The company, which previously made a $250 million five-year commitment to job training in 2013, said Monday it will invest in a variety of initiatives, including a development program for community college presidents and new research.
“The new world of work is about skills, not necessarily degrees,” Dimon said in a 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.”
JPMorgan will also team up with PolicyLink, a think tank focusing on economic and social equality, and the National Fund for Workforce Solutions, a nonprofit that advocates for better job training. The collaboration will generate workforce data in 10 US cities. It’s meant to help identify job training opportunities in those areas, particularly for disadvantaged groups.
Additionally, the bank will work with MIT to identify where more job training is necessary within JPMorgan’s own workforce.
“Building a future-ready workforce is a key priority,” Robin Leopold, JPMorgan’s head of human resources, said in a press release. “That is why we are proactively identifying the skills we need and understanding the skills and education our employees have.”
About 75% of the US positions the bank posted in 2018 didn’t require a college degree, she added.