- Project to transform the lives of more than one thousand
disadvantaged students in England.
- The Careers & Enterprise Company, an organisation announced
by Government in 2015 to oversee careers education in England, aims
to use this project to deliver cutting edge approaches to careers
education that turbo-charge support for those young people in the
most need.
- Programme signals the launch of JPMorgan Chase’s $75 million
global initiative to better prepare young people for the jobs of
today and tomorrow in the UK
- Research shows a gap in employment outcomes for young people
aged 18-24 from lower socio-economic backgrounds and their more
advantaged peers, with 26% of young people on free school meals
(FSM) in year 11 not in education or employment (NEET), compared to
13% of non-FSM students. These projects aim to tackle this and
build on the evidence base for high quality careers educating
helping to close this gap.
Today sees the launch of a £2 million programme to help connect
disadvantaged young people in England with the education and skills
they need to prepare them for their future careers.
The project, with philanthropic support by JPMorgan Chase and
rolled out by the national body for careers education, The Careers
& Enterprise Company, will work with secondary school pupils
facing significant barriers to help them prepare for the world of
work. This will include young people from low-income families, on
free school meals, those living in areas of high deprivation, and
those who have been excluded from school.
Following a competitive application process across England’s
network of regional Career Hubs, ten projects have been selected
spanning London, the North East, parts of the North West,
Yorkshire, the West of England and areas on the south coast. Each
is being developed with teachers, school leaders and businesses,
with a focus on the changing nature of jobs resulting from trends
like artificial intelligence and automation. The two-year projects
will provide insights into the interventions and policy solutions
most effective in helping disadvantaged young people transition
from school into work, training and further education.
Examples of the new programmes being established around England
are:
- In London, a peer network is being created to support young
black students excluded from school.
- Young people from some of the most deprived areas of Lancashire
will participate in extended work placements alongside their
studies to build skills and aspirations beyond the school
gates.
- In Leeds, young girls on free school meals will be partnered
with businesses in growth sectors in the local economy, and go
through coaching, work experience and a programme to develop their
work-readiness skills.
Projects will also work with young people with special
educational needs and disabilities, and a project in Dorset will
test rewarding students for taking part in work experience
alongside intensive one on one support to open their eyes to all
the options and pathways open to them in their local area.
JPMorgan Chase announced the UK as one of 10 global sites to
receive career readiness investments as part of the firm’s $75
million global commitment to better prepare young people for the
jobs of today and tomorrow. These multi-year philanthropic
investments are part of the firm’s global career readiness
initiative to prepare young people for the future of work and drive
an inclusive economic recovery. England is the second site outside
of the U.S. to participate in the programme following a commitment
made to Spain in September 2021.
Viswas Raghavan, CEO of EMEA at JPMorgan Chase, said:
“Building a skilled workforce and ensuring that all students have
access to the support and real world experiences they need is
critical to building an inclusive economy that works for all. Too
many young people, particularly those from underrepresented
communities, are entering the workforce without the skills and
resources they need. Collaboration between the public and private
sector is key, and that’s why we’re pleased to support The Careers
& Enterprise Company to help more young people get on the
pathway to a promising career.”
Stephanie Mestrallet, Head of UK Philanthropy at JPMorgan
Chase, said: “Quality and timely careers information, advice
and guidance is critical to helping young people fulfil their
potential and succeed in future careers. With the rapid
proliferation of technology, the world of work is transforming at
an incredibly high pace, and young people from low-income
backgrounds need extra support to clear pathways to good jobs. We
are delighted to be supporting The Careers & Enterprise Company
to provide intensive support to over a thousand young people over
the next two years and to build the evidence for what works in
supporting effective transitions to the future job market.”
Oli de Botton, Chief Executive at The Careers &
Enterprise Company, added: “Helping young people find their
best next step out of school into work, training or further study
is important at the best of times. As we help this generation
bounce back from the pandemic this work will become critical. As a
Headteacher I’ve seen first-hand just how transformative high
quality, high impact careers education can be for the most
disadvantaged young people – particularly at key transition
points.
“These projects will deliver cutting edge approaches to careers
education for those young people who battle the odds. Built by
communities, for communities, our goal is to support approaches
that remove barriers and help young people transition securely onto
brilliant pathways.”
