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What the future of jobs in India looks like, according to JPMorgan CEO

We have seen time and time again that when people have a fair shot and are able to participate in and benefit from growth, the economy is stronger and our world is a better, healthier, safer place, says Dimon.

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Oct 22, 2019, 10.53 AM IST
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JPMorgan CEO explains what kind of new-age skills workers will now have to learn now
We have to anticipate the direction of the future needs of employers and link this to educational resources and institutions, says Dimon.
By Jamie Dimon

By nature, I am an optimist. Despite geopolitical and economic challenges, I believe the world’s best days remain ahead. Just look right here in India. In the last decade, more than 200 million people have been lifted out of extreme poverty. That is a staggering accomplishment. Throughout the country, economic growth over such an extended period of time has helped create greater access to opportunity and it has shifted the way India works, learns, communicates and connects.

But, we cannot ignore the challenges that still lie ahead. Not everyone is benefitting or set to benefit from this growth. A study by National Council of Applied Economic Research (NCAER), a New Delhi based non-profit thinktank of economics, notes that 75% of businesses globally expect the process of automation and technological upgrading to mean that workers will be required to develop and learn new skills in order to meet the evolving demands asked of them by their employers.

To ensure all benefit businesses, non-profit and government leaders need to join forces and come together to identify, develop and scale solutions that connect more people with economic opportunity.

During my trip to India this week, I have had the privilege of meeting business, government and non-profit leaders who want to work together to ensure more people share in India’s growth. JP Morgan has made a commitment to help people from around the world succeed in the workplace of the future. We’re excited to bring this effort to India and apply best practices of what is working here and elsewhere.

With a $25 million commitment over the next five years, JP Morgan will help support skills and education investments that align with the business needs of India’s growing economy. That means the young people in the country, who make up one of the largest and youngest workforce populations in the world, will be better prepared for what the jobs of the future will look like. The government of India is very focussed on the issues at hand and already investing in education. Our effort will complement theirs so that there is greater access to training and education for the millions of people that need it.

By understanding and anticipating the direction of the future needs of employers and linking this to educational resources and institutions, we will help create opportunities for people who may not normally have a chance, but are eager, talented and able to develop the skills they need to succeed in jobs that can help propel them forward. These education and training efforts will align with where the jobs of today and tomorrow in industries such as retail, healthcare and technology are.

We also know this kind of investment can work. It has been proven successful already as we have seen with many non-profit organisations which have been introducing multi-skill training in schools, bringing job readiness to Industrial Training Institutes, and providing college students vocational training programmes and technical certification courses to improve their opportunities in the labour market.

Vaishnavi Londhe, for example, is a young woman who took a course in fabrication when in school. The vocational and technical skills provided by Lend-a-Hand India, a non-profit organisation, helped her land an internship and eventually a job at a manufacturing workshop. She now supports her family and is pursuing additional studies that are better preparing her for the skills required by the workplace of the future.

From Vaishnavi’s story of success to millions of others like it around the world, we see our global investments as a way to share opportunities and success and build and strengthen communities from the ground up.

The private sector has the ability and duty to expand opportunity for those who need it most, and it is a role and responsibility we should embrace. We have seen time and time again that when people have a fair shot and are able to participate in and benefit from growth, the economy is stronger and our world is a better, healthier, safer place.

When someone has the skills to secure a well-paying job, that helps create stronger communities, and leads to more robust countries and economies. That means all of us – business, government and community leaders – share a vested interest in ensuring that people have the specific skills and knowledge necessary to succeed in the global workforce. Governments and businesses must work together to ensure education and training align with the skills needs of growing industries.

The expansion of opportunity depends on the alignment between the interests of private enterprises and the communities and countries they serve. Businesses need vibrant, prosperous societies to succeed, just as those societies need dynamic innovative businesses to create jobs and boost commercial activity.

With government and private industry working together and providing access to opportunity, more people have more of a chance to benefit. JP Morgan makes these kinds of investments not just because they are good to do, but because they are the right thing to do – for our company and for many people across the world.


The writer is the Chairman and CEO of JPMorgan Chase & Co
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