CEO of JPMorgan Chase Jamie Dimon has recently said in an interview that the US economy would have grown at a faster rate if the workers in industry had the relevant skills.
Speaking at a financial event from JPMorgan’s headquarters in New York, Dimon did acknowledge that the economy on a global scale has grown enormously over the years. “It’s lifted billions of people out of poverty. It’s done quite well. It does not mean there aren’t flaws. I think we should distinguish that,” Dimon said.
However Dimon did not bring all good news, he went on to point out that the US economy has grown only 20% over the last ten years, but argued that in reality the economy should have grown at least 40%. “A normal recovery would have been 40%. And we made a list of all the reasons why — infrastructure, bad taxation to litigation, to regulations stopping the formation of small business. But a big one is skills,” Dimon said.
On Monday JPMorgan, one of the biggest names in banking in the US announced that they are investing $350 million USD to assist in training people for the future of work that will be much more technical and digital. The bank has started a five year initiative called New Skills at Work, which is set to put in excess of $200 million USD developing and creating innovative new education programs and training programs for digital and technical knowledge and skills. Another $125 million USD will be there for the use of strengthening education and training systems that are required to improve both communication and collaboration between employers and educators including community colleges. JPMorgan said that the final $25 million commitment will go towards supporting and developing the dissemination of actionable labor market data and research.
Jamie Dimon has said that it is of vital importance that the future generations are trained correctly with the ever evolving times. With jobs in the modern world requiring a more technological approach JPMorgan believes that by starting this initiative that other companies will follow suit and in time it will become normal practice for companies to invest into their future employers.
Sandra Chan – Syracuse Group