Baroness Morgan of Cotes, the former Secretary of State for
Education who is on the board of The Careers & Enterprise
Company, said: “As society rebuilds from the pandemic,
providing support to those young people who face some of the
highest, hardest obstacles as they grow up couldn’t be more
important.
“These new projects, backed by JPMorgan Chase and The Careers
& Enterprise Company, will help to transform the lives of some
of this country’s most disadvantaged young people. Helping these
students make the move from education into the world of work, with
programmes that draw on the latest research, will help them to
enter secure jobs for the long term. But as important, it will also
help policy makers understand how outstanding careers education can
contribute towards tackling unemployment in this country.”
New research shines spotlight on widening skills gap
According to a recent global survey, one in six younger adults
stopped working since the outbreak of COVID, with young workers
aged 18 to 24 more likely to lose their jobs. The same survey found
that one in eight young students were left without any access to
education or training.
Even before the pandemic, rapid changes in technology,
automation, and artificial intelligence continued to shape the
economy and exacerbate the disconnect between skills and jobs,
setting young people further behind.
The programmes launching across England have been informed by a
new report the Careers & Enterprise Company and the Behavioural
Insights Team.
The report brings together the latest evidence and data and
makes recommendations on what works most effectively to improve
careers education for students facing the greatest barriers growing
up.
The report finds that:
- ‘Career confusion’ can be experienced by many disadvantaged
young people, with a wide range of complex post-16 (years old)
options to choose from.
- Programmes that young people engage with repeatedly over time,
rather than through a one-off interaction, are more effective.
- Supporting parents and carers, who have a bigger influence on a
young person’s decisions about their careers, is important.
- Creating social capital for young people, particularly by
creating peer networks, employer engagement and mentoring can help
break down the barriers disadvantaged young people face.
JPMorgan Chase’s History of Investing in Youth Jobs and Skills
Training
Five years ago, JPMorgan Chase committed $75 million in career
readiness initiatives as part of the firm’s $350 million commitment
to prepare people for the future of work – to support states and
regions to increase the number of young people completing
high-quality career pathways that start in high school and
culminate in credentials that have value in the labor market by
transforming the design and delivery of career-focused education.
These communities developed and scaled innovative educational
programs that helped tens of thousands of students in eight
countries, 10 states, and more than 20 cities gain the education,
skills, and credentials they need to compete for well-paying
jobs.
As part of this $75 million investment, JPMorgan Chase is also
leveraging the skills and expertise of our employees to provide
young people with mentoring and real-world work experiences,
building on a 10 year history of engaging more than 2,000 employees
every year to prepare young adults for college and career success.
Last year, the firm launched career readiness mentorship programs
in Boston, Chicago, Columbus, Dallas and Indianapolis. Through
these programs, participating youth will gain access to career
awareness, higher-order skills, and professional networks.
Existing programs such as The Fellowship Initiative – which
recently expanded in 2020, Advancing Young Professionals, and the
Schools Challenge continue to engage JPMorgan Chase employees as
student mentors. Additionally, apprenticeship programs in London
and Bournemouth offer students in their last year of high school or
in college a comprehensive introduction to the world of financial
services and the chance to earn industry-recognized
qualifications.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial
services firm based in the United States of America (“U.S.”), with
operations worldwide. JPMorgan Chase had $3.8 trillion in assets
and $290.0 billion in stockholders’ equity as of September 30,
2021. The Firm is a leader in investment banking, financial
services for consumers and small businesses, commercial banking,
financial transaction processing and asset management. Under the
J.P. Morgan and Chase brands, the Firm serves millions of customers
in the U.S., and many of the world’s most prominent corporate,
institutional and government clients globally. Information about
JPMorgan Chase & Co. is available at www.jpmorganchase.com.
About The Careers & Enterprise Company
- Set up by government in 2015, The Careers & Enterprise
Company is the national body for careers education in England.
- It supports schools and colleges to deliver modern, 21st
century careers education that helps every young person to find
their best next step out of education and into the wider
world.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211101005104/en/
Media contact: Richard Hillary richard.hillary@jpmorgan.com Nick
Try ntry@careersandenterprise.co.uk
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