, according to
The Sentencing Project. The firm has proposed ideas and made
philanthropic investments that help the approximately 20 million
Americans who have been convicted of a felony become eligible for
more jobs. This includes reducing regulatory barriers that prevent
banks from hiring more returning citizens who have minor and dated
convictions.
Preparing JPMorgan Chase’s Global
Workforce for the Future of Work
Technology development is changing the nature of work with new
skills and roles required to meet the demands of business,
customers, and communities. Collaborating with the Massachusetts
Institute for Technology, the firm will lead an effort to further
identify and forecast where opportunity exists to better align
skills with key roles, especially those that are technology
focused. The initiative will also increase mobility for workers and
identify opportunities for upskilling or reskilling. This approach
will also be shared with employers in other industries as they
address the future of work.
“Building a future-ready workforce is a key priority,” said
Robin Leopold, Head of Human Resources, JPMorgan Chase.
“That is why we are proactively identifying the skills we need and
understanding the skills and education our employees have. We know
that approximately 75 percent of the U.S. roles we posted in 2018
did not require a college degree. We continue to provide our
employees with good wages and benefits, and are investing further
in their continued skills training and education so that they can
continue to grow their careers with us.”
Specifically, MIT’s Initiative on the Digital Economy will work
with the firm to help consider anticipated impacts of technologies
such as artificial intelligence, machine learning, deep learning,
and robotics on the global economy, and the evolution of work in
the future to identify the skills and jobs that will complement new
technologies.
“Our aim is to provide a detailed understanding of how
technologies including AI are transforming jobs, skills, and the
workforce,” said Professor Erik Brynjolfsson, Director, MIT
Initiative on the Digital Economy. “We’re excited to work with
JPMorgan Chase and to continue our research on the impact of
digital technologies in financial services.”
This builds on the firm’s existing efforts to support its
employees including wage increases to between $15-18/hour for
branch and customer service employees and $250 million annual
investments in workforce training including more than a dozen
existing technology apprenticeships, boot camps and learning
programs.
Some of JPMorgan Chase’s latest technology-focused training
programs, which provide current and future employees with software
and infrastructure engineering, cyber security, and data analytics
skills, include:
- JPMC Coding Academy: High performing,
non-coding technologists who demonstrate both an aptitude and
interest in software engineering are given an opportunity to
participate in a 10-14 week immersive training program in select
markets across the world.
- Bournemouth Technology Degree
Apprenticeship: 18 year olds choosing to enter the workforce earn a
degree while working in the firm’s technology business alongside
industry experts. The four-year degree apprenticeship program
offers a comprehensive introduction to the world of technology
within financial services and the chance to obtain a full honors
degree combined with valuable work experience at the firm’s
Bournemouth technology hub.
- Skills Passport: A development tool
that helps technology employees assess their skills and provides
customized learning suggestions based on their current skills and
role requirements. The tool also enables employees to explore
skills recommended for other job families/roles and compare them
with their current skills.
Five-Year History of Investing in Jobs and Skills
Training
Five years ago, JPMorgan Chase invested $250 million through New
Skills at Work to provide access to middle-skills jobs for people
who had a high school degree but lacked a four-year college degree.
JPMorgan Chase developed and scaled innovative workforce solutions
that helped nearly 150,000 individuals in 37 countries, 30 states,
81 cities and the District of Columbia gain the skills they need to
compete for good jobs.
“Preparing America’s workforce to meet the demands of a changing
economy is both an ambitious and an urgent challenge,” said
Jennie Sparandara, Head of Workforce Initiatives, JPMorgan
Chase. “Through this effort, we’re supporting workforce
solutions for thousands of people across the world by testing and
scaling the smartest innovations to help those most at risk of
falling behind.”
This effort helped adults and youth acquire the skills they
needed to access good jobs and economic opportunity while helping
employers build a pipeline of skilled workers needed to grow their
businesses. Some highlights include:
- Supporting more than 700 cutting-edge
educational institutions to provide training for jobs in growing
sectors, such as information technology, health care, advanced
manufacturing.
- Identifying good jobs that do not
require a bachelor’s degree to secure, and building pathways for
adults and young people through, in-demand health care,
manufacturing, transportation, and technology training and
education programs.
- Strengthening alignment between
education systems and labor market demand through better research,
such as the OECD Skills for Jobs database and the Good Jobs Project
at Georgetown’s Center on Education and the Workforce; better
industry collaboration, including the development of new employer
consortia to implement German-style apprenticeships in the US; and
leadership development through workforce leadership academies in
Chicago, New Orleans and Jersey City.
JPMorgan Chase’s original New Skills at Work investment
supported 738 partners around the globe to improve workforce
systems by providing increased access to job training and career
pathways, collecting better labor market analysis and promoting
industry and employer collaboration.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global
financial services firm with assets of $2.6 trillion and operations
worldwide. The Firm is a leader in investment banking, financial
services for consumers and small businesses, commercial banking,
financial transaction processing, and asset management. A component
of the Dow Jones Industrial Average, JPMorgan Chase & Co.
serves millions of customers in the United States and many of the
world's most prominent corporate, institutional and government
clients under its J.P. Morgan and Chase brands. Information about
JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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Media Contact: Stephanie Boshstephanie.a.bosh@jpmorgan.com
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