J.P. Morgan and Prince’s Trust collaborate to digitise NHS employment programme for unemployed young people

@jpmorgan and @PrincesTrust collaborate to digitise NHS employment programme for unemployed young people

JPMorgan Chase’s support part of its new £1.4 million commitment to skills development and financial health in the UK

JPMorgan Chase and The Prince’s Trust today announce the transformation of a pre-employment healthcare programme to rapidly place young people into clinical and non-clinical roles in the health and social care sector. Traditionally delivered face-to-face, JPMorgan Chase’s financial support of £540,000 will help deliver the Get Started with Health and Social Care programme online.

In the midst of the COVID-19 health crisis, demand for talent from hospitals has surged across the country and the need to recruit the right people to meet that demand is urgent. This collaboration serves to address the health and social care sector’s urgent hiring needs while supporting unemployed young people into training and work.

On top of digitisation of the core programme, the support from JPMorgan Chase will help The Prince’s Trust to increase its outreach efforts, job placements, and mentoring and coaching support for the young people. With this funding, in the next 11 months, more than 1,000 young people will receive support through the programme. Participants will be connected with work opportunities, with an aim for half to secure roles in health and social care after the completion of the programme.

Ruby Smith, NHS Director at The Prince’s Trust, said; “There is an incredible amount of talent, skill and insight that young people could be contributing to our healthcare system, particularly at this time of great need. We’re delighted to be working with JPMorgan Chase to connect young people who are looking for work with the employers in health and social care who are looking for their future workforce. For young people and for our healthcare system, we’re living in uncertain and scary times, but we are here to offer some hope. There’s no doubt this collaboration will empower young people to make transformational changes to their futures and will add unquantifiable benefits to our healthcare system.”

Vis Raghavan, CEO of J.P. Morgan EMEA, said: “The COVID-19 crisis is having a profound impact on the economy and it is hitting our underserved communities the hardest, and also families and individuals on a low-income. Through essential collaboration with local government, businesses and community organizations, and by using our business expertise, we are lifting up communities in need.”

Hang Ho, Head of Global Philanthropy EMEA and LATAM, J.P. Morgan, said: “As the COVID-19 crisis continues to impact the UK, young people are facing a rapidly changing labour market and job instability in the short and long term. With some schools and training centres remaining closed, helping young people towards clear pathways to good jobs is essential. This programme helps both young people into a career in healthcare, and fills an urgent demand for workers in the healthcare industry.”

New JPMorgan Chase investments in the UK

Since the onset of the COVID-19 crisis, JPMorgan Chase has invested $11.2m (equivalent to approximately £8.75m) across EMEA, aimed at addressing the escalating impact of the crisis for people who are disproportionately affected including vulnerable, hard-hit individuals, including £2.2m in the UK following today’s announcement.

Today, the firm is deploying £1.4m, the latest UK portion focussed on providing immediate relief and inclusive recovery by supporting financial health for people in vulnerable communities who are struggling with loss of income, and helping workers navigate the shifting labour market and young people stay enrolled in school. Here are the new UK grants comprising the firm’s new £1.4m UK commitment:

• The Prince’s Trust – to digitise the Get Started with Health and Social Care programme
• Social Mobility Foundation – to support motivated young people from low income backgrounds with equipment and connectivity so they can consistently access virtual work experience, mentoring and webinars.
• Citizens Advice Bureau – to enable Citizens Advice Bureau, a national charity which offers free confidential advice, to respond to the COVID-19 crisis by providing extended support to their clients during these difficult times. It will do this in two ways: develop the charity’s online self-help content, improving clients’ ability to self-serve; and expand its telephone service provision through access to remote subscriptions for advisors, enabling them to help more people.
• Fair Finance – to enable Fair Finance, a CDFI providing affordable personal loans and advice to low-income clients in London, to offer its 6,000 low-income clients with a 3-to-6 month loan repayment holiday/grace if needed due to the COVID-19 crisis. This will give them breathing space and automatically increasing their disposable income during the crisis so that they can cater for more essential needs such as food, housing and health. Fair Finance estimates that 4,000 clients will be selected based on their social circumstances as well as their health circumstances.

The need

The COVID-19 health crisis has had and will have a deep and long-lasting impact on the global economy. The resulting economic effects and social shock is expected to have a disproportionately negative effect on those with less financial buffers, the traditionally underserved and under-represented around the world.

The need for support for advancing financial health and skills development is urgent:

According to research from the Centre for Economics and Business, disposable income earned by UK households will be 17 percent lower in the second quarter of this year.

The Office for Budget Responsibility estimates up to 2.1 million people could lose their jobs in the second quarter.

What’s Next

• In the coming months, these investments and insights from emerging research will inform the firm’s philanthropic strategy, helping impacted people and communities recover and rebuild.
• The firm will continue to combine its business and policy expertise, data, capital and global presence to support its communities, employees, clients and customers affected by this unprecedented global crisis with a focus on three key areas where it has the skills and insights to make a real impact: jobs and skills, small business expansion, and financial health.
• This commitment builds on JPMorgan Chase’s long-term philanthropic investments to test and scale innovative programs, including those that provide underrepresented entrepreneurs with access to capital, education and other resources.