In what can be termed as an extension of the Corporate Social Responsibility (CSR), several multinational corporations (MNCs) comprising Google, Amazon, AIG, Wells Fargo, Microsoft, Bloomberg, Citi, Goldman Sachs, Bank of America, etc. have called on an initiative aimed at empowering the marginalised sections and communities in the New York City affected by the COVID pandemic.
The initiative called the New York Jobs CEO Council aims to enable people from the lower income, minority and other marginalised sections in New York with the required skills and resources for the jobs of the future.
Given this, the Jobs CEO Council initiative - an amalgamation of 27 MNCs, banking institutions, media houses, consulting and health firms have pledged to recruit 100,000 (1 lakh) people from the city's low-income and marginalised communities by 2030.
The Jobs Council initiative pledge includes providing apprenticeships, entry-level positions and on-job learning opportunities to 25,000 students from the City University of New York (CUNY) at major US companies and firms.
The joint collective also aims to address the widened racial and economic inequities aggravated by COVID crisis, the brunt of which was bore by the city's poorer neighborhoods with highest death rates among the Black and Latino residents.
Speaking about the initiative, Dimon, CEO and Chairman of JPMorgan Chase said, "Many New Yorkers are stuck in low-paying jobs that could be lost in the future or are struggling to navigate the labour market as the COVID-19 crisis has further exacerbated the economic inequities in the city."
"As companies with a long-standing commitment to the New York area and its residents, we are using our collective power to prepare the city's workforce with the skills of the future and helping New Yorkers who have been left behind get a foot in the door," the CEO added as reported in the World Economic Forum (WEF) website.
The corporates collective will be partnering with the city's government, educational institutions, community organizations and non-profits in realizing the initiative.
Appreciating the New York Jobs CEO Council initiative, Adwoa Bagalini, Diversity and Inclusion Lead at the World Economic Forum (WEF) said, "Early talent recruiting initiatives like this one are a great start, but the real challenge comes later. Will employees from underrepresented backgrounds be given meaningful opportunities to develop and advance to more senior levels?"
Bagalini also suggested that the Jobs CEO Council initiative must include aspects such as formal mentoring, sponsorship programmes, measuring engagement based on survey responses by race or ethnicity, performance review based by race or ethnicity to identify and mitigate adverse impacts, and implementing high-potential training programmes for people of colour without which, talented employees are likely to grow frustrated and leave, he cautioned.