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.