JPMorgan says it’s hiring ‘thousands of individuals with CRIMINAL BACKGROUNDS’ amid the labor shortage [What could possibly go wrong?] via /r/wallstreetbets #stocks #wallstreetbets #investing

JPMorgan says it’s hiring ‘thousands of individuals with criminal backgrounds’ amid the labor shortage

JPMorgan Chase is taking an “unconventional” approach to combatting the labor shortage. 

It’s hiring thousands of workers with criminal records, an executive told CNBC. 

Employers have had difficulty hiring and retaining employees amid what’s been dubbed the Great Resignation. 

JPMorgan says it’s pulling out all the stops to combat the labor shortage that’s affecting many US businesses. That includes casting a wider net and hiring people that have historically had difficulty finding employment. 

The US’ largest bank has hired thousands of people with criminal records and hundreds with disabilities like autism, Brian Lamb, JPMorgan’s global head of diversity, equity, and inclusion, said during a CNBC event on Thursday. JPMorgan employs well over 200,000 people. 

Contending with the labor shortage — which has seen masses of Americans walk off the job and made it more difficult for employers to hire — “is going to require unconventional approaches,” Lamb said. Job seekers no longer need to answer questions about their criminal backgrounds on the bank’s initial applications, he said. 

The company is “tapping into the talent pools that have historically been left behind,” Lamb said. Formerly incarcerated people often have a more difficult time getting hired.

The pandemic gave rise to what has been dubbed the Great Resignation. Millions of workers have quit their jobs for myriad reasons, including stagnant wages, inadequate flexibility, a desire to switch careers, and shifting childcare needs. 

It’s forced some companies to offer higher wages and better perks to would-be workers. Major chains like McDonald’s, CVS, Chipotle, and Walgreens have boosted pay to attract and retain talent. 

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