Summer youth employment supported by JPMorgan Chase
The leading financial services company announced a multi-million dollar donation to support summer youth employment programs in the United States.
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JPMorgan Chase & Co., the leading financial services company headquartered in the United States with operations around the world, has pledged a significant sum to enable young people to access summer job opportunities where they can gain the experience they need to build better career paths.
The finance firm's $20 million five-year philanthropic commitment to Summer Youth Employment Programs (SYEP) targets 24 markets in the U.S., specifically its underserved population with the objective of offering them a space that will later allow them to access quality professional careers.
The commitment includes a continued focus on skills development and quality job placements, as well as supporting and testing virtual models, to engage young people and better prepare them for the future of work.
Employers are also critical members of this engagement and are part of a strategic alliance that seeks to connect these youth with the local public workforce and education systems to drive long-term change and support.
JPMorgan Chase shared new research from the Georgetown University Center on Education and the Workforce, which highlights how unemployment rates among 16-24 year olds have been exacerbated during the pandemic, during which the levels of summer employment for youth were also at its lowest since the Great Recession.
“Youth aged 16 to 24 in lower-income families were disproportionately affected by these disparities. As work experience and education has become more valuable, the pathway to a good job has become more challenging for young adults, particularly those from underrepresented communities,” it is highlighted.
These are the 24 markets that will benefit from these resources:
- Baltimore, MD
- Boston, Massachusetts
- Chicago, Ill.
- Detroit, Mich.
- Dallas, Texas
- Ft. Lauderdale/Broward County, Florida
- Hartford, Conn.
- Houston, Texas
- Indianapolis, Indiana
- Louisville, Kentucky
- Los Ángeles, California
- Milwaukee, Wisconsin
- New Orleans, Louisiana
- New York City, New York
- Newark, New Jersey
- Philadelphia, Pennsylvania
- Phoenix, Arizona
- Pittsburgh, Pennsylvania
- San Bernardino, California
- San Francisco/Bay Area, California
- St.Louis, Missouri
- SW Washington, Washington
- Washington, D.C.
- Wilmington, Del.
“The COVID-19 pandemic, and ongoing racial and economic crises have had a disproportionate impact on young people, especially for those in under-resourced communities who have had to juggle supporting their families and preparing for their own futures,” said Demetrios Marantis, Global Head of Corporate Responsibility at JPMorgan Chase.
Marantis also highlighted the value of early employment opportunities for young people, which often offer, beyond experience, the possibility of connecting with various networks that will help them achieve professional success and appropriate economic mobility.
“Working closely with local government, employers and community partners, we can help ensure that more young people are exposed to these critical learning experiences and can benefit from an inclusive economy for a brighter future,” Marantis added.
From Newark, NJ, where the announcement of this new commitment was made, the importance of this effort to improve the economic conditions of the communities that have been most affected by the health and economic emergency was highlighted.
“Investing in our youth is critical for our future and it begins with ensuring that they have access to programs, such as Summer Youth Employment. These summer work experiences help to develop young minds by teaching them valuable interviewing and workplace skills, financial empowerment, and providing opportunities to explore different career pathways,” said Ras J. Baraka, Newark’s Mayor.
This inclusive economic recovery effort is part of the company's $30 billion five-year commitment to increase economic opportunity in underserved communities, especially Black, Hispanic and Latino populations.