See this gap? It represents the US's racial wealth gap. It's been growing for the past four decades and COVID-19 has widened these inequities.
So as the US works towards recovery, how do we make sure the economy works better for everyone so no one is left behind? To start, we need to create broader access to education, training, and career opportunities.
For too long, the talent pool for many well-paying, stable jobs has lacked diversity. JPMorgan Chase is working to advance racial equity and inclusion in the workforce, including investing $350 million into jobs and skills programs over five years. They have two approaches. The first is strengthening the pipeline to recruit diverse talent by building accessible pathways to in demand careers. The second is working with employers to support more inclusive talent practices, including building pipelines inside the company to--
JPMorgan Chase is helping to build local and national programs for people who do not have equal access to high quality education or job training for future ready careers. As one example in 2020, the company reached nearly 30,000 youth through tech for social goods education and skills programs to prepare the next generation of technologists. JPMorgan Chase is also focused on helping those already in the workforce. They're collaborating with tech programs, such as multi-week coding bootcamps in underserved communities and working with partners to make sure that educational programs actually match the needs for the jobs of the future.
They are also helping remove barriers to employment, including for people with criminal backgrounds as part of their second chance efforts. And within the company, JPMorgan Chase has committed to recruit skilled and more diverse talent of different backgrounds and support their career advancement within the firm. They've changed their hiring practices to drop unnecessary education requirements and they're raising wages for branch and customer services employees all while investing millions in continue learning and development for current employees.
Of course, there's no one size fits all solution to help build an inclusive economy. That's why JPMorgan Chase is working with partners who really understand the needs of their local communities. One of those partner, LeadersUp, is connecting at risk young adults of color with corporate jobs and growing industries, with the goal of building an antiracist economy. It's working. On average, LeadersUp participants get one job offer for every three interviews they go on. So far, they've added $956 million to the economy through tax revenue and commercial investments.
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The data is clear. By 2040, the majority of the US workforce will be people of color. Companies who want to succeed need to embrace and engage with talent today and for the future of work. The bottom line, we need an inclusive economy. We can't afford to leave anyone behind.
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