J.P. Morgan and MySkills Foundation in partnership to prepare disadvantaged youth in Malaysia for careers in high-demand sectors
Kuala Lumpur, September 21, 2018 – Global banking and financial services provider J.P. Morgan and youth vocational training organization MySkills Foundation (MSF) today launched a demand-led workforce readiness initiative to empower at-risk youth in Malaysia to complete their education and obtain relevant skill sets for gainful employment.
J.P. Morgan is supporting MSF over 24 months to train 300 underserved youth between the ages of 14 and 18 to equip them with electrical, plumbing, air-conditioning, life management and soft skills that will allow them to transition into higher paying jobs upon graduation. MSF typically recruits young people who have dropped out of the mainstream education system, and who need holistic support to transform their career trajectories. With curriculum enhancements and greater emphasis on providing industry linkages and on-the-job training, MSF expects to see significant reductions in drop-out rates among its students and higher-paying jobs for its graduates.
The initiative not only supports youth who are in need of sustainable livelihoods, but also addresses the country’s challenges in hiring talent with technical and vocational education and training (TVET)-related skills. According to the government’s 11th Malaysia Plan, about 60 percent of the 1.5 million new jobs expected to be created in Malaysia between 2016 and 2020 will require TVET skills and there are concerns of a lack of talent with the right skill sets to meet demand.
“MySkills Foundation aims to increase our students’ exposure to work experience to help them better connect their schooling with their career prospects and as a result lower their dropout rates, which remains a key challenge. By providing pre-vocational training for students as young as 14, we hope to build up their confidence and nurture learning attitudes that result in stronger retention in our programs. Together with support from J.P. Morgan, we are confident this initiative will bring greater impact in terms of sustainable and successful careers for our graduates,” said Mr. Devasharma Gangadaran, Chief Executive Officer of MySkills Foundation.
The program, which commenced in July 2018, addresses the need for more industry involvement in vocational training as identified in J.P. Morgan’s ASEAN-5 New Skills at Work study. The research report was commissioned under J.P. Morgan’s five-year USD 250 million New Skills at Work commitment, which, since 2013, has helped to train over 300,000 beneficiaries in Asia Pacific alone, allowing underprivileged individuals, especially youth, access quality demand-driven jobs in high-growth sectors.
“We are committed to helping young people develop the skills they need to secure better-paying jobs in fast-growing sectors, especially as the country aims to attain high income status by 2020,” said Mr. Steve Clayton, Senior Country Officer for Malaysia at J.P. Morgan. “At J.P. Morgan, we believe that addressing the need for widely shared prosperity is essential and recognize that a quality job can go a long way in transforming lives and strengthening economies.”