J.P. Morgan Chase is expanding a program designed to boost job prospects for people at risk of being shut out of the economy.
The bank's new five year plan, announced Monday, includes $200 million to develop training programs for in-demand digital and technical roles and $125 million to boost collaboration between employers and the educational system. It also has $25 million to help spread labor market data and analysis that will help companies focus on ways to lift people out of low-wage positions.
J.P. Morgan CEO Jamie Dimon has voiced concern about the declining labor force participation rate and the shortfalls of the educational system in preparing people for emerging roles. In 2013, the bank announced a $250 million commitment called New Skills at Work that was focused on people with a high school degree. The bank said it helped 150,000 people gain skills to compete for better-paying jobs.
"The new world of work is about skills, not necessarily degrees," Dimon said in a statement. "Too many people are stuck in low-skill jobs that have no future and too many businesses cannot find the skilled workers they need. We must remove the stigma of a community college and career education, look for opportunities to upskill or reskill workers, and give those who have been left behind the chance to compete for well-paying careers today and tomorrow."
The company will focus its efforts on education and job training programs that help women, people of color, veterans, among others, to prepare for roles in technology-related fields.