SILVER SPRING, MD (October 20, 2020) — Today, Advance CTE announces its work in the New Skills ready network.
“Advance CTE is honored and excited to continue our relationship with JPMorgan Chase & Co. as a co-lead of the New Skills ready network. Career Technical Education is more important than ever in today’s economy, striving to provide each learner with equitable access to the knowledge and real-world skills that prepare them for careers in essential industries. I am confident that this important work, across the six states and sites, will create transformative career pathways and inspire innovative policy that will ensure more learners can use their passion and talents throughout their education, resulting in a lifetime of career success. We look forward to continuing this work in partnership with Education Strategy Group and JPMorgan Chase & Co.” said Kimberly Green, Executive Director, Advance CTE.
JPMorgan Chase Committing $35 Million in Five U.S. Cities to Prepare Young People for Future of Work
Boston, Columbus, Dallas, Indianapolis and Nashville are part of 10 global career readiness philanthropic commitments
Cities will leverage innovative new practices and policy solutions to expand access to real-world work experience, higher education and good careers for underserved young people
NEW YORK, NY (Oct 20, 2020) – JPMorgan Chase today announced five U.S. cities – Boston, Columbus, Dallas, Indianapolis and Nashville – to receive career readiness investments as part of the firm’s $75 million global commitment to better prepare young people for the jobs of today and tomorrow. These five-year philanthropic investments and policy solutions are part of the firm’s New Skills at Work initiative to prepare people for the future of work and the new $30 billion commitment to advance racial equity and drive an inclusive economic recovery.
With a $7 million commitment in each city, JPMorgan Chase’s global career readiness initiative will develop equitable pathways and policy recommendations that give underserved students access to higher education and real-world work experiences that could lead to high-wage, in-demand jobs.
“Too many young people – especially in Black and Latinx communities – are left behind without the education, skills and experience needed to get good jobs,” said Jamie Dimon, Chairman and CEO of JPMorgan Chase. “At this critical time – as we all work to address systemic racism and inequities – it’s necessary for business, government and communities to come together and help young people have equitable access to economic opportunity.”
A Global Challenge
According to recent global survey, one in six youth stopped working since the outbreak of COVID, with young workers age 18 to 24 more likely to lose their jobs. The same survey found that one in eight young students were left without any access to education or training.
Even before the pandemic, rapid changes in technology, automation, and artificial intelligence continued to shape the economy and exacerbate the disconnect between skills and jobs, setting young people further behind. Cities are adjusting to better prepare their students for an ever-evolving labor market, including elevating the importance of connecting credentials and work experiences to the jobs that will fuel economic recovery post-COVID.
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. And the pandemic has only exacerbated these inequities, especially for Black and Latinx communities. Over the last five years, JPMorgan Chase has made commitments to help build partnerships between school systems, employers, and government agencies that can lead to smarter policies for creating career pathways.
As a result, the firm zeroed in on three lessons learned from past successful efforts that are being applied as part of this global commitment, including:
- Engaging public-private sector partners to work together toward a shared goal.
- Using data-driven solutions to develop new interventions and education strategy.
- Developing policies that plan for, and scale, successful programming at the outset to help ensure sustainability over the long term.
To further these goals, and the firm’s new skills investments, JPMorgan Chase’s PolicyCenter announced in February 2020 that it will develop and advance critical policy recommendations to prepare students for good careers and economic mobility.
“As the Massachusetts workforce adapts and changes, continued, targeted investment in underrepresented communities is critical to closing gaps in achievement and opportunity for students and workers throughout the Commonwealth,” said Massachusetts Governor Charlie Baker. “Our administration is committed to providing the necessary tools and resources to ensure equitable access to success, and we are grateful to JPMorgan Chase for its support in driving career readiness through this commitment to the Commonwealth’s students.”
$35 Million to Advance Career Pathways in 5 U.S. Cities
Along with Denver, which was announced in February, Boston, Columbus, Dallas, Indianapolis and Nashville and four to-be-announced sites outside of the US, are formulating new cross-sector partnerships to improve student completion of high-quality career pathways and support inclusive economic recovery strategies for their communities.
