JPMorgan Chase & Co. announced a commitment of over $2.3 million in New York City to help fill well-paying jobs in high demand. The announcement comes as part of an $8.6 million commitment across the United States to help job seekers in the health care sector with critical skills that are in high demand but currently hard to find.
The over $2.3 million commitment in New York City is spread across four organizations:
- Northwell Health ($750,000): The largest clinically-integrated health care network in New York State, with 21 hospitals, and a patient base of eight million. The JPMorgan Chase-backed pilot program will train and teach community health care workers, outreach associates and health coaches, and will provide entry-level job opportunities with clear pathways for upward mobility. This pilot tests a new model for job training, one that is ultimately sustainable and a model for healthcare worker training and advancement on a larger scale.
- STRIVE ($400,000): Founded in 1984 in East Harlem, STRIVE provides job training and placement services to people facing significant barriers to employment. The JPMorgan Chase grant will support job training in hospitality and healthcare, two sectors marked by high growth and employer support. STRIVE’s healthcare training program is implemented in partnership with Mt. Sinai health system.
- New York Alliance for Careers in Healthcare ($235,000): Formed in 2011 to create employer-led partnerships to address workforce challenges in the health care sector, NYACH is an industry partnership managed by the NYC Department of Small Business Services. The JPMorgan Chase grant supports NYACH in increasing interaction between health care employers and the education and training community, translating industry expertise into relevant job training initiatives, courses, certifications and degrees.
- Phipps Neighborhoods ($1,000,000): A 44-year-old nonprofit organization that provides a comprehensive network of programs to over 10,000 children, adolescents and adults annually in targeted communities in the Bronx. The grant will continue the development of “Career Network: Healthcare,” an employer-driven job training program in partnership with Hostos Community College and Montefiore Medical Center that results in employment in hospitals and clinics for young adults living in the Bronx.
“Our collaboration with JPMorgan Chase helps us fulfill our mission of improving the health of the communities by building a stronger economic future for individuals and their families through long-term employment in New York’s health care industry,” said Michael J. Dowling, President and CEO, Northwell Health. “Through this new training and teaching model, we will be able to prepare the health care workforce of tomorrow, offering solid career opportunities in one of the country’s most rapidly evolving industries.”
“Through conversations with clients and partners, JPMorgan Chase has a unique vantage point for understanding how to address challenges health care organizations are facing when trying to find skilled workers and better serve patients,” said Karen Persichill Keogh, Head of Global Philanthropy, JPMorgan Chase. “By investing in skills training solutions being led by pioneering employers, education and training providers, we’re not just providing individuals with economic opportunity, but helping to improve entire communities and the U.S. economy.”
Health care is the fastest-growing industry, nationally, with employment estimated to grow by 19 percent from 2014 to 2024, adding 2.3 million new jobs. But many of these jobs are expected to go unfilled unless job seekers have certain skills. The increased need for skills-driven health care jobs can be attributed to various factors including an aging population, including over 44 million Baby Boomers that will rely more heavily on health care services as well as a shift in how health care is provided from curative to preventative care. Rapidly changing technology has also required job seekers to secure necessary training to help them secure middle skill jobs—those that require more education and training than a high school diploma but less than a four-year college degree.
JPMorgan Chase aims to give more workers, including lower-income people who are underemployed, a chance at good, well-paying careers by providing the necessary capital and technical support to local community colleges, training partners and research organizations that are doing innovative work to fill these vital middle skill jobs. Specifically, JPMorgan Chase’s grants will include three areas of focus:
- Collaborative Partnerships in Training and Workforce Alignment: Training workers for advancement is one way health care employers create middle skill pipelines so that health care organizations establish partnerships to build career pathways for in-demand jobs to better prepare the workforce through comprehensive training programs.
- Apprenticeships: Providing on-the-job training with a mix of job and classroom experience can lead to lower unemployment rates and better outcomes for health care organizations and their employees. Employer-oriented apprenticeship programs serve as an attractive alternative to seeking a four year college degree in order to get a well-paying, middle skill career.
- Data-Driven Hiring Solutions: Using accurate and timely data-driven research can help the private sector, academic, and philanthropic communities to better understand the barriers that employers and job seekers face. Better data will lead to better long-term outcomes for individuals and the widespread economy. For example, recent JPMorgan Chase reports found that Chicago and Detroit have about 14,500 and 2,600 annual middle skill health care jobs, respectively that need to be filled. Each city has expressed concern about finding qualified, trained workers for these well-paying positions.
Middle skill jobs provide higher wages and can set workers on a career pathway while improving job security and satisfaction. The increased demand for health care services, changes to the structure of health care delivery, and efforts to control costs affect employment in the health care workforce at all skill levels. These trends suggest health care is a promising sector for initiatives focused on developing a strong pipeline to move lower-skilled workers into middle skill jobs.
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 world's 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.
About Northwell Health
Northwell Health is New York State’s largest health care provider and private employer, with 21 hospitals and over 550 outpatient facilities. We care for more than two million people annually in the metro New York area and beyond, thanks to philanthropic support from our communities. Our 61,000 employees – 15,000+ nurses and nearly 3,400 physicians, including nearly 2,700 members of Northwell Health Physician Partners – are working to change health care for the better. We’re making breakthroughs in medicine at the Feinstein Institute. We're training the next generation of medical professionals at the visionary Hofstra Northwell School of Medicine and the School of Graduate Nursing and Physician Assistant Studies. And we offer health insurance through CareConnect. For information on our more than 100 medical specialties, visit Northwell.edu.