JPMorgan Chase and The Careers & Enterprise Company launch £ 2million project to boost vocational training for disadvantaged young people in England
LONDON–(COMMERCIAL THREAD) – Today sees the launch of a Â£ 2million program to help disadvantaged young people in England access the education and skills they need to prepare them for their future careers.
The project, with philanthropic support from JPMorgan Chase and rolled out by the national career education organization, The Careers & Enterprise Company, will work with high school students facing significant barriers to help them prepare for the world of job. This will include young people from low-income families receiving free school meals, those living in areas of extreme poverty and those who have been excluded from school.
Following a competitive application process through the English network of regional career centers, ten projects were selected covering London, the North East, parts of the North West, Yorkshire, the West of the England and parts of the south coast. Each is developed with teachers, school leaders and businesses, with a focus on the changing nature of jobs resulting from trends such as artificial intelligence and automation. The two-year projects will provide an overview of the most effective policy interventions and solutions to help disadvantaged young people transition from school to work, training and further education.
Here are some examples of new programs implemented in England:
In London, a peer network is being created to support young black students excluded from school.
Young people from some of Lancashire’s most disadvantaged areas will participate in extended work placements alongside their studies to develop their skills and aspirations beyond the school gates.
In Leeds, girls receiving free school meals will be associated with businesses in growing sectors of the local economy and will benefit from coaching, work experience and a program to develop their preparation skills. job.
The projects will also work with young people with special educational needs and disabilities, and a project in Dorset will test rewarding students for participating in a work experience alongside intensive one-on-one support to open their eyes to all options. and avenues available to them in their local area.
JPMorgan Chase announced that the UK is one of 10 global locations to receive career development investments as part of the company’s global $ 75 million pledge to better prepare young people for jobs in the world. ‘today and tomorrow. These multi-year philanthropic investments are part of the firm’s global career development initiative to prepare young people for the future of work and foster an inclusive economic recovery. England is the second location outside the United States to participate in the program following a commitment made to Spain in September 2021.
Viswas Raghavan, CEO EMEA at JPMorgan Chase, said: “Building a skilled workforce and ensuring that all students have access to the support and real-world experiences they need are critical to building an inclusive economy that works for all. Too many young people, especially those from under-represented communities, enter the workforce without the skills and resources they need. Collaboration between the public and private sectors is essential, and that is why we are delighted to support The Careers & Enterprise Company to help more young people embark on a path of promising careers.
Stephanie Mestrallet, UK Philanthropy Manager at JPMorgan Chase, said: “Quality and timely career information, advice and guidance is essential to help young people realize their potential and succeed in their future careers. With the rapid proliferation of technology, the world of work is changing at an incredibly high rate, and young people from low-income backgrounds need extra support to pave the way for good jobs. We are delighted to support The Careers & Enterprise Company to provide intensive support to over a thousand young people over the next two years and to gather evidence of what works to support effective transitions into the future job market. ”
Oli de Botton, Managing Director of The Careers & Enterprise Company, added: “At the best of times, it is important to help young people find the best way out of school for work, training or further education. As we help this generation recover from the pandemic, this work will become critical. As a director, I have seen how transformative high-quality, high-impact vocational training can be for the most disadvantaged young people, especially at key transition points.
“These projects will offer cutting-edge approaches to career education for young people struggling with barriers. Built by communities, for communities, our goal is to support approaches that break down barriers and help young people make the safe transition to brilliant pathways. ”
Baroness Morgan of Cotes, former Secretary of State for Education who sits on the board of directors of The Careers & Enterprise Company, said: “As society rebuilds itself from the pandemic, providing support to young people who face some of the highest and most difficult obstacles growing up couldn’t be more important.
“These new projects, supported by JPMorgan Chase and The Careers & Enterprise Company, will help transform the lives of some of this country’s most disadvantaged youth. Helping these students move from education to the world of work, with programs that draw on the latest research, will help them access secure, long-term jobs. But just as important, it will also help policymakers understand how exceptional vocational training can help tackle unemployment in this country. ”
New research sheds light on widening skills gaps
According to a recent global study investigation, one in six young adults has stopped working since the COVID outbreak, with young workers between the ages of 18 and 24 more likely to lose their jobs. The same survey found that one in eight young students found themselves without access to education or training.
Even before the pandemic, rapid changes in technology, automation and artificial intelligence continued to shape the economy and exacerbate the skills-job mismatch, leaving young people even further behind.
Programs launched across England have been informed by a new report from Careers & Enterprise Company and the Behavioral Insights team.
The report brings together the latest evidence and data and makes recommendations on what works most effectively to improve the career education of students facing the biggest barriers growing up.
The report finds that:
âCareer confusionâ can be experienced by many disadvantaged young people, with a wide range of complex options after 16 (aged) to choose from.
Programs that young people engage in repeatedly over time, rather than through one-off interaction, are more effective.
It is important to support parents and guardians, who have a greater influence on a young person’s decisions about their career.
Building social capital for young people, including building peer networks, employer engagement and mentoring, can help break down barriers facing disadvantaged young people.
JPMorgan Chase’s Story of Investing in Youth Jobs and Skills Training
Five years ago, JPMorgan Chase committed $ 75 million to career development initiatives as part of the $ 350 million commitment preparing people for the future of work – helping states and regions increase the number of young people on high-quality career paths that start in high school and lead to degrees that are valuable in the labor market by transforming the design and delivery of career-oriented education. These communities have developed and scaled innovative educational programs that have helped tens of thousands of students in eight countries, 10 states and more than 20 cities acquire the education, skills and degrees they need. to compete for high paying jobs.
As part of this $ 75 million investment, JPMorgan Chase is also leveraging the skills and expertise of our employees to provide youth with tangible mentoring and work experiences, building on a history of 10 years of commitment of more than 2,000 employees each year to prepare young adults for academic and professional success. Last year, the company launched career preparation mentoring programs in Boston, Chicago, Columbus, Dallas and Indianapolis. Through these programs, the young participants will have access to career awareness, high-level skills and professional networks.
Existing programs such as The Fellowship Initiative – which recently expanded in 2020, Advancing Young Professionals and The Schools Challenge continue to engage JPMorgan Chase employees as student mentors. Additionally, apprenticeship programs in London and Bournemouth provide final year high school or university students with a comprehensive introduction to the world of financial services and the opportunity to gain industry-recognized qualifications.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services company based in the United States of America (âUSâ), with operations around the world. JPMorgan Chase had $ 3.8 trillion in assets and $ 290.0 billion in equity as of September 30, 2021. The company is a leader in investment banking, consumer and small business financial services, commercial banking, financial transaction processing and asset management. Under the JP Morgan and Chase brands, the firm serves millions of clients in the United States and many of the world’s largest businesses, institutions and governments. Information on JPMorgan Chase & Co. can be found at www.jpmorganchase.com.
About The Careers & Enterprise Company
Established by the government in 2015, The Careers & Enterprise Company is England’s national vocational training body.
It helps schools and colleges deliver modern services, 21st century of career education that helps every young person find their best next step outside of education and in the world at large.