The CEO of JPMorgan Chase Jamie Dimon stated that the economy of the United States should have risen by 40% and not 20% if the workers hadn’t lacked the necessary skills.
In an event held in the headquarters of JPMorgan in New York Dimon said about the increasing economy of the world. Due to the growth in the economy globally, the conditions of billions of people have been changed. In spite of changes in the economic standards, the plans aren’t completely flawless. He also said that we need to identify these flaws in order to rectify them.
According to Jamie Dimon’s verdict, the list of all the reasons due to which America’s economy improved only by 20% and not 40% are –the building of infrastructures, litigation in the process of taxation, regulations that stopped the formation of small businesses, and many more. But the reason that tops the list is the lack of necessary skills.
JPMorgan Chase on Monday made an announcement on investing $350 million in training the people for upcoming works in the future mostly related to the technical and digital world.
The largest bank of the US –JPM is taking this initiative for five years named as “New Skills at Work”. JPMorgan will invest 200 million dollars in training and developing programs while the 125 million dollars will be invested in strengthening education and training systems to improve the collaborating conditions between the employers and the trainers. The remaining 25 million dollars will be given to support and develop the market data and research on the dissemination of labor actions.
According to the CEO of JPM, a big portion of the economy has been left out. Around 40% of the total American Citizens make less than $15 in an hour, while 40% cannot afford a 400 dollar bill regarding health issues or other daily chores. Due to these reasons, 50% of Americans are not able to complete their graduation.
While the availability of jobs is as high as 7 million, while no workers are available with the required skills to fulfill the tasks.
By addressing these challenges JPMorgan has decided to give money to colleges in order to rectify the broken system. These challenges will not be tackled just by the government, education systems or the community groups. He added that companies like JPM need to be involved in these matters. Therefore JPMorgan took a necessary step the previous year by posting 75% job posts that did not require a college degree.