JPMORGAN CHASEClosing the Skills Gap New York CLOSING THE SKILLS GAPPREPARING NEW YORKERS FOR HIGHGROWTH HIGHDEMAND MIDDLESKILL JOBS NEW YORK JPMORGAN CHASEClosing the Sk ID: 94066
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New Skills at Work \r\f \f \n\f \n\t \b \n\b\b\b JPMORGAN CHASEClosing the Skills Gap, New York CLOSING THE SKILLS GAPPREPARING NEW YORKERS FOR HIGH-GROWTH, HIGH-DEMAND, MIDDLE-SKILL JOBS NEW YORK JPMORGAN CHASEClosing the Skills Gap, New York 3 \f \b\f \r \t \f \t \f \r \t € ‚ \f \r \f ƒ „ \f „ ƒ… \b \f \f € \f New Skills at Work \r \t † \b ‡ˆ‰Š \r \f \b \r \t \f ƒ „ \r \f \r \f \f \r \r \f \f \f \r \r \f\f \f \f \r \r \r \t \f \r \f \f \r € \f \f \f \b ‹ Œ \r \f \f \f \r \f \b \f \r \r \r\r \f \r \f \f \f Ž \f \f \f\f \f \r \f \f ‘ ‹ \f ‹ \f \f Œ \f \f \r \r \r \f \f \f \f \f \r \f \r \f \f \f \f \f \r \f \f\f ‹ \r \r \f ‹ \r \r ’ \f\r \f \r \f \f \f \f \f\f \f \r \f\f \f \f ƒ„ € \r Œ \t† \t “ „ \f ”\f \r• – \f \f \r \f \b\r OUR RECOMMENDATIONS\r OPPORTUNITIES IN HEALTHCARE OPPORTUNITIES IN THE TECHNOLOGY SECTOR \r \r \r \f\r\r \n\n \f WELCOMEJAMIE DIMON,CHAIRMAN AND CHIEF EXECUTIVE OFFICER, JPMORGAN CHASE & CO. MELODY BARNES, FORMER ASSISTANT TO THE PRESIDENT AND DIRECTOR OF THE WHITE HOUSE DOMESTIC POLICY COUNCIL AND CO-CHAIR OF THE NEW SKILLS AT WORKADVISORY COUNCIL JAMIE DIMONMELODY BARNES 01 ACKNOWLEDGEMENTSJPMorgan Chase & Co. is investing $250 million over ve years in a global initiative to help markets build a demand-driven workforce development system, and to prepare youth and adults for careers in high-demand, middle-skill occupations. To advance this work, we are supporting data analysis in domestic and international markets: Chicago, Columbus, Dallas, Detroit, Houston, Los Angeles, Miami, New York City, San Francisco, France, Germany, Spain and the UK. \r \t \f \f\r \b \r• \f New Skills at Work \r ƒ„ —˜™š \r \f \f\f \f \f \r \f› \f \r \f \f \f œ ž\f „ ž € \r \r \f „ ’ Ÿž \r … ¡ € \r› ‘\f \f \r „\f “ ’ \r €\f \r €‚ƒ„ \t ’ \f \r› \f \f \f \f \f \r\f …€ƒ€ \r \f \r \f \r \r \r \r \r \f \f \f \r ” \r\b\r\f ‘\f \r \f \f ‚ \f \f \f \t \f œ ž – \f ¡ \f € \t ž “ „ \f¢ \f ¡ \t \b \f ¡ \f \t› ’\r \t ¢ … € \r ¡ \f €\f € \t ¡ „ ’ „ \f¢ \fŒ ¡ \t \f ¡ „ ’ „ \f¢ „ € \r ‘‚\f ¡ \f \f \t – \f ¢ – \f ¡ \f ‘‚ \t \f \f \t – \f \r \t \f \r ‚ \f \f œ †‡ˆƒ ƒ‡ƒ‰ \r \f† \r \r \f ‚ \r \r \b \f \r\r \f “ \r \f \f \f \f \f \f \f \b \r \f \b\r †‡ƒƒŠƒƒ‹ŠŒ ˆŠ—— \r \f „ \f\r \r \t \f \b \f \f \r € \r \f \r \r› \t– \r \r \f \r \f \f† \f \r\b \f \f ƒŽ‚‹ŽŒ \f ’ ’ ˆŠ—£ € €€ ‡—Š \b \r \f \r \f \r \f \r € €€ \f \f\r \r \r \t \t € \t \f €€ \f \f \r \r \r \f\f \r \r † \f \f ˆ— \f ’ ¡ \f – ¡ \f \f New Skills at Work \t \f … \b„\r\r ‘‚\f ¡ \f † Ž\f \f ¡ \r \r \r \f MIDDLE-SKILL JOBS PROVIDE OPPORTUNITIES FOR NEW YORK CITY (NYC) FAMILIESEXECUTIVE SUMMARYworkers in the labor force of these workers are in middle-skill jobs. The NYC median hourly wage for these workers is versus the NYC median living wage of JPMORGAN CHASEClosing the Skills Gap, New York Historically, the United States and much of the developed world bene ted from an industrial economy that o ered employment opportunities for workers of all skill levels.In today’s global economy, however, industries in the United States, Europe and elsewhere are experiencing rapid growth in middle-skill occupations, which require a