Governor Jindal, JPMorgan Chase & Co. Announce $1 Million Investment to Fund Statewide Workforce Training in Louisiana
October 21 2014 - 2:02PM
Business Wire
First major private-sector commitment made to
state’s new WISE Fund; State match to boost contribution to $5
million
Today, Governor Bobby Jindal announced that JPMorgan Chase &
Co. is committing $1 million to the Foundation for Louisiana's
Community & Technical Colleges to fund statewide workforce
training and connect more students with the state’s powerful
industrial expansion.
Once approved for matching funds by the Louisiana Board of
Regents, the grant would be the first to tap into the state’s $40
million Workforce and Innovation for a Stronger Economy Fund, or
WISE Fund. Through a 4-to-1 matching formula, the JPMorgan Chase
grant would be transformed into a $5 million combined contribution.
The investment is part of the bank’s unprecedented five-year, $250
million global New Skills at Work initiative.
Governor Jindal said, “Today is a great day for our state and
for higher education in Louisiana. Because of the many companies
expanding in our state, tens of thousands of jobs are now in the
pipeline that must be filled, and our challenge is to ensure we
have the skilled workforce to fill these jobs of the future.
Economists have said they have never seen an industrial expansion
like the one currently underway in Louisiana, but have also warned
that we will need many more skilled workers to fill the demand for
jobs at the major industrial and high-tech projects coming to
Louisiana.
“That’s why our top priority must be making sure we partner with
private companies like JPMorgan Chase to ensure we have the
resources to prepare our students and train them for these jobs-
and it’s why the WISE fund was created. Today’s commitment by
JPMorgan Chase will go a long way to help train our students for
the jobs of the future and continue moving our economy
forward.”
The Board of Regents is scheduled to vote on approval for the
match later today.
“Helping people gain the work skills they need will transform
lives and strengthen our state’s economy,” said John Kallenborn,
President of JPMorgan Chase in Louisiana. “Every day, employers
tell us they can’t fill good-paying jobs because there simply
aren’t enough trained workers. Working with the WISE Fund, we can
provide great careers for our citizens and continued economic
prosperity for Louisiana.”
The Louisiana Workforce Commission’s Occupational Forecast
predicts that in the next 5-10 years, the state will experience a
shortage of more than 80,000 skilled workers. The investment by
JPMorgan Chase and the WISE Fund will allow Louisiana’s Work Ready
U (Adult Education) program to expand innovative credentialing
courses specifically designed to meet the workforce training needs
of Louisiana residents who lack a high school equivalency,
underserved populations and employers.
Workforce training will be specifically provided in high-demand,
high-wage industries across the state such as welding, pipefitting
technology, electrical, advanced manufacturing, petroleum
technology and process technology.
“We are in the midst of the greatest economic expansion of our
time,” said Monty Sullivan, president of Louisiana’s Community and
Technical Colleges. “The workforce demand is unprecedented, and for
JPMorgan Chase, a global financial leader, to quickly respond is
verification of their commitment to the long term success of
Louisiana and its people. Today’s investment will help our colleges
meet the demand and improve lives. This is yet another example of
the kinds of partnerships that are required to provide our citizens
the training they need to be successful in this economy.”
The WISE Fund is specifically targeted to advance Louisiana to
national competitiveness. This plan seeks to strategically align
new investments in higher education with the workforce needs of the
exciting and emerging growth sectors in our economy. The WISE Fund
also seeks a stronger partnership with Louisiana’s business and
industry leaders through an industry matching program that will
spur private investment in public universities and colleges
statewide.
The need for more workforce training in Louisiana is great. More
than $80 billion of large-scale energy construction projects are
scheduled in Louisiana over next 5 years. There are nearly 4
million unfilled jobs in the United States, according to the Bureau
of Labor Statistics. The IMF estimates one-third of U.S.
unemployment is due to the skills gap, and the National Skills
Coalition estimates that 56 percent of job openings in Louisiana
over the next eight years will be middle-skilled.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. has 3,400 employees in Louisiana,
making it one of the largest non-governmental employers in the
state. Chase has 156 branches and more than 1 million consumer
customers statewide. Since Hurricane Katrina, Chase has donated
more than $34 million to non-profits working in Louisiana.
About Louisiana Community & Technical Colleges
The Louisiana Community and Technical College System (LCTCS)
provides strategic management and support for Louisiana's 13
community and technical colleges. Our colleges award associates
degrees, technical diplomas, and industry-based certificates in
programs that are aligned with business and industry and local
economies, which lead students to good paying middle class
jobs.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20141021006605/en/
Media:JPMC Media RelationsGreg Hassell,
713-419-9208greg.hassell@chase.comorLouisiana’s Community &
Technical CollegesQuintin Taylor,
901-236-2321quintintaylor@lctcs.edu
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