Editor’s Note: Jamie Dimon is the chairman and CEO of JPMorgan Chase. The opinions expressed in this commentary are his own.
Data scientist. Telemedicine physician. Digital marketer. 3D-printing technician. These jobs didn’t exist 15 or 20 years ago. But today, they are the top jobs at many companies and where the future of work is heading.
Providing more young people with the education and skills to secure jobs like these will help reduce inequality, grow our economy and prepare our future workers for great careers. Unfortunately, not everyone has access to the necessary training.
By 2030, more than 30% of the US labor market will need to change jobs or upgrade their skills if they want to continue to advance their careers, according to an analysis by McKinsey. But it is not just an American problem. Nearly 400 million workers globally will need to make similar changes, according to the same report.
To tackle this, we need to look beyond partisan gridlock in Washington and central governments around the world for solutions. There are strong ideas and real results being produced in cities and state capitals already. Now, it is urgent that business, communities and local governments work together to invest in and push meaningful local policy and education solutions.
Take Denver, where local leaders, with our support, have built the country’s largest work-based learning program and aligned it with the state’s youth apprenticeship system to ensure students get credentials and college credits that match up with careers in the state’s growing industries. It is working: On-time graduation rates for at-risk Denver public school students increased by 40% for those who participated in two to five of their career pathway courses and by 90% for those who participated in over five courses.
And in India, the World Bank is supporting local students transitioning from school to work through curriculum development, training for teachers and career counselling for students. This effort prepares people for careers in the country’s high-growth sectors like retail, health care and information technology.
We believe there are four essential ways to ensure young people of all backgrounds can be put on a path to career success:
Strong leadership at the state and city level
The best programs break down silos between the education system, local government and the private sector. Engaged mayors, governors and other elected officials have been critical to the progress we’ve seen in many communities like those surrounding the Washington, D.C. region, Detroit and other cities globally. Programs in these two communities are working because employers are identifying the knowledge, skills, abilities and competencies that are truly in-demand for jobs, and sharing that information with educators. This has led to the development of new digital skills credentials, advance manufacturing training programs and internships for students.
Employer buy-in
Employers know the jobs they need to fill, and the skills needed to fill them. They must be at the table with educators and government officials helping design curricula that align with the knowledge, skills and credentials required for good, in-demand jobs in their industries. The best programs seamlessly connect post-secondary high school students to higher education and apprenticeships, internships and ultimately high-quality jobs with local employers.
A focus on real-world experience
Work-based learning experiences, like internships and apprenticeships, significantly improve the trajectory of a student’s career. States are taking that to heart. Both Colorado and Kentucky have launched and supported apprenticeship programs designed to place students in high-demand fields like health care, advanced manufacturing, IT and cybersecurity.
Better access and outcomes
One major failure of the current system is that it disproportionately leaves behind minority groups and members of communities who are perpetually underserved. The best programs address this gap, and ultimately improve the diversity of our workforce, and the health of the economy.
In communities, teachers, superintendents, college presidents, mayors, governors and nonprofits are already putting these lessons to work, successfully working together to connect students to high-quality careers. We’re proud to work with them.
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This week, we are kicking off a $75 million investment in 10 cities around the world and advancing new policy solutions to prepare underprivileged youth for the future of work. This effort will focus on ways to dramatically increase the number and diversity of students who complete high school and go on to higher education and gain real-world work experiences that will better prepare them for jobs that pay well and are skills-based.
In practical terms, this means working with state and local leaders to align high school curricula, community and four-year college courses, credential programs and apprenticeships with the jobs of today and tomorrow in industries like cyber security, IT, advanced manufacturing, financial services and health care, to name a few. And some are getting real-world work experience at our company, too, through career mentoring, internships and apprenticeships to prepare young adults for college and career success.
Smart, locally designed policies and programs, like the one in Denver, change lives and strengthen communities. As business leaders, we must find the bright spots where people are repairing the link between education and employment, and invest more in the future of work. This is good for business, good for the community and good for our employees who live and work there.
