Jpmorgan Chase launches $350M work initiative

Jpmorgan Chase & Co., central Ohio’s largest private employer with about 20,000 workers, has launched a $350 million, five-year global initiative meant to help prepare workers for jobs of the future.

“The new world of work is about skills, not necessarily degrees,” Jamie Dimon, the bank’s chairman and CEO, said in a prepared statement. “Unfortunately, too many people are stuck in low-skill jobs that have no future and too many businesses cannot find the skilled workers they need.”

The program builds off a five-year, $250 million commitment the bank made in 2013 that helped nearly 150,000 people around the world. Columbus State Community College received money from the program as part of its push to develop training programs in conjunction with employers so students learn the skills that employers say they need.

Like that original commitment, the new investment is meant to support community colleges and other nontraditional career-path programs. It will have a focus on underserved populations, including women, veterans and minorities.

Also, for the first time, the program will help forecast emerging skills that Chase employees will need and develop training programs to prepare its employees for changes in technology and business.

Of the $350 million, $200 million will be spent on education and training programs aligned with high-demand digital and technical skills. Another $125 million will go toward education and training systems designed to improve collaboration and communication between employers and educators, including community colleges.

The remaining money will go toward labormarket data and research to allow government and businesses to direct their investments into education and training programs, with a plan to lift people from low-wage jobs into careers in their communities that pay well.