In 2014, JP Morgan Chase & Co committed to supporting opportunity youth by partnering with foundations, the private sector and the mayors of 14 selected U.S. cities to invest in expanded work readiness and employment opportunities for teenagers and young adults through its JPMorgan Chase Summer Skills Development and Jobs Initiative. The primary goals of the partnership are to create 4,000 summer job opportunities for youth and to provide them with concrete work readiness skills and early work experience. An additional 20,000 youth will benefit from work readiness opportunities. Positions will be available in several sectors including government, education, financial services, health, and energy. The mayor of each city will be the primary local partner, although implementation will be led by various public, private and nonprofit organizations in selected cities, including local foundations, faith-based and community organizations, universities and traditional training providers.
JPMorgan Chase & Co. will contribute ,000,000 and best practices in skills-based summer youth employment programs over two years. In addition, JPMorgan Chase & Co. commits to hiring 34 youth interns in two pilot markets, Chicago and Los Angeles, providing opportunities for skills enhancement in the corporate private sector.
Lastly, the firm will support program enrichment by engaging employee volunteers in a pilot to deliver financial education, introduction to coding, and other relevant workshops to 300 youth during the summer and throughout the academic year.
JPMorgan Chase & Co. will work collaboratively with local partners to implement its Summer Skills Development and Jobs Initiative. Implementation activities will be driven by the composition of stakeholders, their priorities, and local needs, but generally, quarterly activities will include:
Quarter 1 (July - September 2014): Summer learning and employment opportunities are fully implemented in each city. 2,000 jobs are created; 10,000 learning opportunities are provided.
Quarter 2 (October - December 2014): Collect and analyze data. Key learnings from each site will be shared across the partnerships and best practices will be highlighted.
Quarter 3 ( January - March 2015): Outreach to key partners, including public officials, training and service providers, business leaders, and other local partners to begin planning for 2015 summer youth employment programming. Broad stakeholder support is developed in each city and planning activities are driven by market needs.
Quarter 4 (April - June 2015): Finalize learning opportunities, training curricula, and internship sites.
Quarter 5 (July - September 2015): Summer learning and employment opportunities are fully implemented
in each city. 2,000 jobs are created; 10,000 learning opportunities are provided.
Quarter 6 (October - December 2015): Collect and analyze data.
Quarter 7 (January - March 2016): Key learnings from each site will be shared across the partnerships and best practices will be highlighted.
Quarter 8 (April - June 2016): Produce final report on the outcomes and impact of the commitment.
Employment for teenagers and young adults has steadily declined over the last 10 years, deteriorating to a much greater degree than for any other age group. At the same time, federal funding for summer jobs programs that target opportunity youth has been reduced, creating a critical need for additional resources to help local government create summer jobs for youth, especially in the critical summer months when teenagers are out of school. (Children's Defense Fund).
JPMorgan Chase & Co. will support the efforts of local municipalities across the country in providing summer skills development and job opportunities to America's youth. As a global financial services firm, JPMorgan Chase & Co. is deeply interested in the needs of its customers, who have consistently shared the challenges they face in finding skilled workers for their employment vacancies. By supporting efforts that provide skills development to opportunity youth, the firm contributes to the development of a pipeline of skilled workers that can more easily access the labor market.
Additionally, as part of its significant commitment to advancing economic opportunity for youth and young adults, JPMorgan Chase & Co. will build a portfolio of initiatives that address some of the barriers which prevent young people from developing employer-required skills that can put them on a career pathway. Through efforts such as The Fellowship Initiative (TFI), and the new JPMorgan Chase & Co. Summer Skills Development and Jobs Initiative, as well as the firm's global commitment to workforce readiness through its New Skills at Work initiative million, 5-year commitment to workforce readiness through New Skills at Work, JP Morgan Chase & Co. expects to increase skill levels and job opportunities and help close the economic gap for underserved youth.