Report identifies critical steps the public and
private sectors can take to align education and employer job
training with high-demand, middle-skill healthcare and tech
jobs
JPMorgan Chase & Co. today released the first in a series of
reports that lays out a specific roadmap for addressing the
mismatch between the needs of employers and the skills of current
job seekers. Specifically, this report provides a comprehensive
look at available middle-skill healthcare and technology jobs in
New York City and offers data-driven steps city policy makers,
community colleges, training providers and private sector employers
can take to fill these critical, good paying industry roles.
Later this year, New York City Mayor Bill de Blasio’s Jobs for
New Yorkers Task Force will use the report results to develop
data-driven skill-building workforce investments in the city. This
new report, a core component of JPMorgan Chase’s five-year, $250
million New Skills at Work initiative, integrates current labor
market information to identify middle-skill healthcare and
technology occupations that are in high demand; expand workforce
development and training programs; and establish career paths for
advanced roles.
“New York City, like so many cities, must start training workers
for the right jobs,” said Chauncy Lennon, JPMorgan Chase’s Head
of Workforce Initiatives and a member of Mayor de Blasio’s Jobs for
New Yorkers Task Force. “This report provides a laser-focused,
data-driven pathway for New York to correct the mismatch between
job skills and employment needs, and it arms city officials, job
trainers and employers with the right tools to close this gap.”
“As Mayor, I’m focused on creating upward mobility for 21st
century jobs by preparing New Yorkers for quality, well-paying
jobs,” said New York City Mayor Bill de Blasio.
“JPMorgan Chase’s data-driven analysis will help the city gain a
deeper understanding of the type of jobs available in the city’s
healthcare and technology companies and better align education and
training programs to fill these critical jobs and help our
businesses grow.”
Skills Gap Key Findings and Recommendations
New York City’s healthcare and information technology sectors
have high demand for middle-skill workers, commonly defined as
people with more than a high school degree but less than a
bachelor’s degree. Many of the middle-skill jobs highlighted in the
report pay a good wage and offer career advancement. The report
found that openings in the healthcare and information technology
sectors represented 45 percent of the total postings for all
middle-skill jobs in New York City between July 2013 and June
2014.
Healthcare
In 2013, there were over 423,000 healthcare workers in the city,
and this number is expected to grow at a rate of 14 percent over
the next five years. Yet 37 percent of healthcare occupations are
middle-skill and, based on job postings, healthcare accounts for 31
percent of all middle-skill employment demand in New York City.
There are over 25,000 job postings across positions in five
healthcare occupation groupings that require a sub-baccalaureate
credential. Middle-skill job postings in healthcare go unfilled for
over a month compared to a few weeks for postings for entry-level
positions, according to the report.
There are 35 middle-skill healthcare occupations with average
earnings of $25 per hour in the New York City region. The report
found that middle-skill healthcare roles from Registered Nurses to
Medical and Clinical Laboratory Technicians offer the highest
median hourly wages of any occupational group researched by this
report. Occupational and Physical Therapy roles are in highest
demand by employers and are projected to grow rapidly as the city’s
population ages. Additionally, Radiology Technicians and MRI
Technicians have strong demand, high wages and high projected
growth rates, according to the report.
Earlier this year, JPMorgan Chase provided a $1 million grant to
Phipps Neighborhoods, Montefiore Health System and Hostos Community
College to support their Career Network: Healthcare partnership in
the South Bronx. The goal of this employer-driven program is to
secure employment and/or education for young adults through
training and career exploration geared toward a healthcare-related
field.
“Montefiore is proud to work with JPMorgan Chase and our local
partners to offer young people in the Bronx a pathway to a
promising career in health care,” said Steven M.
Safyer, MD, President and CEO of Montefiore Medical
Center. “Through training and career counseling, Montefiore,
Phipps Neighborhoods, Hostos Community College, and JPMorgan Chase
will educate and support young adults so they can achieve their
full potential.”
Information Technology
New York City’s technology sector comprises nearly 66,000 jobs
and is expected to grow by 15 percent over the next five years.
Middle-skill jobs within the sector account for 16 percent of all
of middle-skill job postings in the city, or a little more than
8,100 jobs. Notably, IT jobs are in high demand in the Finance and
Insurance Sector at two times greater than national demand.
