Europe’s economy has begun to recover; yet unemployment numbers across the continent remain high. 26 Million people in Europe are unemployed.
What will recovery look like if millions of productive people in Europe are unable to compete for the jobs they need to prosper in today’s global economy?
- Polarised job growth – including faster and better job creation in some countries, such as Germany and the Nordic countries, while others, particularly those on the periphery of Europe, lag behind.
- People in Europe are increasingly qualified, but qualifications don’t always match available jobs – in terms of skill level or skill set – creating issues that can persist throughout a person’s career.
- Slowing middle-skill job growth – a likely result of advancing technology – is pushing over-qualified workers into low-skill positions, and making it difficult for young people and those with limited skills to find employment.
JPMORGAN CHASE'S RESPONSE
New Skills at Work in Europe aims to identify strategies and support solutions that help improve labour market infrastructure and develop the skilled workforce in Europe. The initiative will bring together leading policymakers, academics, business leaders, educators, training providers and nonprofits with the goal of connecting labour market policy with practice, supply with demand and employers with the workforce – all to strengthen Europe’s economies.
Rely on Data and Provide it:
The programme will support data-driven, country-specific analyses that will inform the efforts of partners – employers, educators, training providers, nonprofits and policymakers – to build effective workforce development programmes. New Skills at Work in Europe will produce a Comprehensive Review that maps the latest employment trends to diagnose and understand barriers to full and inclusive employment, and will follow up with in-depth research on critical issues.
Build a Demand-Driven System:
New Skills at Work in Europe will facilitate collaboration among stakeholders from the private, public and non-profit sectors across Europe to identify best practices and support cross-sector partnerships. The programme will
also focus on specific workforce challenges and build collaboration across European countries to improve learning and understanding in the fields of labour market and skills development.
Invest in Best Practices:
Guided by insights from research, New Skills at Work in Europe will make targeted investments in organisations with established, innovative programmes, empowering them to expand their capacity, and to scale their work to help more people in Europe gain access to the skills, qualifications and support they need for success.
Catch 22 is a national charity working primarily in the fields of education, family support, offender rehabilitation, apprenticeships and employability. J.P. Morgan support has enabled Catch 22 to develop the Office Apprenticeships Service, working with disadvantaged young people and their families to help them to gain the skills that will allow them to get sustainable jobs.
Institute for Public Policy Research (IPPR) is a leading UK think tank with a long record of working on labour market and workforce policy. J.P. Morgan is working with IPPR on a European programme of research to understand the barriers to full and inclusive employment, to boost job creation, to expand labour market participation and to develop a skilled workforce for the future.
Participle develops system-changing social innovation by working with local communities, in partnership with government, business and the third sector, to demonstrate the next generation of public services. J.P. Morgan is working with Participle to develop and grow Backr, a platform that uses social networks to create career opportunities and momentum for people in and out of work.
The Social Mobility Foundation (SMF) supports high-achieving young people from low-income backgrounds into top universities and professions. J.P. Morgan and SMF have co-created the Residential Aspiring Professionals Programme in Investment Banking which provides young people with work placements in revenue-generating roles at J.P. Morgan, skills workshops, university application support and a mentor from the bank.
The Sutton Trust promotes social mobility through education, increasing the opportunities available to non-privileged young people from early years through to work focused training and access to university and the professions, by funding programmes, conducting research and influencing policy.
The Timewise Foundation is building a quality flexible and part-time jobs market for people who need flexibility in their careers, and employers who want to access this diverse talent pool. J.P. Morgan is supporting social business Timewise to implement Raising Family Living Standards through Part Time Jobs, a programme that works with employers to create quality part-time vacancies as a route to tackling maternal worklessness and gender inequality.