Ma­jor US com­pa­nies to add 100,000 new jobs

Financial Mirror (Cyprus) - - FRONT PAGE -

A coali­tion of 17 com­pa­nies an­nounced a job cre­ation pro­gram called the “100,000 Op­por­tu­ni­ties Al­liance,” which has a goal of be­ing the na­tion’s largest em­ployer-led group com­mit­ted to cre­at­ing jobs for 16- to 24-year-old Amer­i­cans.

Among the com­pa­nies in­volved in the coali­tion are Alaska Air Group Inc. (NYSE: ALK), CVS Health Corp. (NYSE: CVS), J.C. Pen­ney Co. Inc. (NYSE: JCP), JPMor­gan Chase & Co. (NYSE: JPM), Star­bucks Corp. (NAS­DAQ: SBUX), Tar­get Corp. (NYSE: TGT) and Wal-Mart Stores Inc. (NYSE: WMT).

The coali­tion will hold a jobs fair in Chicago on Au­gust 13, where the com­pa­nies ex­pect to make at least 200 on­the-spot job of­fers and hire a to­tal of at least 1,000 Chicago-area youth over the next 18 months. The Chicago event will kick-off hir­ing and train­ing ef­forts across the coun­try with the goal of “en­gag­ing 100,000 Op­por­tu­nity Youth by 2018.”

The im­pe­tus be­hind the coali­tion came when Star­bucks an­nounced in March that it planned to hire 10,000 low­in­come youth over the next three years. Some of those will be re­place­ments for cur­rent em­ploy­ees who leave the com­pany, but Star­bucks ex­pects the ma­jor­ity to be new jobs at the com­pany’s stores.

Star­bucks CEO Howard Schultz told The Wall Street Jour­nal, “We’re not dis­plac­ing jobs, but cre­at­ing in­cre­men­tal op­por­tu­ni­ties in most of these com­pa­nies.” The Jour­nal also noted that the other com­pa­nies are “largely cre­at­ing new hourly-wage jobs fo­cused mostly on young African-Amer­i­cans and Lati­nos.”

Ac­cord­ing to Mon­day’s an­nounce­ment, there are 5.6 mln Amer­i­can youth who are out of school and not em­ployed, while there are 3.5 mln un­filled U.S. jobs.

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