New Skills at Work, JPMorgan Chase’s five-year, $250 million initiative, aims to reduce unemployment in urban areas throughout the U.S. and Europe by closing the skills gap that exists in industries such as healthcare and advanced manufacturing.
It’s estimated that the skills gap accounts for one-third of the U.S. unemployment rate. By providing funding and structure to employers and trainers, the New Skills at Work project will help to provide people with the necessary skills they need for these jobs.
“Addressing the skills gap can be one of our most powerful tools for reducing unemployment and creating more broadly shared prosperity,” said Jamie Dimon, chairman and CEO of JPMorgan Chase.
Chicago is one of the first urban areas to benefit from the initiative, receiving a $15 million grant. Mayor Rahm Emanuel has worked to close Chicago’s skills gap with programs like College to Careers, which served as a model for New Skills at Work, according to Peter Scher, the head of JPMorgan’s corporate responsibility unit.
College to Careers is a program at City Colleges of Chicago that through curriculum and training designed specifically for closing the skills gap, provides training and experience to Chicagoans ready to fill the more than 100,000 job openings in the city.
The funding from New Skills at Work will be used to enhance and build upon the programs like College to Careers across the county. Utilizing JPMorgan’s vast market research resources, New Skills at Work will provide data to identify where skills gaps exist in local markets. This data along with Workforce Readiness Gap Reports will be used to create more effective and strategic workforce planning.
The mayor is “confident this program will build on the success we’ve seen with our programs here in Chicago.”
Programs like College to Careers and The Cara Program that Advanced Resources works with are instrumental in getting Chicago, and the nation, back on its feet. It’s all about making a difference!
Hat tip to Danny Sheridan