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JPMorgan Chase Hired 2,100 People With Criminal Records In 2018 (And Will Hire More)

Topline: JPMorgan Chase announced an expansion of its efforts to hire people with criminal backgrounds Monday, continuing the trend of big companies “banning the box” and giving people second chances.

  • JPMorgan Chase hired 2,100 people with criminal records in 2018, which equals about 10% of their total hires last year.
  • The bank knows those people have records, because they conduct background checks on applicants after a job offer has been made.
  • Applicants with criminal records are being considered for entry-level jobs like account servicing and transaction processing, according to the bank’s press release.
  • The unemployment rate for formerly incarcerated people is 27%, while the nationwide unemployment rate is 3.5%, according to the bank.
  • But the tight labor market could be more beneficial to people with criminal records⁠—a July survey from staffing firm Adecco showed that 35% of respondents would consider those applicants, and 21% of respondents are no longer drug-testing them.
  • Koch Industries, Starbucks, McDonald’s, Target and Home Depot are among other corporations that have increased hiring efforts of the formerly incarcerated since at least 2013.

Surprising fact: The U.S. loses up to $87 billion annually in GDP by excluding people with criminal backgrounds from the workforce, said the bank.

Key background: “Banning the box” refers to removing questions about criminal backgrounds from job applications, a movement that’s been growing over the past two decades. According to the Pew Research Center, as of April black and Hispanic people make up 56% of the jailed population, leading experts to believe the groups are unfairly discriminated against in hiring. But “ban the box” legislation began to pass in the early 2000s, with laws on the books in 35 states and over 150 cities and counties as of July, according to the National Employment Law Project. And the 2018 First Step Act means thousands of people could be eligible for early release from prison, on top of the 700,000 already released annually⁠—signaling a shifting political attitude towards these workers, according to FastCompany.

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I’m a New York-based journalist covering breaking news at Forbes. I hold a master’s degree from Columbia University’s Graduate School of Journalism. Previous bylines: Gotham Gazette, Bklyner, Thrillist, Task & Purpose, and xoJane.

Source: JPMorgan Chase Hired 2,100 People With Criminal Records In 2018 (And Will Hire More)

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From the railroad and steel consolidations brokered by John Pierpont Morgan on Wall Street more than a century ago, to banking consolidation, the financial crisis and Jamie Dimon’s leadership, J.P. Morgan Chase has been at the center of finance for more than a century. Here’s the story of how the country’s largest bank got to where it is today. Biographer of J.P. Morgan Jean Strouse, longtime bank analyst Mike Mayo and CNBC banking reporter Hugh Son help tell the story. You’ll learn about how Aaron Burr and Alexander Hamilton are part of the bank’s history, along with the first ATM, and the company’s position moving forward into the future of digital banking. Watch the video above to see how the country’s largest bank got to where it is today. ***Clarification*** Since 2004, investors in JPM stock have outperformed the bank stock index by an average of 6% return every year. That’s more than 6x the return of the index yearly (13:52) In February, J.P. Morgan Chase announced it was in growth mode, expanding its branch network to cover 93 percent of the U.S. population by the end of 2022. The aggressive growth plans will allow it to reach 80 million more consumers, or about one-quarter of the U.S. population, versus its footprint in 2018, the New York-based bank says. The expansion of physical branches comes amid a consumer shift to mobile and online banking. The average number of teller transactions per customer has plunged 41 percent since 2014, according to J.P. Morgan’s presentation at its investor day meeting. But convenient branch locations are a key consideration for people thinking about switching banks, and most of the firm’s growth in deposits has been fueled by people who use branches frequently, the bank said. The company made it clear it had flexibility in its growth plans: More than 75 percent of its branches could be shuttered within five years or kept open for more than a decade. » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: http://cnb.cx/LikeCNBC Follow CNBC News on Twitter: http://cnb.cx/FollowCNBC Follow CNBC News on Google+: http://cnb.cx/PlusCNBC Follow CNBC News on Instagram: http://cnb.cx/InstagramCNBC #CNBC How JP Morgan Chase Became The Largest Bank In The US

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Resumes Don’t Tell the Whole Story: How a Job Application Fills in the Gaps for Smarter Hiring – Small Business Trends

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According to a recent HRdirect Small Business Hiring Practices Survey, only 21% of small businesses require applicants to complete forms to get hired. Not having this essential part of your screening and hiring processes can be a tremendous shortcoming that hinders your success. Here’s why: Slick resumes may immediately grab your attention, but these may not present the entire picture about your applicants.

To get around this — and obtain the information you want from a wide range of candidates — you need a legally sound job application. A thorough process captures the right information so you then can make smarter decisions and strengthen your overall hiring processes.

The Aim of Candidates Is to “Sell”

A resume acts as a promotional tool for the applicant. It’s his or her opportunity to impress, to sell you on his or her qualifications.

And like most promotional tools, resumes vary tremendously — and only contain what the applicant is willing to share. They may omit all kinds of information you would like to have; however, having the right tools for recruitment, you can get the answers to make better selections.

Net More of What You’re After

Using a standardized process for job applications can help give you a complete picture by asking specific questions in a uniform and compliant manner. These questions may include:

  • Full legal name
  • Email address (instead of residential address)
  • Phone number(s)
  • Preferred name
  • Employment history
  • Education (degrees and certifications)
  • Military service (relevant skills, dates of service)
  • Skills and qualifications
  • References
  • Reasons for leaving previous jobs

If it’s beneficial, you can go beyond these essentials to include a few more probing questions. For example:

  • Why are there breaks in an applicant’s employment? Ask the candidate to explain why.
  • Interested in how they interact with others? Have him or her describe to describe a relationship with a past supervisor or describe his or way in handling a conflict.
  • What is the applicant’s availability? Ask the number of hours they can work weekly or preferred shifts.

One of the bigger advantages of having a formal application is that it provides a level playing field and immediate point of comparison. Rather than slogging through all types of resumes, you quickly can compare and categorize standardized applications for a faster, more efficient screening process.

Another important advantage: A formalized, standardized process for your applicants should contain compliant language and legal disclosures that protect you from the potential for risks, that clearly state you uphold legal notices at the federal and state levels.

Connect with More Candidates with State-Specific Job Applications

Having job applications brings critical benefits to your small business. You easily, quickly and confidently can net relevant information related to employment experience and education while protecting or safeguarding your business from compliance risks.

The Job Application Smart App from HRdirect is the perfect tool for connecting with more job candidates. Email applicants with a link to your application, place it on your website, include it in your online ad or print paper copies for walk-in applicants. In addition to these convenient options, your application always will cover the latest state regulations to keep you current and on firm legal footing.

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