JPMorgan Chase launched a $250 million global workforce readiness and training initiative last week—the largest ever private sector effort designed to address the skills gap across various industries.
The IMF said the skills gap accounts for approximately one-third of unemployment in the U.S. An estimated 63 percent of the projected 48 million job openings will require post-secondary training by 2020.
“Addressing the skills gap can be one of our most powerful tools for reducing unemployment and creating more broadly shared prosperity,” JPMorgan Chairman and CEO Jamie Dimon said. “JPMorgan is using its best assets, including industry intelligence and strong partnerships in local communities, to provide a platform for employers, educators and workforce participants to help people gain the skills they need to succeed.”
Dimon will head the JPMorgan Chase Global Workforce Advisory Council, which will gather private sector, non-profit, education and workforce development leaders in the effort.
The announcement was made at an event hosted by the Aspen Institute and brought together Dimon, Chicago Mayor Rahm Emanuel and Melody Barnes, the former director of the White House Domestic Policy Council.
The initiative will focus on major American and European urban areas, with an initial focus on Chicago, Dallas, Columbus, Houston, Los Angeles, Miami, New York, San Francisco and London.