As part of JPMorgan Chase’s $75 million global
initiative, Denver is first of 10 global cities to receive
multimillion-dollar career readiness investment
New policy solutions to leverage investment
learnings aimed at expanding access to real-world work experience,
higher education and good careers for underserved young people
JPMorgan Chase today announced a global initiative to better
prepare young people for the jobs of today and tomorrow by
investing $75 million and advancing smarter policy solutions. The
new five-year, 10-site investment and policy priorities are part of
New Skills at Work, the firm’s $350 million commitment to prepare
adults and kids for the future of work.
Starting with a $7 million commitment in Denver, Colorado,
JPMorgan Chase’s global career readiness initiative will develop
pathways and policy recommendations that give underserved students
access to higher education and real-world work experiences that
lead to high-wage, in-demand jobs. JPMorgan Chase will mark this
commitment during an event today at Pinnacol Assurance, a
Colorado-based workers compensation insurer known for its robust
apprenticeship program.
Denver is an example of a career pathways program that works.
Over the past four years, with a previous philanthropic investment
of $4 million from JPMorgan Chase, Denver educators and community
partners have been on the leading edge of innovation in developing
impactful career pathways. For example, the odds of on-time
graduation for at-risk Denver Public Schools (DPS) students
increased by 40 percent for students who participated in two to
five DPS CareerConnect courses or in immersive work-based summer
learning, and the odds of graduation increased by 90 percent for
those who participated in over five DPS CareerConnect courses.
“Too many young people are being left behind without the
education, skills and experience needed to get well-paying jobs,”
said Jamie Dimon, Chairman and CEO of JPMorgan Chase. “Now,
more than ever, businesses, government, and communities must work
together to prepare young people for the future of work so they
have a better shot at building a good financial life for themselves
and their families.”
Global Commitment
Globally, roughly one-fifth of young people ages 15 to 24 are
neither employed nor receiving education or training, suggesting
that they will need alternative pathways to obtain the skills and
experience necessary to succeed in the labor market. In the U.S.,
just 41 percent of young adults have completed education beyond
high school at a time when well-paying jobs increasingly require a
two- or four-year degree or some type of additional training.
Rapid changes in technology, automation, and artificial
intelligence continue to shape the economy and exacerbate the
disconnect between skills and jobs, setting young people further
behind. The lack of skilled workers threatens business
sustainability as employers struggle to find talent to fill open
jobs.
JPMorgan Chase is making investments and advocating for policy
solutions that tackle youth unemployment and expand access to
economic opportunity for young people starting in high school.
Investments Lead to Smarter Policy
Existing education and training systems are not meeting the
growing demand for skilled workers, nor are they effectively
connecting adults and youth to well-paying jobs. Over the last five
years, JPMorgan Chase has made investments to help build
partnerships between school systems, employers, and government
agencies that can lead to smarter policies for creating career
pathways. Starting in 2015, JPMorgan Chase, working with national
partners, Council of Chief State School Officers (CCSSO), Advance
CTE, and Education Strategy Group, supported 10 U.S. states to
advance economic opportunity for hundreds of thousands of students.
This effort led to the development of cross-sector partnerships,
aligning educational programming with high-demand fields and
occupations, and leveraging accountability systems and funding
mechanisms to support and scale high-quality programs. At the same
time, JPMorgan Chase supported partners at 12 local programs that
were showing progress around the world to pilot new and innovative
approaches to career education.
As a result, the firm zeroed in on three lessons learned from
efforts that successfully expand economic opportunity for students
starting in high school and are being applied as part of this new
global investment, including:
- Engaging public-private sector partners to work together toward
a shared goal.
- Using data-driven solutions to develop new interventions and
education strategy.
- Introducing new policies that plan for and scale successful
programming at the outset to ensure sustainability over the long
term.
To further these goals, and the firm’s new skills investments,
JPMorgan Chase’s PolicyCenter will develop and advance sustainable,
evidence-based education and skills policies to drive inclusive
economic growth in the U.S. and around the world. Applying these
proven lessons from past skills investments along with policy
enhancements, JPMorgan Chase will advance the following
recommendations to prepare students for good careers and economic
mobility:
- Scaling high-quality integrated career pathways with state
support: Fostering state policy environments that seed and
support high-quality local career pathways, so that innovation and
implementation are replicated and scaled at the state level.
- Creating seamless connections from high school to
post-secondary to career: Connections between high school,
higher education, and good jobs should become seamless by
developing educational pathways that offer students early
post-secondary experiences and lead to credentials aligned with
high-skill, high-wage, and in-demand careers.
- Expanding access to work-based learning experiences:
Improving access to good jobs by connecting students to real work
experiences in industries fueling future economic growth, such as
technology and health care.
- Ensuring access and opportunity for all: Removing
barriers to meaningful career opportunities for historically
disadvantaged populations, and supporting effective transitions
from school to work, by aligning equitable policy and practice to
scale proven career pathways programs that ensure equity and
access.