high school degree and technical training but not a four-year college degree. It’s these jobs that many employers around the world are struggling to ll.In New York City (NYC), the skills gap is threatening the city’s sustained economic growth and limiting opportunities for struggling New Yorkers. This is not the only challenge we face. Inadequate aggregate demand is the primary driver of unemployment and trends such as declining wages for entry-level jobs contribute to income inequality. We need solutions that address all these issues. This report highlights the challenges contributing to New York’s skills gap, as well as the many opportunities to move more New Yorkers into well-paying jobs.The report ndings show that there are over 1,000,000 middle-skill jobs in New York and 44,000 current openings. These are well-paying jobs with the potential for career growth, and they o er struggling families the real prospect of economic security. The report o ers a framework for a systemic approach to scaling the education and training necessary to move more New Yorkers into these jobs and meet the demand for workers in these high-growth, middle-skill occupations. Detailed recommendations are also provided for building pathways systems for two of the highest-growth sectors: healthcare and technologyJPMORGAN CHASEClosing the Skills Gap, New York Š Š Š Ž of the unemployed have been out of work for over a year. of youth 18–24 are either unemployed or in low-wage jobs. 04 JPMORGAN CHASEClosing the Skills Gap, New YorkEXECUTIVE SUMMARYWHAT DOES THE NYC SKILLS GAP LOOK LIKE? Signi cant growth Currently there are:middle-skill jobs in NYC.projected job openings every year over the next ve years. NEW YORK of the total middle-skill job postings in 2013-2014, and are each projected to grow by some 15% over the next five years. growth in NYC labor market since 2010. of New Yorkers aged the postsecondary credentials to fill these job openings. of New Yorkers lack a ‚‚ƒ \f † \r \f\r ‚ € › ‘\f \f \r „\f “ ”‘„“• ’ \r €\f \r ‚\b \r \f \b \f € ‚ \f \b \f\f \r \f ”\r \r \r• ” • \r \f \f \f ‚› \r \f \f \f \f \f \r ‘„“ ’ \r \t \f †‡ƒ—‡\n \t\r€€‚ƒ„„ \f \f \r \r› \f \r› \f \f \f \f\r \r people develop the skills they need to compete for today’s jobs can transform lives and strengthen economies.€ \r New Skills at Work \r \t \f ‚ \r \f \f\f \b \r \r \t \r \r \f\r \t \f \r \r \f € \r ‡ˆ‰Š \b \f \r \r \f \r \f Fortunately, NYC has a workforce development ecosystem with highly engaged stakeholders committed to meeting these challenges. The public education system – through high school career and technical education, as well as the City University of New York’s (CUNY) extensive degree and non-degree programs across 24 campuses – is also a critical workforce engine.€ \t† Ž\f \f ¡ \r\r † € \f € \r \r \r \f† \f \r \f \b \f \f \b\r \f \f† \r \b \f € ƒ \f \f \r \t \f \r› \f \r \t \f \f \f† \f † € \r †‡ƒ—‡ ‹ ‡ˆ‰Š \b \r \f \r \r \f ‹ \r \t \r \f \t \f \f \r ƒ\r \f ‚ \r \f \f\f \b \r \f \r \f \r \r 05 JPMORGAN CHASEClosing the Skills Gap, New York WHAT DOES THE NYC SKILLS GAP LOOK LIKE? EXECUTIVE SUMMARYOUR KEY FINDINGSMiddle-skill jobs are at the intersection of economic growth for employers and economic opportunity for individuals who continue to struggle with unemployment and limited job prospects. Based on the ndings in this