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Share Name | Share Symbol | Market | Type |
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JP Morgan Chase and Co | NYSE:JPM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.45 | 0.23% | 192.19 | 194.46 | 190.79 | 192.27 | 7,446,704 | 01:00:00 |
Investments support skills training and apprenticeships that create an employment pipeline to help fill 2.3 million critical U.S. healthcare roles
JPMorgan Chase & Co. today announced a more than $8.6 million commitment to help fill well-paying U.S. healthcare jobs by providing job seekers with critical skills that are in high demand but currently hard to find. As part of the firm’s $325 million global investment in skills development, this nationwide effort will provide lower-income Americans with the economic mobility to move into the middle class while helping healthcare organizations to better serve the increasing number of Americans seeking healthcare services.
“Through conversations with clients and partners, JPMorgan Chase has a unique vantage point for understanding how to address challenges healthcare organizations are facing when trying to find skilled workers and better serve patients,” said Chauncy Lennon, Head of Workforce Initiatives, JPMorgan Chase. “By investing in skills training solutions to fill well-paying, high-demand healthcare jobs, we’re not just providing individuals with economic opportunity, but helping to improve entire communities and the U.S. economy.”
Health care is the fastest-growing industry, nationally, with employment estimated to grow by 19 percent from 2014 to 2024, adding 2.3 million new jobs. But many of these jobs are expected to go unfilled unless job seekers have certain skills. The increased need for skills-driven healthcare jobs can be attributed to various factors including an aging population, including over 44 million Baby Boomers that will rely more heavily on health care services as well as a shift in how healthcare is provided from curative to preventative care. Rapidly changing technology has also required job seekers to secure necessary training to help them secure middle skill jobs—those that require more education and training than a high school diploma but less than a four-year college degree.
JPMorgan Chase aims to giving more workers, including lower-income people who are underemployed, a chance at good, well-paying careers by providing the necessary capital and technical support to local community colleges, training partners and research organizations that are doing innovative work to fill these vital middle skill jobs. Specifically, JPMorgan Chase’s grants will include three areas of focus:
Middle skill jobs provide higher wages and can set workers on a career pathway while improving job security and satisfaction. The increased demand for health care services, changes to the structure of health care delivery, and efforts to control costs affect employment in the health care workforce at all skill levels. These trends suggest healthcare is a promising sector for initiatives focused on developing a strong pipeline to move lower-skilled workers into middle skill jobs.
JPMorgan Chase’s new multimillion dollar commitment to strengthening the healthcare workforce will support the following organizations and efforts:
“We partner with middle and high schools from low and middle-income neighborhoods in order to prepare students from those neighborhoods for jobs in medicine, nursing, Medical Assistant and Medical Coding,” said Maria Rivera, Director of Workforce Programs, Lurie Children’s. “This year we forged a new partnership with Malcolm X College as well to provide clinical experience to nursing students. As the healthcare industry grows in Chicago, programs like this one help us make sure jobs are filled and staff is properly trained to deliver high quality care. Thanks to JPMorgan Chase for helping make this possible.”
“With help from JPMorgan Chase we are working to transform healthcare workforce education policies to better assist in providing quality care, developing talent solutions for employers, and creating pathways for employees to learn the critical thinking skills they need in a dynamic and changing industry,” said Daniel Bustillo, Director, H-CAP. “We will promote innovation and quality in the healthcare workforce by fostering the development of national industry standards for healthcare apprenticeships.”
“Our collaboration with JPMorgan Chase helps us fulfill our mission of improving the health of the communities by building a stronger economic future for individuals and their families through long-term employment in New York’s healthcare industry,” said Michael J. Dowling, President and CEO, Northwell Health. “Through this new training and teaching model, we will be able to prepare the health care workforce of tomorrow, offering solid career opportunities in one of the country’s most rapidly evolving industries.”
“Seton will use this generous funding from JPMorgan Chase to develop creative ways to prepare people for high-demand health care careers specific to our community,” said Jesus Garza, President and CEO, Seton. “Rapid population growth makes it imperative to build the local health care workforce, and create pathways for career advancement to ensure we’re able to retain workers locally.”
“One in three adults in the U.S. have an arrest or conviction record and current hiring practices in the healthcare industry create significant employment barriers for those people,” said Christine L. Owens, Executive Director, National Employment Law Project. “With employment in the healthcare industry expanding every day, it’s time to update our human resources policies using new data to not only ensure those individuals have a chance to get back on their feet but address the ever-growing healthcare workforce shortage.”
“Our ongoing partnership with JPMorgan Chase has allowed us to make tremendous strides,” said Malcolm Grothe, PhD, Associate Vice Chancellor, Workforce and Economic Development, Seattle Colleges. “Medical assistants and cyber security techs serve very important roles in our healthcare facilities and building a pathway to make sure their roles are filled is not only good news for their futures, it improves the overall quality of health care in our region.”
“JPMorgan Chase was the first non-health system to provide funding for our demand-driven healthcare initiative in Milwaukee,” said Earl Buford, CEO of Employ Milwaukee. “Together we are working to make sure there is a steady and diverse pipeline of candidates to fill jobs in this high-growth industry.”
“JPMorgan Chase has dedicated funding to research that helps workforce organizations better understand the problems facing employers in the healthcare industry,” said Pamela Loprest, Senior Fellow, Urban Institute. “Our research partnership is helping to highlight the key roles some employers already play in building worker skills and how to better allocate resources to prepare job seekers with the training they need to enter well-paying healthcare careers.”
Other recipients include:
Through several targeted philanthropic initiatives, the firm is investing over $325 million in skills development around the world. In addition to a $75 million New Skills for Youth initiative, these investments include a separate five-year, $250 million global initiative called New Skills at Work to help fill vital positions for employers and provide adult workers with a real and tangible pathway to economic opportunity, as well as a $5.8 million effort to support summer youth employment programs for youth around the country.
About JPMorgan Chase
JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170420005097/en/
Media:JPMorgan Chase & Co.Stephanie Bosh, (202) 585-1382
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