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Over the past five years the American economy has added about 5million net new jobs, yet
over eleven
million Americans remain unemployed. The same is true in countries around the world. Unfilled
jobs
but stubbornly high unemployment. One big reason for this is something called the skills
gap. What's
the skills gap? Here's an example. Meet Sally. Sally owns a company that manufactures widgets.
technologies make Sally more competitive than ever. But running those advanced machines,
it requires
specific skills. Sally needs to hire, but has trouble finding qualified applicants.
Now, meet Jack. Jack is a
High School graduate looking for work in Localville. He sees Sally's help wanted ad but he doesn't
even
apply for the position. He knows he's not qualified. Okay now the distance between Sally
and Jack?
That's the skills gap and right now as many as four million jobs in America are unfilled
because of it. To
help close the skills gap and create more broadly shared prosperity in America and around
the world
we need a real time understanding of the skills needed for open jobs at the local level and
training
programs that prepare eager workers for those opportunities. That's why JPMorgan Chase has
launched
New Skills At Work, a landmark five year, two-hundred-and-fifty million dollar global
initiative to bridge
the skill gap. New Skills At Work starts with local research to understand the skills gap
in key cities in the
U.S. and around the world. Then we incorporate industry intelligence from local employers
to further
understand what skills are needed in high growth sectors. Out of this data gap reports
are produced to
inform our efforts. New Skills At Work then teams up with leading non-profit organizations,
providing
them with tens of millions of dollars each year to support their proven job skills training
programs. Over
time participating cities will share their experiences so they can learn from each other
about the best
ways to close the skills gap. By focusing on good data, a clear picture of the credentials
employers are
looking for and accountability for results, New Skills At Work will help bridge the gap
between Sally and
Jack and serve as a model for workers, businesses and economies around the world. To find out
more,
visit us at NewSkillsAtWork.com