NEW YORK--(BUSINESS WIRE)--
JPMorgan Chase & Co. today announced a $17 million, five-year commitment to U.S. cities working to increase the number of teens with access to quality summer work experiences that put them on a path to greater economic mobility. As part of the firm’s more than $325 million global investment in skills development, this nationwide effort will help equip young people with the skills and experiences they need to succeed and bridge the gap between the demand for summer jobs and the number of available positions.
This summer, $3 million of the $17 million investment in Summer Youth Employment Programs (SYEPs) will go to organizations in 19 U.S. cities that provide training and work experiences for young people. The cities include Chicago, IL; Cleveland, OH; Dallas, TX; Plano, TX; Detroit, MI; Indianapolis, IN; Louisville, KY; Milwaukee, WI; St. Louis, MO; Boston, MA; Fort Lauderdale, FL; Jersey City, NJ; Miami, FL; New York, NY; Newark, NJ; Philadelphia, PA; Sacramento, CA; San Francisco, CA; and Seattle, WA.
“It’s a moral and economic crisis that too many young people graduate high school without clear pathways to good jobs,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase. “We must make it a national priority to provide youth with the skills they need to succeed, and this starts by providing them with meaningful summer work. Our Summer Youth Employment Program does just that by exposing more students to jobs that teach them the skills they need to find careers in growing industries later on.”
By 2025, 65 percent of jobs in the United States will require some postsecondary education, training or credential – up from 28% of jobs in the 1970s. These heightened expectations will require young people to gain work experience and develop skills today to enable them to compete in the global workforce in the future.
Demand Exceeds Opportunity
However, demand for summer employment remains higher than the number of available job opportunities, according to a 2016 survey of 15 U.S. cities. The report, which is based on a survey of SYEPs that are supported by JPMorgan Chase, also reveals that the summer employment rate for teens across the U.S. has fallen to 34 percent, a near record low and a 20 percentage point drop since 1995. Despite the creation of more summer roles, only approximately 38 percent of teens and young adults looking for summer jobs were able to find positions through 18 summer employment programs in the 15 cities surveyed over the last two years.
Working Together Towards a Solution
As cities creatively weave together resources to address the broader youth employment crisis, they are designing skills-based SYEPs, focusing on career pathways and integrating them into local workforce planning.
In addition to providing summer jobs for thousands of young people each year, this investment will support efforts to strengthen the summer youth employment field nationally by fostering learning, collaboration and innovation across U.S. cities. Below is a list of city programs receiving SYEP funding in 2016 or 2017.
- Chicago, IL (Chicago Public School Foundation; $300,000)
- Cleveland, OH (Youth Opportunities Unlimited; $150,000)
- Dallas, TX (Dallas Foundation A TX Nonprofit Corporation; $100,000/Education is Freedom Foundation; $75,000)
- Plano, TX (Plano Improvement Corporation; $50,000)
- Detroit, MI (City Connect Detroit; $500,000)
- Indianapolis, IN (Teenworks; $100,000)
- Louisville, KY (KentuckianaWorks Foundation, Inc.; $100,000)
- Milwaukee, WI (Greater Milwaukee Foundation, Inc.; $100,000)
- St. Louis, MO (St. Louis Community Foundation Incorporated; $150,000)
- Boston, MA (Boston Private Industry Council; $100,000)
- Fort Lauderdale, FL (Broward Education Foundation; $135,000)
- Jersey City, NJ (Jersey City Economic Development Corporation; $75,000)
- Miami, FL (Magnet Educational Choice Association; $125,000)
- New York, NY (Futures and Options, Inc.; $80,000/Fund for the City of NY; $100,000/PENCIL; $80,000)
- Newark, NJ (Newark Community Economic Development Corporation; $50,000)
- Philadelphia, PA (Philadelphia Youth Network, Inc.; $50,000)
- Sacramento, CA (Metro Chamber Foundation; $150,000)
- San Francisco, CA (United Way Bay Area; $300,000)
- Seattle, WA (Educurious Partners; $350,000)
"Summer jobs for our teens represent so much more than just a paycheck," said Boston Mayor Martin J. Walsh. "Summer jobs are about giving young people opportunities that can change their lives. I applaud JPMorgan Chase for investing in equipping our young leaders with the skills they will use throughout their careers."
Over the last two years, JPMorgan Chase has dedicated $5 million to enhance skill-based and career-specific job opportunities through SYEP. This commitment, combined with other local support, created almost 50,000 summer jobs for teens in over 14 cities.
The public and private sectors are working together to increase the number of summer job opportunities available to young people by taking existing workforce and economic development strategies and discovering innovative ways to create jobs. As new and innovative programs evolve, JPMorgan Chase is providing funding to bring these programs to scale.
Sample tactics being used to expand skill-based and career-specific employment and training opportunities include expanding public and private sector partnerships by strengthening operating and communications systems; linking summer jobs to technical skills building, training and education, and year-round employment; prioritizing programs for special youth populations, including at-risk youth; connecting SYEPs to local workforce systems through new partnerships and organizational structures; and creating financial capability programs to help create economic security for these young employees.
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 worlds 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.
JPMorgan Chase & Co.
Stephanie Bosh, 202-585-1382