Nearly 20% of young people aged 15 to 24 are not in education, training, or currently hold a job globally. In the US alone only 41% of young adults have education beyond high school, when jobs with well-paying salaries require two or four-year degrees. JPMorgan Chase takes on the Future of Work, addressing this problem before it worsens, announcing the launch of a global initiative to prepare these young adults for future jobs with a $75 million investment.
Slated for five years and including 10 sites, the new initiative known as New Skills at Work represents a total $350 million commitment from JPMorgan Chase. Based on previous efforts to close the education gap, three key areas to focus on include ensuring public-private sector partners work towards a shared goal, constructing new policies that scale successful programming for long-term sustainability, and leveraging solutions driven by data to continually develop new education strategies.
Jamie Dimon, JPMorgan Chase Chairman and CEO, stressed that, “Too many young people are being left behind without the education, skills and experience needed to get well-paying job. 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.”
The project already shows promise, thanks to an earlier $4 million investment into Denver, Colorado. This money allowed community partners and educators to stay on the leading edge, developing impactful CareerConnect courses that increased on-time graduation in at-risk Denver Public Schools (DPS) by 40%. Combined with work-based summer learning, students that participated in more than five DPS CareerConnect courses saw their odds of graduation increase 90%.