report, there is a signi cant concentration of middle-skill work in the healthcare and technology industries that would provide good jobs and economic mobility for New Yorkers. Closing the skills gap for employers in these sectors will continue the momentum of growth for NYC’s economy. Registered NursesPhysical Therapy AssistantsComputer ProgrammersHelp Desk StaffParalegalsGraphic Designers There are well over workers employed in middle-skill occupations in the city with a median hourly wage of $31.88.There is also demand for new workers, with over new job openings for middle- skill workers per year.Over New Yorkers aged 25 and older do not have the credentials required for these jobs, which means positions go un lled and future growth is in jeopardy. Together the healthcare and technology sectors employ approximately employees.In healthcare, for example,nursing ($40.34), clinicalpractitioners ($24.35), andhealth informatics and codingpositions ($21.32) pay amedian hourly wage that farexceeds the living wageThe median hourly wages for several high-demand technology occupations, including computer user support specialists ($26.31) and web developers ($34.93), all exceed the living wage. The healthcare and technology sectors are two of the cities high-demand industries; they are projected to grow signi cantly over the next ve years.Middle-skill occupations in healthcare and technology are excellent opportunities for job seekers because they provide good jobs with career advancement and family-supporting wages.Openings in these sectors alone make up approximately 45% of the total postings for all middle-skill jobs in NYC between More than of these workers are projected growth rate for healthcare over the next ve years.projected growth rate for technology over the next ve years. Š JPMORGAN CHASEClosing the Skills Gap, New York NEW YORK Š Š Employers are having trouble nding workers with the right skills – middle-skill postings in healthcare go un lled for overon average. OUR RECOMMENDATIONS Finding enough quali ed New Yorkers to ll the middle-skill openings in healthcare and technology – let alone other high-growth, high-demand sectors – will be impossible without redesigning the city’s workforce development system. In order to meet this demand, NYC will need to build an employer-led, sector-based workforce development system supported by robust career pathways.Given the size of the system and the scale of the need, this is a complex undertaking. But NYC is well positioned for success, given the sophistication and expertise of current sector-based work, the leadership of the O ce of Workforce Development, and strong examples of career pathway programs. Through the New Skills at Work initiative, JPMorgan Chase & Co. will contribute resources and expertise to accelerate this work to transform lives and strengthen economies. œ‚ƒ ƒš †‡ ‰‚ˆ„ \f \b \f \f \f† \r \b \f € \f \f \r\r \f † \r ‚\f ƒ †‡ƒƒ†ƒ š‡ž‚‚ƒƒƒ €ˆ„\b \r \r \f € \f \f \f \r ƒ ™‰‚ €ƒ€ƒƒƒƒ ƒƒˆƒ‚ƒ†ƒˆƒ œ‚ƒ š ƒ‚‚ƒ†‡ ‰‚„ \f \r \f \f \f \r \f \r \f \f Œ \f Œ \r \b \b ƒ ƒƒ ƒƒ‚ƒ†ƒˆƒ€ †ƒ ƒ ƒƒƒ €ˆ„ “ \f \f \r \f \r \f \b \f \f Œ ƒ ‚‚ƒ‰Ÿƒˆƒ‚‚ƒš ƒ‚ƒ†ƒˆ ‰‚„ž \r \f \f \f \b \f \f \f \r \r \b \b \f ƒJPMORGAN CHASEClosing the Skills Gap, New York 08 In New York City (NYC), despite the promise of sustained economic growth and a large