In order to increase the number of skilled workers in the country, JPMorgan Chase has committed to investing $350 million to provide increased financial support to community colleges and other non-traditional career pathway programs.
Under the company’s New Skills at Work investment, a five-year initiative, JPMorgan Chase will train future workforce members and target traditionally underserved populations in achieving career pathways and economic mobility.
The initiative currently centers around two main goals: Creating economic opportunity and career mobility, as well as identifying and forecasting future workplace skills at JPMorgan Chase.
Community colleges in particular will benefit from the new initiative. In partnership with Aspen Institute’s College Excellence Program, JPMorgan Chase will build the next generation of community college leaders by directing its focus onto improving graduation rates and post-graduation job placement success.
“The new world of work is about skills, not necessarily degrees,” Jamie Dimon, chairman and CEO of JPMorgan Chase & Co. said. “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.”
In a bid to promote economic mobility and job training for disadvantaged populations across ten U.S. cities, the company, in collaboration with PolicyLink and the National Fund for Workforce Solution, will also produce tailored workforce data profiles.
“Preparing America’s workforce to meet the demands of a changing economy is both an ambitious and an urgent challenge,” Jennie Sparandara, head of workforce initiatives at JPMorgan Chase, said.
“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.”
In a similar initiative in 2013, JPMorgan Chase committed $250 million to provide access to middle-skill jobs for people who lacked four-year college degrees.