Alleviating the epidemic faced by many young Americans without the educational stipulation, Starbucks Corporation (NASDAQ: SBUX) along with over a dozen of other companies are taking the initiative to provide employment to 100,000 workers with low-income backgrounds.
The coalition started by Starbucks Chief Executive Howard Schultz, includes high appointing companies – Walmart (NYSE: WMT), Microsoft (NASDAQ: MSFT), CVS Health Corp. (NYSE: CVS), and more – to create a new venture that allows workers between the ages 16 to 24 to find some part-time/full-time jobs as well as internships and training programs. Americans of this age who aren’t committed to school or work often find themselves as part of the high unemployment rate.
According to Starbucks, there is a disconnection between the 3.5 million unfilled jobs and 5.6 million young Americans who are neither in school nor working. Unaware of the opportunities that are out there, the majority of the unemployed struggle to find work because they don’t know what jobs are available or how to find them. However, employers also have difficulty to retain consistency among recruiting and training the work force.
The companies will commence their program, called the “100,000 opportunities initiative,” at a job fair in Chicago on August 13th; expecting to generate at least 1,000 hires over the next 18 months. According to Schultz, the coalition plans on holding more job fairs in other cities and hope for other companies to provide backing to the initiative’s lead. As part of the hiring effort, Schultz and his wife contrived a $30 million investment towards local job training and mentorship programs for the current young unemployed Americans.