workforce, many businesses in high-demand industries are struggling to ll open middle-skill positions. Developing strategies that train New Yorkers for these jobs will help families earn a living wage and will support the City’s future economic growth.This report will highlight challenges and opportunities for addressing this skills gap in NYC, particularly in the healthcare and technology sectors. Š Š Š ‰ƒ€†ƒ‚‰ ‚ ‚ƒ‚ˆƒƒ€€‚‚ƒ„ ‚ \f \f ”—ˆ—¤• –\f ”—Š¥¤• \r \t ¥š¤ € \r “ ˆŠ—£ ”‰¦¤• § ”¦—¤• „ “ ”¦¥¤• \f \t ¦˜¤ ’ ‚ ”˜™¤• ’ ”¥‰¤• \r „ \r \t \r \f ¨ © —¦‹ˆ£ \f ’ \f \b ‚ —¥ˆŠŠŠ \r ”\r —™‹ˆ£• \f —ššŠŠŠ \b\r \b ’ \fœ € ˆŠ—š \r – \f \f „ \r ‚ \f \r \f\f \f \r \f \f \f \f \f \f\f \f € ’ \r \r \r \r \f\f \f ’ \r ’ \r \r „€‘ \f\f \f \r \b„€‘ \f\f \f \f \r \r \r \f\f \r \f \f ‹ \f\f \n\b \f›\n\f \b \r\b\r\b \r \b\b ‹ \f \r \f \f\f \t ‘ ˆŠ—£ˆ ’ ž „\f ž \f ƒ „\f \r \r \n\nƒ \r ‘\f \f š‰ \fœ \f \t ” ˆŠ—£•Unemployment rates among minority populations 7.3% 12.1% 10.7% NYCRATEHISPANICSUnemployment rates between neighborhoods (2014) 6.9% 5.6% 6.1% 6.7% 9.8% 7.5% NYCRATEMANHATTANSTATENBROOKLYN \b¡ ‚‚ˆ † \r „\f ‘ \f \r \f \b \f \f \f Œ \f \r› \f\f ‚ \f \r \f\f \f \r› \f\f ‚ \f \r \r \r› Œ\f \f \t \r \b \b \r \r \f\f \f \f \r \r\f \f In total, these two groups comprise a staggering of all youth aged WHILE MILLIONS OF PEOPLE ARE LOOKING FOR JOBS, EMPLOYERS REPORT THAT THEY ARE STRUGGLING TO FIND SKILLED WORKERS.Since the o cial end of the recession in 2009, the NYC labor market has grown by 6%, exceeding state and national growth. Over the next decade (2013–2023), NYC’s economy is expected to continue to grow by 1.1% annually, slightly slower than the projected national rate of 1.2% per year. (See Cumulative Employment Growth Rate Chart, 2001–2023 in Appendix B.)JPMORGAN CHASEClosing the Skills Gap, New York 10 \f \f \r €š‚ˆ ˆ¥ “ ˆŠ—£ Ž \f \f † ¨ \r\f \f © € \r New Skills at Work ” „• \r \t \r \f \f \r \f \f \r\b \f \f \r \f \f\f \r \f \r \r \f € \t ž “ „ \f \f \f \f ‹ Œ‚ˆ€š¢‚ˆ \r ˆŠ—š \f \b ‚ \f \r\r \r \f \r\r \fœ ’ \f \r \f \f œ \f \r\b ¢ \f \r \f \b \f \r\b € \f \f \r \t \f\f \b \r \r\b ‹ ¨ ‘ © ”ˆ‘• € \r \r \f \f \r \f ˆ‘ \f \r \b ‚ \f € ‚ \f \r \r \b \f \r \f \r \f† \f \f ¢ … ¢ Ž ™…™¢ …†‡†„ˆ‰Š‹ ‚‰ŒŽŠ ‚‰ƒ…€ƒ \t „ \fœ \t ž “ „ \f \r ˆŠ—š ‹ ˆŠ—£who are unemployed in NYC, approximately qualify as long-term unemployed. unemployed for 52 weeks. unemployed for more than 27 weeks. \t ž “ „ \f ”£™¤• † ˆ¥ šˆ¤ ‰ˆ ž \r “ \f \r \r \f \f Œ\f “ \f \r \f \n \r\b \f \f \f \f \f \r Œ \r \b \b \f\f 11 ƒ‚‚ˆ‚‚ ƒ š‡†‡ƒƒƒ €ˆ„\b \f\f Œ ’\f † \r Œ \f \r \r \f ’ § \t ‘ \r ”§\t‘• ˆ¦ £¦¤ \r ˆ‰ Œ \f \f “ \f \f\r \r \f \f \r \f† \r \f\r £ ™¢ ¤‘’\n…„€ƒ ‰…“€ƒ Œ„Š”•–\n…„€ƒŠ”•—\n…„€ƒŠ”•–€€ž € ˜ ˜ —ˆ –\r „\f ¡ „ \f \r \f† ¡\r ’\f † ¡\r ¡\r –\r ƒ„ \fœ §\t‘ ‘ \b§\t‘ ‘ ª „\b‘ ‹ ‘„“ ˆŠ—£ˆ \t ¬€ \r \r ˆ‰ The data reveals of New Yorkers do not have the requisite post- secondary credentials for these jobs.