Labor shortages in the United States increase the urgency to fill vacancies, and some of the largest US banks say people with criminal records should be part of the solution.
The Bank Policy Institute, an advocacy group that counts JPMorgan Chase and Bank of America among its members, is planning to persuade the US Congress to ease restrictions on hiring.
Michelle Kurenti, executive director of talent acquisition at JPMorgan, said in an interview, “There is a really huge demand for talent across all industries across the workforce, and it is a talented pool of individuals that can and should be able to contribute. ” .
JPMorgan hired 2,100 people with US criminal records last year, accounting for 10% of all new hires. CEO Jamie Dimon co-chairs the Second Chance Business Coalition, a group of large companies committed to expanding opportunities for these people. Bank of America, MasterCard and Visa are also among the members.
The financial sector is facing the same labor shortage as other sectors in the US. The resignation rate – the number of people who voluntarily quit their jobs in a month as a percentage of total employment – rose to a record 2.9% in August, and there were 10.4 million job openings close to a July record.
Hiring more workers with criminal records can address these key points, while helping banks meet their environmental, social and governance goals, or ESGs.