There are 10 selected middle-skill technology occupations with
median hourly salaries that range from $26 to $56. All of these
positions are in high demand, ranging from 2,500 postings for
Information Security Analysts to more than 5,100 postings for
Computer User Support Specialists. Job postings reveal that
entry-level IT support roles, such as Help Desk or Entry Level
Computer Support, account for over half (57 percent) of
middle-skill IT jobs in New York. Upward roles such as Network
Support, Help Desk Manager and Advanced Computer Support require
more technical IT skills. Finally, advanced jobs like Database
Administrator and Network Administrator require a bachelor’s degree
and substantial experience.
“Available tech jobs aren't just for people with bachelor's
degrees,” said Hagos Mehreteab, head of talent acquisition of
AppNexus. “The JPMorgan Chase report reaffirms that New York
City's technology sector also desperately needs people that have
specialized skills training and the motivation and passion for
learning new things.”
Recommendations
Overall, the report reflects and builds on growing calls for a
sector-based approach to meet employer needs for skilled workers
and New Yorkers’ need for jobs in high-demand occupations. While
transforming existing workforce development approaches is a complex
undertaking, the report provides the following strategic
recommendations to support existing training and community-based
workforce efforts:
1. Sector-based collaboratives should use this report and data
to clarify specific occupation demand and map career pathways from
entry-level to middle-skills jobs.
2. Healthcare and IT companies can expand their own talent pool
by providing work-based learning opportunities (i.e.
apprenticeships and internships) and on-the-job training for these
specific middle-skill occupations for incumbent and potential
workers.
3. The city should market middle-skill jobs as an opportunity
for good jobs with career advancement, especially for disadvantaged
populations and New York City boroughs in order to expand the
sector’s talent pipeline and ensure access to high-demand
occupations reaches all communities.
4. Career pathway programs provide an effective approach for
preparing low-skilled job seekers for middle-skill jobs because
they can be designed to integrate basic-skills training with the
technical training needed for middle-skills credentials and
careers.
5. Public and private workforce funders can use the report data
and specific job opening to direct workforce development
investments that prepares job seekers for good jobs instead of
low-wage work.
“Data drives every decision we make to better understand New
York City’s complex labor market,” said Leslie Hirsch, Director
of the NYC Labor Market Information Service at the Center for Urban
Research. “With greater insights provided by JPMorgan Chase
into New York’s technology and healthcare job market, policy
makers, community colleges and job trainers can develop the right
career pathway programs to address New York City’s employment
needs.”
“Creating economic prosperity and economic opportunity are two
sides of the same coin,” said Marlene Seltzer, President and
CEO, Jobs for the Future. “We can't grow our economy without
also investing in the education and training of our workers for
21st century jobs. That's why we are so excited to be working with
JPMorgan Chase to identify and help meet the demand for New York's
high-growth middle-skill jobs.”
About the Skills Gap Report
JPMorgan Chase is releasing a series of skills gap report in
nine metropolitan areas in the United States and four European
countries. The reports draw from an array of data, including
traditional and real-time labor market information and analysis
from EMSI and Burning Glass Technologies, Inc. The reports focus on
middle-skills occupation as defined by Economic Modeling
Specialists International (EMSI) based on aggregated data from over
90 federal, state and private sources and a multi-variable
technique that includes three criteria: family-sustaining wages,
recent employment growth, and employment size. Burning Glass
provided real-time labor market demand information from online job
postings by aggregating and analyzing code data from multiple
classification and occupation databases. Jobs for the Future
integrated EMSI and Burning Glass data with other data sources like
the analysis of longitudinal Quarterly Workforce Indicators from
the U.S. Census Bureau, to write the report.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global
financial services firm with assets of $2.5 trillion and
operations worldwide. The Firm is a leader in investment banking,
financial services for consumers and small businesses, commercial
banking, financial transaction processing, asset management and
private equity. A component of the Dow Jones Industrial Average,
JPMorgan Chase & Co. serves millions of consumers 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.
JPMorgan Chase & Co.Steve O’Halloran, 302-282-5699
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