Large numbers of Americans are denied the opportunity to receive a high-quality education and consequently are excluded from being considered for better-paying work. Even those who have been in the workforce for several years remain stuck in dead-end jobs because of a lack of training opportunities.
Jamie Dimon, chairman and chief executive of JPMorgan Chase, the country’s largest bank, says that his company is making efforts on several fronts to give its employees the chance to move up the career ladder. The giant bank’s efforts, which have been in place for many years now, have yielded positive results. There are currently five senior regional directors within the organization who originally worked as tellers.
In 2016, JPMorgan Chase will invest over $200 million in training for new employees in the consumer banking division. During the current year, there will be a 30% increase in the number of workers who will be trained.
There is a special focus on employees in the low-wage categories. The benefits that the company’s programs have brought to its workers is evident from the fact the two out of every five bank tellers moves into a higher-paying position within five years.
In an opinion published in the New York Times, Jamie Dimon explains that the bank’s expenditure on providing career-oriented education to its employees carries great advantages for JPMorgan Chase. He says, “And it’s good for our company, helping us attract and retain talented people in a competitive environment.
“While businesses, including ours, are understandably cautious when it comes to expenses, there are good expenses (investments that will pay off in the long run) and bad expenses (waste and inefficiencies). We have never hesitated to invest aggressively if we thought it would improve our long-term prospects.”
The bank is also investing an additional $325 million to provide training and educational opportunities that are specifically aligned to growing sectors. This sum includes amounts spent on partnerships with educational organizations to strengthen career-focused education in the school systems of 10 states.
While the steps taken by JPMorgan Chase are certainly laudable, a lot more needs to be done at a national level. Jamie Dimon has called upon businesses, the government, and nonprofits to work together to give Americans the opportunity to acquire the skills that would enable them to build higher-paying and more rewarding careers for themselves.
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