- Leveraging employer partnerships: Engaging employers at
the state and local level in the design, implementation,
evaluation, and modification of integrated high-quality career
pathways as part of the broader state or local economic development
strategy.
$7 Million for Career Pathways in Denver
To start, the firm is investing $7 million in Denver’s young
people by supporting a new collaborative effort to build on
Denver’s strong youth apprenticeship system by developing seamless
connections between high school and higher education. According to
the 2019 Colorado Talent Pipeline Report, over 86 percent of
Colorado’s Tier 1 top jobs require some type of postsecondary
education (certificate, Associate’s, Bachelor’s degree or above).
Many Denver residents are unable to access better paying jobs and
more economic opportunity because they don’t have the credentials
they need.
The DPS Career and College Success team has recently expanded
their nationally-recognized K-12 career pathways model (DPS
CareerConnect) throughout the city, built the nation’s largest
district-run work-based learning program, partnered with CareerWise
Colorado in the launch of a first-of-its kind state youth
apprenticeship system, and significantly increased industry
credentials and college credit available in its career pathways.
With this investment, Denver Education Attainment Network (DEAN)
will lead a collaborative effort between DPS, Community College of
Denver (CCD), Metropolitan State University of Denver (MSU Denver),
University of Colorado Denver (CU Denver), Emily Griffith Technical
College (EGTC), Colorado Department of Education (CDE), Colorado
Department of Higher Education (CDHE), and the Colorado Community
College System (CCCS). Efforts will focus on careers in industries
that have been identified by the Colorado Workforce Development
Council’s annual Colorado Talent Pipeline Report as offering
well-paying careers and projected job growth, including healthcare,
business, IT, and cybersecurity.
“In the past four years, we’ve seen strong progress in driving
high-quality career pathways for DPS students,” said Denver
Public Schools Superintendent Susana Cordova. “This success,
including a significant increase in graduation rates, is the result
of the hard work of our students and educators, boosted by deep
partnerships and collaboration across all sectors to lift up our
students. I’m inspired by this progress and excited to continue
strengthening apprenticeship programs through better connections
between high school and higher education.”
With support from JPMorgan Chase and other partners, Denver’s
program aims to dramatically increase the number and diversity of
students who complete high-quality career pathways that start in
high school, continue into and through higher education, and lead
to well-paying jobs in Denver’s labor market. The learnings from
the program will continue to help us develop a national model for
how best to invest in education and workforce training.
“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 for
JPMorgan Chase. “We’re excited about our partnership in
Colorado and look forward to applying the lessons learned in other
cities to give young people a better chance at career success.”
10 New Investments
Denver, CO, and the nine other sites, which have been selected
and will be announced in the coming months, are formulating new
partnerships between local school systems, higher education,
employers, and government entities, in the U.S. and around the
world, to improve student completion of high-quality career
pathways. In the U.S., a network of six cities and their states
will be supported by two partners:
- Advance CTE, the longest standing national non-profit that
represents state CTE Directors and state leaders of Career
Technical Education (CTE), will leverage a $5 million philanthropic
investment from JPMorgan Chase to provide research and resources
that support sites to meet the objectives of the initiative and
translate lessons from the sites into tools and resources that can
be leveraged by a broader set of communities.
- Education Strategy Group, a mission-driven consulting firm
focused on strategies to help all learners earn a post-secondary
credential that has value in the labor market, will leverage a $6
million philanthropic investment from JPMorgan Chase to support
sites with high-quality technical assistance and cross-site
learning and convening.
“To build an economy that works for everyone, it’s important to
build strong programs to educate and train young people with the
skills to compete for the good-paying careers in the industries and
fields that will define the future,” said Denver Mayor Michael
B. Hancock. “Our city is honored to work with JPMorgan Chase
and other cross-sector partners to advance policies for career
pathways and improve access to opportunity for our students.”
JPMorgan Chase’s History of Investing in Youth Jobs and Skills
Training
Five years ago, JPMorgan Chase invested $75 million through New
Skills for Youth to support states and regions to dramatically
increase the number of young people completing high-quality career
pathways that start in high school and culminate in credentials
that have value in the labor market by transforming the design and
delivery of career-focused education. These communities developed
and scaled innovative educational programs that helped tens of
thousands of students in eight countries, 10 states, and more than
20 cities gain education, skills and credentials they need to
compete for well-paying jobs.
As part of this new investment, JPMorgan Chase will also
leverage the skills and expertise of our employees to provide young
people with mentoring and real world work experiences, building on
a 10 year history of engaging more than 2,000 employees every year
to prepare young adults for college and career success. Existing
programs such as The Fellowship Initiative, Advancing Young
Professionals, and the Schools Challenge are engaging JPMorgan
Chase employees as student mentors. Apprenticeship programs in
London and Bournemouth offer students in their last year of high
school or in college a comprehensive introduction to the world of
financial services and the chance to earn industry-recognized
qualifications.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global
financial services firm with assets of $2.7 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: Parita Shah,
parita.shah@jpmorgan.com
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