With local partners, the firm will help support the successful transition of young people from secondary school to higher education and well-paying careers in growing industries like health care, technology and business. Through cross-sector collaboration, the partners will work to increase student completion of high-quality career pathways that are aligned with industry demand, and to offer early postsecondary and work-based learning experiences leading to credentials with high labor market value:
- EdVestors will lead a collaborative effort to leverage strong state-level policies in order to expand high-quality career pathways for Boston Public Schools (BPS) students. Building on JPMorgan Chase’s existing commitment, EdVestors will work in collaboration with BPS, Bunker Hill Community College, UMass Boston, Boston Private Industry Council, Massachusetts Executive Office of Education, The Boston Foundation and the City of Boston’s Office of Workforce Development.
- Ohio Excels will lead a collaborative effort – building on JPMorgan Chase’s initial investment in Ohio and aligned investments at Columbus State Community College (CSCC) – to expand high-quality career pathways for Columbus City Schools (CCS) students. Ohio Excels will work in collaboration with CCS, CSCC, The Ohio State University, the Ohio Department of Education and the Ohio Department of Higher Education.
- Dallas Commit will build on JPMorgan Chase’s existing investment in the Dallas Promise scholarship program by aligning it with in-demand careers and expanding real world work experiences for students. Dallas Commit will work in collaboration with Dallas Independent School District, Dallas College, University of North Texas Dallas and Texas Education Agency.
- EmployIndy will leverage momentum around the conversion of Indianapolis Public Schools (IPS) to career academies to lead a collaborative effort to build seamless transitions between high school and higher education. EmployIndy will work in collaboration with IPS, Ivy Tech Indianapolis, Indiana University Purdue University Indianapolis, Ascend Indiana and the Governor’s Workforce Cabinet.
- The Nashville Chamber Public Benefit Foundation will lead a collaborative effort that leverages the firm’s existing investment in Tennessee and builds on Nashville’s existing strong career academy programs by forging seamless connections between high school and higher education. The Nashville Chamber will work in collaboration with Metro Nashville Public Schools, Nashville State Community College, Tennessee College of Applied Technology – Nashville, Middle Tennessee State University, Tennessee State University, Tennessee Department of Education, Tennessee Higher Education Commission and Tennessee Department of Labor and Workforce Development.
In the U.S., the six cities and their states will be supported by Advance CTE, the longest standing national non-profit that represents state Career Technical Education (CTE) Directors and state leaders of CTE and Education Strategy Group, a mission-driven consulting firm focused on strategies to help all learners earn a postsecondary credential that has value in the labor market.
“There are a lot of unknowns right now – but one thing we do know is that recessions have a deep and negative impact on the long-term economic well-being of young adults,” said Mary Alice McCarthy, Director, Center on Education and Skills at New America. “We also know that the strategies supported by JPMorgan Chase’s Global Career Readiness Initiative – high quality career and technical education, work-based learning opportunities, and youth apprenticeships – have all proven effective at mitigating the worst effects of prolonged recessions. We may not be able to predict the future, but we can build education and employment systems that better protect young adults and ensure each one achieves their full potential. Indeed, our collective future depends on it.”
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 – part of the firm’s $350 million commitment to prepare people for the future of work – to support states and regions to 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 the education, skills, and credentials they need to compete for well-paying jobs.
As part of this $75 million investment, JPMorgan Chase is also leveraging 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. This fall, the firm is launching career readiness mentorship programs in Boston, Chicago, Dallas and Indianapolis. Through these programs, participating youth will gain access to career awareness, higher-order skills, and professional networks.
Existing programs such as The Fellowship Initiative – which recently expanded in 2020, Advancing Young Professionals, and the Schools Challenge continue to engage JPMorgan Chase employees as student mentors. Additionally, 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 $3.2 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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Advance CTE is the longest-standing national non-profit that represents State Directors and state leaders responsible for secondary, postsecondary and adult Career Technical Education (CTE) across all 50 states and U.S. territories. Established in 1920, Advance CTE supports visionary state leadership, cultivates best practices and speaks with a collective voice to advance high-quality CTE policies, programs and pathways that ensure career success for each learner.