JPMorgan Chase Continues Support for Greater Washington’s Skilled Workforce Through $5.3 Million “TalentReady” Commitment
Greater Washington Partnership and Education Strategy Group Will Expand TalentReady Educational Career Pathways Programs Over Next Three Years
Washington, DC (November 30, 2023) –Thursday, JPMorgan Chase, Greater Washington Partnership (“The Partnership”) and Education Strategy Group (ESG) announced an initiative to expand access to economic opportunity for students across Washington D.C., Maryland and Virginia to help meet the region’s growing demand for talent.
With the support of a $5.3 million philanthropic commitment from JPMorgan Chase, the Partnership and ESG will expand the “TalentReady initiative” over the next three years, with a focus on ensuring students get work-based learning experience such as capstone projects and internships. To date, TalentReady has supported more than 25,000 high school students—from Baltimore City, Md.; Fairfax County, Va.; Montgomery County, Md.; Prince George’s County, Md.; and Washington, D.C.— in career pathways that include opportunities to earn college credit and industry-recognized credentials. In the next phase, additional effort will be made to help ensure students get work-based learning experience such as capstone projects and internships.
This philanthropic commitment from JPMorgan Chase expands on the firm’s $75 million global career readiness initiative and broader efforts to help more young people, particularly those from underserved backgrounds, enter the workforce and compete for quality careers in IT, healthcare and other high-demand industries.
A recent evidence-based policy analysis from the JPMorgan Chase PolicyCenter highlighted a more modernized workforce development system connecting higher education to labor market needs is important for a seamless and integrated approach to workforce development, and to strengthen the broader regional economy.
“The path to powering our communities and unlocking economic opportunity for everyone starts at the local level,” said Tim Berry, Global Head of Corporate Responsibility and Chairman of the Mid-Atlantic Region, JPMorgan Chase. “Through our investment in the TalentReady initiative, we are expanding our efforts to better prepare students for in-demand, skills-based jobs in the Greater Washington region. Working alongside local partners in the non-profit, education and business communities, and with engagement from regional leaders like Virginia Governor Glenn Youngkin, we can create a system that helps students advance their career pathways and support a thriving economy.”
A Local Community-Based Partnership Model for Success
Through TalentReady, the Partnership and ESG provide support to participating K-12 and higher education partners, using information and insights from local employers to build career pathways that are more closely aligned with regional labor market demands and real-world work experiences. The Partnership brings employers in DC, Maryland and Virginia to support TalentReady – and champion the region’s economic growth and vibrancy. ESG has a decade of experience working across the country to build partnerships between K-12, higher education and workforce systems to expand quality pathways and drive economic mobility for learners, especially those most traditionally marginalized.
“Thanks to the private sector leadership of JPMorgan Chase and their investment in Talent Ready, we are expanding workforce opportunities for students in Virginia,” said Virginia Governor Glenn Youngkin. “My administration is committed to fostering pathways to the most in demand careers, providing technical training, and investing in results-oriented programs that boost our workforce readiness. By fostering partnerships between our top ranked education institutions and Virginia’s most critical employers, we are preparing our young people to graduate workforce and college ready.”
A key resource the Partnership uses to address these gaps is the Employer Signaling System (ESS), a differentiating tool informed by employers and labor market data that helps educators prepare students to fill some of the most in-demand tech jobs.
“Through our TalentReady work, we’re continuing to strengthen the Employer Signaling System, our innovative process and tool that combines labor market data with feedback from employers and educators to paint a comprehensive picture of the region’s workforce landscape,” said Kathy Hollinger, CEO at Greater Washington Partnership. “We know conversations about talent pipelines can occur in silos, with various stakeholder groups in discussions amongst themselves, but not always to one another. The ESS serves as the connector between these groups—educators, employers and more—allowing them all to speak in common language about talent needs and skills gaps.”
ESG is also establishing a regional collaboration network, helping to empower initiative education, workforce development, and employer communities to build cross-cutting regional strategies to expand and align pathways.
“Building an economically vibrant region will take the combined efforts of the K-12 and higher education systems across Maryland, Washington D.C. and Virginia. Education Strategy Group is proud to be a partner in this effort to expand pathways into the region’s fastest-growing careers,” said ESG President and CEO Matt Gandal.
The expanded initiative builds on a foundation of success established in the first phase of TalentReady which launched in 2018. During this period, the K-12 school systems and colleges in the five participating communities launched or expanded a collective 19 technology-related career pathways to expose an even greater number of students to the skills needed in the workplace, including expanding internships and other work-based learning experiences.
The new phase of the TalentReady work will also deepen the focus on engaging employers and education leaders across D.C., Maryland and Virginia to strengthen regional collaboration.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.9 trillion in assets and $317 billion in stockholders’ equity as of September 30, 2023. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
About Greater Washington Partnership
Greater Washington Partnership is the first-of-its-kind nonprofit alliance of the region’s most influential and leading employers across industry sectors in Maryland, Virginia and Washington, DC – all committed to championing the region’s economic growth and vibrancy. Together, we leverage our collective experiences, resources and assets to offer real solutions and identify shared challenges to the region’s most critical issues including skills and talent, regional mobility, infrastructure and inclusive economic growth. Our goal is to ensure the entire region, from Baltimore to Richmond, remains vibrant, economically competitive, prosperous and is the best place to live, work and build a business. Learn more about the Partnership at greaterwashingtonpartnership.com.
About Education Strategy Group
In today’s economy, success largely depends on attainment of a credential beyond high school. Education Strategy Group (ESG) supports the preparation, entry, and success of individuals from K-12 through postsecondary education to build a more equitable system, open economic doors for all, and strengthen our democracy. We work with America’s education and workforce leaders and employers to design, scale, and implement strategies that improve attainment of credentials that lead to high-value career opportunities. ESG specializes in strengthening the transition points that have the highest stakes for youth and adults and the highest benefit for states, communities, and economies. We are driven by the conviction that a robust education system aligned with workforce demands leads to a stronger, more equitable society.