JPMorgan Chase: Committed to supporting the next generation

An undisputed global giant in the context of financial services, JPMorgan Chase is an organisation well aware of its far-reaching influence and raft of responsibilities. 

This goes some way towards explaining why the organisation has unveiled a host of new and expanded philanthropic activities totalling US$3.5 million to support the scaling and development of apprenticeship programmes across the US. 

These commitments expand on the firm’s broader efforts to help more people – particularly those from underserved backgrounds – enter the workforce and compete for quality careers, by gaining meaningful work experience and developing crucial skills.

“Jobs are foundational to unlocking greater economic mobility, and well-paying jobs increasingly require a combination of skills and experience that can be difficult to get in traditional education settings,” explains Matthew Muench, Head of Jobs and Skills at JPMorgan Chase Global Philanthropy. 

“Bringing together stakeholders from the public and private sectors is key to providing work-based learning that will help more individuals break into great careers. Supporting strategies and organisations that are scaling these programmes is a critical piece of this work and helps build a stronger workforce and economy.”

Plugging the skills gap 

As technology changes the labour market and the nature of work, an estimated 12 million occupational transitions may be needed in the US by 2030, according to research from McKinsey. 

However, there exists a concerning mismatch between the skills people possess and the skills employers need. 

JPMorgan Chase’s latest philanthropic commitments, aimed at plugging the gap, are as follows:

• US$1m to New America: This funding helps New America scale its Partnership to Advance Youth Apprenticeship (PAYA) initiative, aimed at supporting high school students on their pathway to a meaningful career by combining college coursework with on-the-job experience. New America will be able to bring on board more partners nationally and increase youth apprenticeship opportunities in markets including New York, Chicago, Dallas and California.
• US$1m to WTIA Workforce Institute (Apprenti): This commitment boosts Apprenti, a non-profit focused on bridging tech talent and diversity gaps to meet evolving workforce needs, and its programme which is ensuring those from underrepresented backgrounds have access to high-paying careers in technology. The organisation will also be better placed to expand into markets like Houston, Dallas and Atlanta. 
• US$1m to Per Scholas: This funding supports the development and pilot of a new cybersecurity apprenticeship initiative, addressing a critical labour shortage while testing a sustainable, innovative, earn-and-learn approach to achieving economic mobility. Per Scholas is also set to expand its existing suite of cybersecurity training programmes to reach more learners annually, recruiting unemployed and underemployed talent from Boston, Charlotte, Chicago, Columbus, Dallas, Detroit, Los Angeles, Newark, St. Louis and the Greater Washington region.
• US$500,000 to Apprenticeships for America (AFA): This commitment helps AFA promote the creation of apprenticeship programmes for fast-growing sectors of the economy, such as technology, healthcare and financial services, in various locations across the country. A network of partners will support those efforts as AFA raises awareness of apprenticeships as a solution to the current labour shortage and skills gap.

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