*\f\n \n ˆ®®\f \n€„®ŠŠŠ—® €® € ®„„Ž\t®€Ž€®ƒ “Ÿ \f \f \r † \f \t ‚ \f \r›\r \t ƒ † ”\tƒ †• \r \r \f † \f \r\r \f \f \f \f \r œ £Š¤ \tƒ † \r \r \r\r \f \r “ \f \b \t \f \f \f \r \r \r\r “ \f \r› \r Œ \f \f \f \f \f \f \f \f \r \f\f \r \r \f ¢¥€ƒ ‚ \tƒ \r \f\f „ \f \r ”„• \f \f\f € \r \f\f \f \f \f \f ‹ \r \f \r \r € \r \tƒ † \f \r \r ‰Š¤ …—‡™ƒƒž \f \f \f \f \f \f \f ‘ \r \b \f \r \b “ \f \f \f \f \f \f \f JPMORGAN CHASEClosing the Skills Gap, New York ƒƒ \f \f \f \f \r\n \f \f \n \r \r \r Šƒƒ \f \f \f \r \f \f € ƒƒƒ ƒ‰\f \f \r\r \f \n \f\r \f \f ‚ƒƒ ¦ƒ \f \f \r \f \f \r \f \f \r \r\r \f THE OPPORTUNITIESAccording to analysis by Economic Modeling Specialists Intl. (EMSI), NYC’s top six industry categories based on the total number of employees in the sector are Healthcare, Financial and Insurance Services (Finance), Education, Multimedia Entertainment , Computer and Information Services (Technology), and Corporate Headquarters. Preparing job seekers for employment in these industries will ensure continued economic growth for the city and economic opportunities for more New Yorkers. Of the identi ed industries, healthcare and technology represent the largest sectors in terms of current jobs (healthcare) and projected growth (technology) and they have a strong concentration of high-demand and high-growth, middle-skill occupations. JPMorgan Chase & Co. also recognizes that industry partnerships will need to play a signi cant role in developing strategies and mobilizing resources. Another reason technology and healthcare are prioritized in this report is that both industries have industry partnerships positioned to lead this work: the nationally recognized New York Alliance for Careers in Healthcare (NYACH) has been working deeply in the healthcare sector, and the Tech Talent Pipeline (TTP) has recently been established to advance work in that sector. Multimedia Entertainment Industry€ \r \r \r \t† ‘ \f € \f \f \b \f\f \f \r \f \f \f ‘ \f \f \r \f \r \f \f ”„ €\f \r „\f Ž\f\f Ž ‘ ‚ ’• Industry partnerships “ \b \f \r \f\r \f \r \f \f \b \r› € \f \f \f \f \f \r \f ‚ \r \n New York Alliance for Careers in Healthcare \f \t – \f \f \r› \f \r \f \f \r \r \r \r \f \r \f \f† 13 ŽŽ ¢ Š Š €–‘ –‘ž€–\t‘ “ ¡ƒ„€ –„ –“– \tŽ \t‘ €€“Ž Ž “¡¡ž‘\b„…“žž Ž\t\tƒ€“Ž „ €–€ “ž\b„ƒ„€“ “ ‘ Šƒƒƒƒ† ƒ€ š‡‚ƒƒ ƒˆ‚ƒ‚ƒˆƒ‰€†ƒ€„\t ‚ £ˆšŠŠŠ \f \t \f \f \r —£¤ ‚ € \f \f\f \r \r \f \r \r \r ‚ \f „ \f \f \t \f ”\t• \f \f \f \r \f \f “\n”of healthcare occupations are Some 37% of healthcare occupations are middle skill and, based on job postings, healthcare accounts for 31% of all middle-skill employment demand in NYC. There are over postings across positions in ve occupation groupings that require a sub-baccalaureate credential. 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In this section, we o er a career ladder for a select occupation in both areas. Industry partnerships (e.g., New York Alliance for Careers in Healthcare, and Tech Talent Pipeline) can adapt the model for developing these career maps to other priority occupations by identifying the priority position, mapping the progressive vertical steps of responsibility and salary, and aligning each step with any required certi cations or credentials. With these career ladder maps, employers can articulate the trajectory for career advancement, translate the career progression to the education and training providers, and communicate these opportunities to job seekers so they can understand how they can enter the industry and advance to middle-skill opportunities that are available in healthcare and technology. ™™ Š Š Š ‘ \r\r \f \r\b \f\f \r \r \r ’ \f \t ž“„ \f \f \f \f \f \f € \f \r —™ \f \f\f \r \r \f \r \f \t– \r \r \r \f 18 „ \fœ \r ˆŠ—£ \t – “ \r ¦ \r\f\f\n\tƒ ®\t\n\nš¦‰\b“\r\nƒ ¤ˆŠ ¤ˆŠž“„\n ¤ˆŠ¤ˆŠ’ \n\r\bˆŠ—£\bž“„\b\t\t\b\t \b\b– \b“ ’\f \f\f \r \f „ ¡ ž \r \f “\f \b ™¢ ‘Ž ‘™Ž — …\b …Ž ““…€ƒ‡ˆ\nˆ\rƒ\f Ÿˆƒ“„\n„“’ ‚–„ ¡ € \r\f \f – \f ‹ \f \r\b \f \r „ \f \f „\f \f ’\r \t – \f \f \f \f\f \f Ž\f \f \b–„ \t \f \f ¡\r \t \f \t ”\t\t \t\t• Ž \f ‘ \r\f ¡ \t \f \t ”\t\t„• – – \f – \r \b \b \f \r \f \f €\f \f – \f \f \r – ¡\n¡ „ – \f \f \f \f \r \f ¡\r ‘‚ \f– “ \r „ \r\n \f \f – –“\b € \f \f ‚ \f \f \f \f € \f \f \f \b\f\f ‘‚ Ž\f\f \f \r \f \r \f \b …Ž ™ £ ¢Ž Š Š ™ ¢™ Š Š ““…€ƒ…†‡’\n€ƒ˜…„ˆŠ”•–…Š”•™š ¡€‰‰““…€ƒ” Ž – \f •…†‡’\n€ƒ˜…„ˆŠ”•–…Š”•™š\f Ž\f\n \f\f \r Ž\f \r \f „\f ‘‚\f \f ’ ’ \r\n\f\f \r \t ’\r \r \t \t „ \f „ \fœ ’ \r €\f \r \b‡ € œ Œ \f \f € ¨‘‚ Ž\f\f © \f 19 ‰ƒ €\f Œ ’ ‚ \f Š‚™‡© ˆ‰‚‚‚ ‰ƒ ‚ Ž€ƒ€ª™ƒƒƒ ”\r ¡ \t \r • ‰ƒ †‡€ ”\r “ „\f • Š‚™‡ ƒƒ€‡˜ˆŠ‰˜¬ †‡‚‚¢‚†ƒ Œ \f \f “€ ‚ \f \r – ¡ “ “€ \f \f\f ”‰¥¤• \b “€ \tƒƒ š ƒ‚ œ \r\r \r Ž —Š ™™ š Š ¢Š ™£ ™ \b„ \f ‘ \r \f\f \f ’ \f\f \f \r\b\f ‚ \f €\f € \f \f Œ \f\f \f ¢ \f \f \r \r \r \b \f\f \r € Œ Œ \f \f Œ \n\f \f\f \f ƒ« €\f \f \f \b\t „ ‘\r \t\f \b\t \fƒ‡\t – „ “ „ \t \r ’\f € \r \f Ž\f \f \t \f \t „ \f „ \rŽ \r› ž \b€\r \f \r¡\bŽ ™™ Š Š \b \f \r \f \r \f \r \f \r ’ ’ \r \r \f\r \t ƒ „ „\f \f\f ¢ \f \r \f \f \r \f \f \f ’ \f – ¡\n\t ƒ „ Ž\f\f œ¬ \r „ \t JPMORGAN CHASEClosing the Skills Gap, New York RECOMMENDATIONSAs identi ed in the report, there is work to be done in each sector to clarify expectations around these opportunities, but it is clear that there is a range of middle-skill occupations in healthcare and technology that o er good paying jobs with the opportunity for career mobility. Based on the ndings in this report, we o er some recommendations for stakeholders trying to build the talent pipeline for middle-skill jobs, clarify opportunities and expectations for middle-skill occupations in the healthcare and technology sector, ensure pathways align with these expectations, and integrate these strategies into the larger policy and systemic e orts in the city. ‚‚ƒ‰Ÿƒˆƒ‚‚ƒš ƒ‚ƒ†ƒˆ ‰‚„ž \r \f \f \f \b \f \f \f \r \r \b \b \f \r \f \f \f › \f “ Ž \f \f \b \f € \f \f \r \f\r \f \r \r \f € † † € \f \f \f ‚ \f \r \r \r \b \b \f\f ƒƒ ƒƒ‚ƒ†ƒˆƒƒƒ€ †ƒ ƒ ƒƒƒ €ˆ„“ \f \f \r \f \r \f \b \f \f Œ “ ‚\f Œ \f \r \r \r ‘\f \r \f › \f \r \f \f \r \f \r\b \r \f \r \f ‚ \r \r \r \r \f \f \f \b\r \f \r \r œ‚ƒ ƒš †‡ ‰‚ˆ„ \f \b \f \f \f† \r \b \f € \f \f \r\r \f † \r ‚\f ƒ \b \f \f \f \r \f\f \r \f Œ \b “ ‚\r \f \f Œ \b \f\f › \r ƒ ƒ ™‰‚ €ƒ€ƒƒƒƒ ƒƒˆƒ‚ƒ†ƒˆƒ œ‚ƒ š ƒ‚‚ƒ†‡ ‰‚„\f \r \f \f \f \r \f \f Œ \f Œ \r \b \b ¡ \f \b \f \f \r \f\r \b\r \b \r \r \r \b “ \f \f\r \b \f \r \r \r \b ƒ ƒ †‡ƒƒ†ƒ š‡ž‚‚ƒƒƒ €ˆ„\b \r \r \f € \f \f \f \r „ \f\r \f Œ \b \b \f\f \f \f \r \r \r\f \f \r \f \r \f \f \r \f \r “ \r\r \f \r \f \r› \r ‚ \f \f \f \r CONCLUSIONThere are signi cant skills gaps facing New York City’s fastest-growing industries, in particular the healthcare and technology sectors, and they will only continue to grow without comprehensive interventions. They threaten to not only constrain the city’s future economic growth, but to limit opportunities for the millions of NYC job seekers striving to improve their lives. The good news is that signi cant e orts are already underway to address these challenges. Through the New Skills at Work initiative, JPMorgan Chase & Co. proposes to help advance these e orts by o ering guidance on how to develop a demand-driven