JPMorgan Chase awards grant to Delaware Prosperity Partnership to advance an inclusive tech talent pipeline
WILMINGTON, Del., Oct. 8, 2019 /PRNewswire/ -- The JPMorgan Chase Foundation has awarded a $205,000 workforce readiness grant to the Delaware Prosperity Partnership (DPP), the state's lead economic development organization, to create a plan for a more inclusive tech talent pipeline.
The demand for technologists continues to grow, with national forecasters predicting that, by 2020, there will be 1.4 million open positions that require tech skills, but only 400,000 people qualified to fill them.
Delaware, with its robust business and financial services sector, is well suited to respond to the demand. Across the state, eight colleges and universities, 224 public and charter schools, and a $21 million workforce system are poised to equip residents with the skills they need. In addition, the number of non-degree tech programs (i.e. boot camps and accelerated courses) has grown rapidly in the past few years.
However, despite these programs, there is a need to prepare more residents to enter tech roles and expand opportunities in the sector, especially amongst people of color and individuals from low-income communities.
"Creating a more inclusive tech talent pipeline is critical," says Kurt Foreman, President and CEO of the DPP. "A diverse workforce leads to diversity of thought, which is key to innovation. We are privileged to serve as convener and connector for this project, which will ensure that Delaware continues to lead the nation as a place to do business."
This project, funded by JPMorgan Chase, will develop a plan that positions Delaware to meet employers' tech talent needs over the next decade with homegrown talent from diverse communities across the state, and ensure clear pathways for individuals with barriers to employment or who are historically underrepresented in tech. The project includes two key elements:
- A thorough analysis of the current and anticipated tech job market, the supply of qualified applicants, and the current educational and non-profit capacity to meet the demand.
- A strategic plan to identify how Delaware can address the talent gap that exists and improve the inclusiveness of the pipeline.
"This plan will help position Delaware to retain existing businesses and attract new ones by strengthening the support system that prepares Delaware residents for the jobs of the future," says Tom Horne, Delaware Market Director at JPMorgan Chase. "We are proud to partner with Delaware Prosperity Partnership to advance career pathways in tech and promote inclusive economic growth across the state."
DPP will lead the process, working with a statewide advisory committee of key stakeholders and external consultants, conducting the audit of the current tech landscape, and facilitating the development of key strategies to address the identified gaps.
About Delaware Prosperity Partnership
Created in 2017, Delaware Prosperity Partnership (DPP) is a nonprofit, public private partnership that leads the state of Delaware's economic development efforts to attract, grow and retain businesses. DPP works with site selectors, commercial developers and business executives focused on where to locate or grow a business. The DPP team's services include working with prospects to review potential sites, cost-of-living, and funding opportunities, including available tax credits and incentives. For more information, visit www.choosedelaware.com.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.7 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
SOURCE Delaware Prosperity Partnership
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