JFF’s Recover Stronger Initiative has galvanized employers in support of a more equitable economic recovery
JFF, a national nonprofit that drives transformation in the American workforce and education systems, today announced that JetBlue, JPMorgan Chase, Mastercard, and Prudential Financial have joined its Recover Stronger Coalition. The companies join six existing coalition members—Autodesk, Microsoft, Postmates, Salesforce, Walmart, and Workday—that have made a public commitment to JFF’s Recovery Commitment for Impact Employers, a statement of values declaring that people will remain at the center of each member’s operations, values, mission, and purpose.
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Corporate leaders in large companies are collaborating with JFF and other coalition partners to design and implement worker-centric practices, including inclusive hiring programs and upskilling and reskilling initiatives that help employees advance in their careers or successfully transition to entirely new fields as the labor market evolves.
“Wage and income inequality widened in the decade that followed the Great Recession. We can’t let that happen again,” said Maria Flynn, president and CEO of JFF. “We need to create a sustainable and scalable shift in the way employers operate to advance economic opportunities for all workers and ensure an inclusive and equitable recovery. The Recover Stronger commitments reflect a belief that our nation’s largest employers must play a role by investing in the education and career advancement of their employees.”
The expansion of the coalition—whose members collectively employ more than 2 million U.S. workers—comes at a time when more than 22 million jobs have been lost as a result of the COVID-19 pandemic, leaving millions of displaced workers unsure of their future employment prospects. Economists now forecast that as many as 42 percent of all layoffs during the pandemic may become permanent job losses.
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The Recover Stronger Coalition is responding to the unemployment crisis by urging companies to mobilize as Impact Employers and invest in the financial and career well-being of their employees. Here’s a look at the steps the new coalition members are taking as they embrace their roles in the coalition:
- JetBlue Airways, founded on the mission to inspire humanity, is committing to job security and development for its crewmembers (employees). While facing an unpredictable 2021, JetBlue remains focused on its unique culture. The airline is doubling down on investing in its crewmembers, in part by supporting diversity, equity, and inclusion efforts and creating more pathways for career development and mobility.
- JPMorgan Chase, which has more than 250,000 employees across 5,100 locations, has undertaken an ambitious review of its compensation and total rewards program to create a more inclusive and equitable incentive structure for employees while committing $30 billion to advance racial equity and drive an inclusive economic recovery.
- Mastercard is building on its culture of decency with a host of new programs that allow its dynamic workforce to grow and thrive. This includes evolving benefits such as work-from-home flexibility, mental health services, and expanded parental and sick leave; new training, mentorship and development programs to advance inclusion at all levels; and pro bono volunteerism programs that offer unique skill-building opportunities while benefiting communities around the world.
- Prudential Financial, which is the largest life insurance provider in the United States and has more than 51,000 employees, is providing reskilling opportunities to its employees to promote career development through continuing education, certifications, bootcamps, and apprenticeships. Prudential is also dedicated to developing the talent of the future with a focus on people from traditionally underserved and underrepresented markets. This is supported by a $180 million commitment through 2025 to provide young people with the training and tools to access the job market and get on a path to financial security.
To build on this announcement, the Recover Stronger coalition invites talent management, social impact, and operations professionals from Fortune 1000 companies to attend JFF’s Impact Employer Summit on February 9-10, 2021. This interactive experience will feature high-profile speakers, including Adam Grant (bestselling author), Shelly Bell (founder and CEO of Black Girl Ventures), David Gelles (New York Times columnist), and Dan Schulman (CEO of PayPal), as well as engaging workshops and opportunities for collaboration with peers.
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