workforce system aligned with industry-supported education and training models that prepare individuals for careers in high-demand sectors. This means identifying the high-growth industries and occupations in the market; working with employers to determine the skills they need to ll available jobs; and developing education and training pathways that prepare job seekers for careers in high-demand occupations. Mayor de Blasio’s Jobs for New Yorkers Task Force is charged with redesigning the workforce development system to focus on preparing workers for quality jobs that pay a family-sustaining wage. Targeting the middle-skill segment of the healthcare and technology industries provides a critical opportunity to implement this strategy in NYC and realize the vision of ensuring that all New Yorkers are prepared for good jobs in high-demand industries. ƒJPMORGAN CHASEClosing the Skills Gap, New York JPMORGAN CHASEClosing the Skills Gap, New YorkMethodology€ \f \f ”\r \f \f \f \f • › ‘\f \f \r „\f “† ”‘„“• \r\r \r ˜Š \f ‘„“ \r\r \r \f § \t ‘ \r ”§\t‘• ’ ž „\f ž \f “\f ”ž“• ’ ‘\f \f \t ’ ”\t’• \t ’ ‘\f \t ¡ ‘\f ‘„“ \f \f \r \f € \f \f ’ \r €\f \r \f \b \r ’ \r \r\r \r \f \r \f “ \t\f „ ” “\t„• „ Ž\f\f \t\f ”„Ž\t• Ž\f\f “ ”Ž¬ ‘€• ’ \r † \r ‚ \f \f \f ‚ \f ¥Š \r \r \b \r † \f \r \f \r \f \t ’ † ž \r ‘ \b– ¡\f § \f “\f € § \f “\f ”§“• ‹ \r €ˆ ˆ« š‡¬ ‚ƒ \f \b \f\f œ „\f \f\f Œ \f\r \f \r \b\f \b \r ˆ‰¤ \f \f \r \f\f \r \r ‘\f \f\f \r Ž\f\f \r € ¨\b© \f \f Œ € ‚ \f \r \f ”\r \r \r• € ‚ \f \f \f\f \r \r \r \r ‚ƒ \r \f ‚ \f \f \r \r ”ž“• \f \f \f\f Œ “ \f\f \f ‹ \f\f \f \f \f \f \r „ ž“ ‘„“ 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„ \f € „ \fœ ’ \r €\f \r™ ™ ™™ š Š \b …Ž ™™ š Š Ž ““…€ƒ\n€ƒ\f “€ƒ‘’\n€ƒ\rž…€ƒŒ‰Œ€ƒ‰„ˆ‘ €ˆ\b Œ„Šˆ’ ¡ƒ“š\f \f \f \f \f – ¡ „ ‡„ \fœ ’ \r €\f \rJPMORGAN CHASEClosing the Skills Gap, New York ™£ ™ ““…€ƒ\n€ƒ\f “€ƒ‘’\n€ƒ\rž…€ƒŒ‰Œ€ƒ‰„ˆ‘ €ˆ\b Œ„\f \f \f \f ¡ “ „\f š Ž ““…€ƒ\n€ƒ\f “€ƒ‘’\n€ƒ\rž…€ƒŒ‰Œ€ƒ‰„ˆ‘ €ˆ\b Œ„\f \f \f \f “€ \f Š Ž … ™¢ ‘\r\f§\r“ ž \r \f –\r \f Œ \f \r „ \f \r \f \r ’\f † \r \f \r 0 10,00020,00040,00050,000 2012 Q42011 Q42010 Q42009 Q42008 Q4 Less than high school High school or equivalent, no college Some college or Associate degree Bachelor’s degree or advanced degee ‘ „ \fœ ƒ„ \t ’ ¢ ž \f ‘ \b– ¡\f \r JPMORGAN CHASEClosing the Skills Gap, New York 29 ’ ”ˆŠ—£• ƒ ²„ \f † „ œ Ž ƒ Brookings \r\n \f \n \nˆŠ—£\nŠ¥\nˆ˜\b\b\f \b \b \t ˆŠ—£ ¨„ „ „ \r „ \f œ ‘\f ƒ„ ’ ‘\f \f \f \r\n \nˆŠš™š\t ’ ”ˆŠ—ˆ \f ˆ¦• € „ Wall Street Journal.\t \r \rœ \t \f \r \f \r \f \r ˆŠ—£ € ‘\f “\r\f ƒ \f \r \f \n \b\b\f \n\n\f \r\b\b\r¡ ª … ”ˆŠ——• „ \f ƒ\r ¡ \f „ OECD Education Working Papers, No. 63, OECD ‚ \r\n—Š—¥™¥\n‰\rš ˜ ‰ˆ\r‰\b‘ ª ‘ € ˆŠ—— – \f ƒ„ „ \f ƒ ¯ IMF working paper WP/11/105 ª › ’ ”ˆŠ—ˆ • “ € „ \f ž ¯ \f ¡ ª ˆŠ—Š Closing the Skills Gap: A Blueprint for Preparing New York City’s Workforce to Meet the Evolving Needs of Employers\t „ \f „ \f \f \r\n\n\t \r® ®„®Immigration and New York City: The Contributions of Foreign-Born Americans to New York’s Renaissance, 1975–2013. 