Advertisements

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.

Follow me on Twitter. Send me a secure tip.

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)

1.1M subscribers
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

Advertisements

Why Freelancers Are Good For Your Company – Irene Corchado Resmella

1.jpg

More and more companies are hiring freelance writers nowadays. Some companies need to increase their content production and their current team can’t cope with the workload. Others are expanding into new markets and struggle to find writers in other languages willing to relocate. Likewise, many start-ups rely on freelance writers during the early stages of their business before they can set up an in-house team.

Whatever your case may be, you may be asking yourself whether working with freelancers is a good idea. While setting up an in-house content team has numerous advantages, freelancers can bring many good things to your company – from more productivity to added-value. You can even save money!

If you’re not sure about working with freelance content writers, here are four good reasons to do so.

It will boost your productivity

The more writers you have, the more content you produce. It’s a no-brainer. However, the process of hiring full-time employees is time-consuming and expensive, and in-house writers aren’t generally as productive as freelancers. Writing is a creative activity that requires high levels of concentration, and that’s when the flexibility that comes with freelancing helps. Freelancers can choose where and when to work.

They don’t waste time sitting at their desk waiting for the creative muse to show up. If they aren’t inspired or feel stuck, they can take a long break, hit the gym or go for a walk and return to the text with a fresh mind. By maximising the times when they are most creative, their productivity improves, and a productive freelancer can produce more content than a stressed or overworked in-house writer.

Working with the right freelancers will add value

Freelance marketplaces are full of amateur self-proclaimed writers looking for some extra cash to top up their income. That’s why they’re cheap, and that’s why the risk of receiving sloppy articles is high, so choose your writers wisely. Look for professionals, not hobbyists; subject experts, not generalists.

To get maximum value, hire writers with a strong personal brand, and social proof. Building a portfolio is key for writers and they normally share the (credited) content they produce. A writer specialising in your field who has an active online presence and a large following will help your content reach a relevant audience and increase exposure for free. This is a value-added collaboration which will certainly pay off, so think about it as an investment and budget accordingly.

Their flexibility can be your lifesaver

In-house content writers aren’t flexible as far as time is concerned. They need to attend meetings and do everything thrown at them content-wise. If something isn’t finished by 5pm it won’t be finished until well into the next day. Having a freelancer at hand will help you fit in small urgent projects at odd hours, even if you need to pay a bit extra.

2.jpg

Freelancers can also be your lifesaver during peak periods or emergencies. Think about your in-house content team being overloaded with seasonal content projects, too many people being off work at the same time, or an important piece of content for your imminent campaign launch being ‘forgotten’. Misunderstandings and mistakes can happen, too, so a freelancer is your best bet here.

You will save money

Hiring freelancers isn’t always more expensive than setting up a team in-house. Not only that, but it can even be cheaper and help you save money, as you won’t have to cover the costs associated with employees.

I’m referring to taxes, for example. You don’t have to worry about taxes, as freelancers pay their own. Likewise, you don’t have to win them over offering pension schemes, gym membership cards or insurance. Moreover, you won’t pay for wasted time. Let’s face it – office writers don’t stay focused for eight hours, but you still pay them a full-time salary. With freelance professionals, you only pay for projects completed.

Another advantage is that experienced freelancers don’t need training. Companies setting up an in-house team often go for junior writers. By training them they save a bit of money on salaries, as they can pay them less than to senior writers. What they often forget is that they could be saving money and time by hiring experienced freelancers instead. External writers won’t be paid a full-time salary and your trainers’ time will surely be better spent doing something else, like managing the content strategy. So, choose content writers who are subject experts, set up an initial chat on Skype to go over the basics and provide a detailed briefing and a style guide. That’s all they need.

Your kindly Donations would be so effective in order to fulfill our future research and endeavors – Thank you

%d bloggers like this:
Skip to toolbar