There is a significant racial gap in the U.S., and COVID-19 exacerbated inequities
Why it’s important: The widening racial wealth gap and reduced buying power for Black and Latinx people cost the U.S. economy about $2.3 trillion per year, according to a National Equity Atlas report.
To address this, JPMorgan Chase is investing in jobs and skills programs as part of its work to advance racial equity, including the company’s $30 billion firmwide commitment across the business.
“An inclusive economy – in which more people are participating and benefiting from the growth of that economy – is better for everyone.”- Jennie Sparandara, JPMorgan Chase’s head of skills programs for corporate responsibility.
JPMorgan Chase is focusing on:
1. Strengthening the pipeline and creating high-quality career pathways.
The challenge: The perception that any sustainable, well-paying jobs require a bachelor’s degree or higher.
- University students in the U.S. today are 61% white, 18% Hispanic, 12% Black and 6% Asian.
In practice, many roles may not need a bachelor’s degree.
- The company is committed to increasing diversity firmwide: 75% of JPMorgan Chase roles don’t necessarily require a 4-year degree.
- JPMorgan Chase’s Emerging Talent Programs give more people access to education and real-world work experiences.
For example, high schoolers received on-the-job experience through the CareerWise NY Apprenticeship. The first cohort of apprentices was 50% Latinx and 34% Black.
JPMorgan Chase is expanding The Fellowship Initiative (TFI) to help more than 1,000 Black and Latinx young men prepare for college and careers.
- TFI has driven a 100% high school graduation and college acceptance rate over the past decade, among graduating Fellows.
- Here’s how: The three-year program matches Fellows with JPMorgan Chase employees for coaching, academic support and leadership development.
Additionally, JPMorgan Chase is introducing a program to upskill and reskill employees globally, helping them prepare for long-term success.
2. Supporting more inclusive talent practices.
The challenge: Past criminal records can be significant barriers to employment.
JPMorgan Chase is helping clear pathways to a second chance for people with criminal backgrounds, supporting skills development and access to employment by:
- Advocating federal and state policy change to reduce barriers to employment.
- Removing questions about criminal backgrounds from initial job applications at JPMorgan Chase.
- Making community investments to support people with criminal backgrounds.
JPMorgan Chase is working with partners who understand the specific needs of their communities.
- Providing nonprofit Apprenti with a $2.75M philanthropic investment to help scale, delivering more historically underrepresented tech talent to 100 employers in 18 states, including 19 software engineering apprentices at JPMorgan Chase now.
- Partnering with HBCUs on curriculum development, scholarship and mentorship programs to increase the pipeline of Black students entering the financial planning profession.
- Working with anti-racist youth workforce development nonprofit LeadersUp to develop new skills trainings.
“The partnership helped JPMorgan Chase operationalize this anti-racist practice of local hiring, as it relates to ensuring equitable access to opportunity is at the core of economic development.”
– CEO of LeadersUp Jeffery Wallace