JPMorgan Chase announces $250 million training program to close skills gap - ADLI

JPMorgan Chase announces $250 million training program to close skills gap

JPMorgan Chase will invest an additional $250 million on qualified training.

JPMorgan Chase will invest an additional $250 million on qualified training.

Organizations are becoming more confident in the economy, which means one thing: hiring sprees. However, time and again employers argue that their industry is facing a skills gap, which could be attributing to a higher unemployment rate, JPMorgan Chase CEO Jamie Dimon told the Washington Post.

"I think businesses do a tremendous amount of training, Dimon said. "Big businesses in particular do a tremendous amount of training."

Part of this is ensure that the transition process is as smooth as possible, but not every company can afford to commit an extensive amount of time to these processes. At JPMorgan Chase, the bank recently announced that they will spend $250 million to improve process based training, even though Dimon estimated that they already spend $300 million per year on these services.

"We hire 40,000 people a year. We hire them at all different levels," Dimon told the source. "Even if you come out of Harvard Business School, we put you into 12 weeks of modeling and mathematics and statistics."

This move may come as a surprise to some job seekers, as it appears that banks are on top of their hiring in comparison to other industries, but any mismatch posits a skills gap. 

Dimon believes that there will always be some sort of a skills gap because a newly hired employee will have to learn skills that directly impact operations at a specific position. Dimon hopes by expanding its training program, it will help more Americans get back to work, while increasing productivity at JPMorgan Chase.

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