JPMorgan Chase announces new £2.5m commitment to The Careers & Enterprise Company to enhance career readiness of disadvantaged young people in England

• The renewed support –  bringing the total to £4.8m – will help young people prepare for future careers and aligns with the firm’s commitment to foster inclusive economic and employment opportunities across the U.K.    

• New research from the Organisation for Economic Co-operation and Development (OECD) underscores the need for more equitable access to career development activities for young people –  reaffirming the importance of investing in career readiness    

March 21, 2024 (London) – Today JPMorgan Chase renewed its commitment to the national body for careers education in England, The Careers & Enterprise Company (CEC). The firm’s additional £2.5m commitment to CEC –  building on lessons learned from the programme’s pilot –  will scale the work to continue helping young people to make informed decisions about careers,  build employability skills, and remain in education or training. This announcement supports JPMorgan Chase’s firmwide efforts to prepare young people for careers of the future.

Young people from low income or disadvantaged backgrounds struggle to access quality careers. JPMorgan Chase supported the OECD to look deeper at the challenges and opportunities to prepare young people for better careers, and ways to advance smart policy solutions. The new research from the OECD shines a spotlight on the inequalities in accessing career development. For example, according to the organisation’s Programme for International Student Assessment (PISA) data, in 2022, only 26% of young people from disadvantaged backgrounds in the U.K. reported attending a job shadowing or work-site visit versus 36% of more advantaged young people.

The research provides data and recommendations to stakeholders, including schools, employers and policymakers, explaining how to best help young people plan for their futures, particularly for those from low income backgrounds. The research also emphasises the role of employer engagement activities in schools, specifically employers’ responsibility to prepare young people for future careers and positions in the workplace.

Alison Macpherson, Head of Recruiting for Global Technology, Digital, Data & Analytics, at JPMorgan Chase said:

“We know that connections with employers and work experience can open important doors for young people – providing them with the skills and confidence they need to unlock their potential and succeed in the professional world. At JPMorgan Chase, we are working to increase collaboration with schools and policymakers to provide more inclusive pathways to address the U.K.’s social mobility challenge.”

JPMorgan Chase’s continued commitment to the Careers & Enterprise Company brings total young people supported to 2,500

The firm first established its support for CEC in 2021 –   helping 1,000 young people in the pilot phase – and through the next phase of the programme will help support an additional 1,500. The renewed commitment will continue and scale the work connecting secondary students from low income and disadvantaged backgrounds to coaching, work placements and experiences to develop their work-readiness skills and ensure that they can access their best next steps. To date, the programme has engaged more than 145 employers, and increased awareness of how employer collaboration contributes to students’ educational experience.

The additional £2.5m commitment will also use the evidence generated from the programme to create a blueprint for a national rollout of best-in-class interventions to support young people with barriers to career progression. By employing an approach that gives room for testing and demonstration of impact, the collaboration between JPMorgan Chase and CEC aims to drive greater change –  beyond those supported by the initial commitment.

Nicky Morgan, Chair of the Careers & Enterprise Company, said:

“Our work with JPMorgan Chase is having real impact on young people from low income or disadvantaged backgrounds, who face the biggest barriers and need the most support. But we must go further and that’s what this renewed partnership will help to do.”

The programme is part of the firm’s $75 million Global Career Readiness Initiative. The multi-year philanthropic investments –  across the U.K., Spain, France, Italy and the U.S. –  prepare young people for the jobs of today and tomorrow, and work to advance policy solutions.

JPMorgan Chase’s firmwide approach to impact – supporting communities across the U.K. 

Over the past five years, the firm has committed £50m in philanthropic capital to community and civic organisations, complementing the efforts of its business and active employee volunteer programmes. Through its support for these organisations, JPMorgan Chase has helped to support over 33,000 low income households reduce their debt and improve their financial health, and organisations have placed over 9,000 individuals into apprenticeships or full and part-time employment.

Hang Ho, Head of International Philanthropy at JPMorgan Chase, said:

“Together with CEC, we have launched the second phase of this critical work to deliver impactful and evidence-based approaches to career education that will turbo-charge support for young people.”

“Our work with the CEC is part of our commitment to test innovative approaches to drive better, more impactful solutions at scale.”

The firm understands the importance of providing equitable access to work experience to people of all backgrounds and helping young people access career building networks to prepare for the workplace.

As part of the firm’s broader work to support inclusive career pathways, its Aspiring Professionals Programme (APP), run in collaboration with the Social Mobility Foundation, offers young people work experience at the firm, paired with mentoring and skills sessions to equip them with the experience they need to succeed in future careers. Since launching in 2012, over 800 young people have been supported by the programme. Of this group, 94% pursued an undergraduate degree after completing their A levels or equivalent education, and 86% began full-time employment 15 months after graduation at JPMorgan Chase and other firms.

Radhika Chandarana, a Vice President on the firm’s Global Rates Team, was one of the first APP students to receive a role at the firm. Radhika credits the programme for giving her insight into the business, mentorship and ongoing support to develop the skills she needed to succeed in the JPMorgan Chase interview process, and now, in her sales role at the firm.

JPMorgan Chase’s commitment to diversity, equity and inclusion runs deep within its company culture  – focusing on inclusive talent management and best-in-class policies, practises and benefits. The firm offers skills development, career coaching and networking opportunities with senior leaders to support its diverse employee population.