2014 \f „ \f ª \t \f \f \b\f \r\n\n\n\n \t“\r ˆŠ—£Innovations and the City Going Beyond the Bottom Line ˆŠ—š ƒ \r \n\n\n“ \b\b \b\t“ Ž\t ’ … \f \r —¥ ˆŠ—ŠIT Grows in Brooklyn ˆŠ—£ ’ \t \t \f \f \n\t€\n‘³€‘ ž\n\t‘„\n\t‘¡“\n¡Ž\tƒ‘ €„\n„“ ¤ˆŠ € ž ¡ ª Ž \t ˆŠ—£ The Causes of Structural Unemployment ƒ…Jobs for all New Yorkers, Growth for all Neighborhoods ˆŠ—š Ž\f ’ \f\f\r \n\n¡’ \b Jobs for NYC’s Future ˆŠ—ˆ € \t ƒ € \f \f\n \n \b€\b \f… \r ”ˆŠ—Š „ ˆ¦• „ \f ƒ ž ž New York Timesž› ‘ ª „› ˆŠ—ˆ ¨€ ƒ „ ž œ „ § ¯© National Bureau of Economic Research Working Paper 18386\f¡ ˆŠ—£ How Immigration is the Key to NYC’s Renaissance. \f “\r \t \f \r \f\f \nˆŠ—£\nŠ£\n—¦\n \b\r \b\b\b \b\b \b\f\b \f\n „ ˆŠ—Š Mismatch in the Labor Market: Measuring the Supply of and Demand for Skilled Labor in New England ‘\r \f \f \t \f —Š\bˆ ’ ’ Moving the Goalposts: How Demand for a Bachelor’s Degree is Reshaping the Workforce ˆŠ—£ ’ \r €\f \r \r\b\r\f \n\n£¥š¥\n \r® ® New York City’s Growing High-Tech Industry ˆŠ—£ Ž\f „ \t \f\n \f\n ˆ\bˆŠ—‰New York City Immigrants in the Great Recession: Divergent fates by Neighborhood, Race and Ethnicity ˆŠ—Š € \f \f “ \f \f \r\n “® \r ƒ ® \tNew York City Jobs Blueprint ˆŠ—š \t \f \r\n\b\f \n \nˆŠ—š\nŠ£\n\f\b \b The New York City Tech Ecosystem Generating Economic Opportunities for All New Yorkers ˆŠ—£ –ª \f \n\f\f \nNew York’s Health Care Sector: A Changing, Growing Workforce Demand Continues for Health Care Professionals ˆŠ—š \t – \f „ \r\n \f\n \n \nˆŠ—š® \r®® \f® ® New York’s Forgotten Middle Skill Jobs ˆŠ—— „ \t \f \r\n\b„¤ˆŠ ¤ˆŠ ¤ˆŠ” •Now Hiring ˆŠ—ˆ \t ƒ \f \r\n\n ®Ž ª ˆŠ—£ ¨„ „ \f \r© Production in the Innovation Economy \f ž \f \f \t \r “€ ª € \f ž ˆŠ—š Barriers to Entry: The Increasing Challenges Faced by Young Adults in the New York City Labor Market € \f \f “ € \t „ \f „ \f \f \f \r\n\b\f \n \nˆŠ—š\nŠ£\n \t®’ ® ®‘ ®‰\bˆ\b—šRe-envisioning the NYC Workforce System ˆŠ—š \t \f „ \r ‚\f \r\n‰™¥ŠšŠ®ˆ¥Š˜\f¥™¥¥¥¦™—¥˜Š˜š¥¥ ˆŠ—£ Still Searching: Job Vacancies and STEM Skills \f \r ’ \r \r\n´\n\n \f \n\n \nˆŠ—£\nŠ¥\n\n ¤ˆŠ\f\f¤ˆŠ¤ˆŠ¤ˆŠ„ „ \r Ÿ € Ž\f ˆŠ—— \r \f ƒ„ ž \r „ ”ˆŠ—— —˜• € \f Washington Post.„ › – ”ˆŠ—£ ˆš• “ € „ \r „ ¯ EPI Commentary„ ˆŠŠ¥ \f American Economic Review ˜¥ £ The Slow Recovery of the Labor Market ˆŠ—£ \t \r ƒ „ \t \r ’\r Ž\f \f \r \n\n\n\n\f \n\f \n£‰Š——\bž The State of Working New York 2013: Workers Are Paying a High Price for Persistent Unemployment. ˆŠ—š \f \f “ \f \f \r\n\b\f \n \nˆŠ—š\nŠ™\n„ \bˆŠ—š€ \f ž „ \bŸŒ› „ ª \f \b’\r ’ ˆŠ—— Missed Opportunity: How New York City Can Do a Better Job of Reconnecting Youth on Public Assistance to Education and Jobs. € \t „ \f „ \fWhat Works – and What Doesn’t – in Re-Structuring Workforce Development Systems in U.S. Cities and States ˆŠ—š \t \f „ \r \r\n \f\n \f\nˆŠ—£\bˆ\bˆ— \f \b‘ \r ˆŠ—£”ˆ•CareerSTAT: A Guide to Making the Case for Investing in the Frontline Hospital Workforce. ’ ª \f „ JPMORGAN CHASEClosing the Skills Gap, New York JPMORGAN CHASEClosing the Skills Gap, New York JPMORGAN CHASEClosing the Skills Gap, New York JPMORGAN CHASEClosing the Skills Gap, New York “JPMorgan Chase,” “J.P. Morgan,” “Chase,” the octagon symbol and other words or symbols in this report that identify JPMorgan Chase products or services are service marks of JPMorgan Chase & Co. Other words or symbols in this report that identify other parties’ goods and services may be trademarks or service marks of those other parties.©2014 JPMorgan Chase & Co. All rights reserved. New Skills at Work \r\f \f \n\f \n\t \b \n\b\b\b CLOSING THE SKILLS GAPPREPARING NEW YORKERS FOR HIGH-GROWTH, HIGH-DEMAND, MIDDLE-SKILL JOBS NEW YORK