Dive Brief:

• A coalition of executives from some of the nation's largest companies, spearheaded by Starbucks CEO Howard Schultz, pledged to hire 100,000 young Americans who have been shut out of the job market, reports USA Today.
• The 100,000 Opportunities Initiative, which launched Monday, aims to give a leg up to some of the estimated 5.5 million Americans, ages 16 to 24, who aren't employed or in school. Demographers and economists refer to the group as "disconnected youth."
• In addition to the Seattle-based Starbucks, Alaska Airlines, Cintas, CVS Health, Hilton Worldwide, HMSHost, JCPenney, JPMorgan Chase, Lyft, Macy's, Microsoft, Porch.com, Potbelly Sandwich Shop, Taco Bell, Target, Walgreens and Walmart have signed on. 

Dive Insight:

"What we've learned over these last many years is that rules of philanthropy, the rules of engagement have radically changed," Schultz told USA Today. "You really have to build a coalition of like-minded organizations and people who have the kind of experience and skill base and local knowledge to tackle a problem as complex as this."

USA Today said the coalition will host a jobs fair in Chicago on Aug. 13, the first of what Schultz expects to be many across the USA. Schultz recruited actor and rap artist Common, a Chicago native, to lead a discussion with about 2,000 young people expected to attend the first fair. The companies have set a goal of making 1,000 hires — including 200 on-the-spot job hires — from young people who attend the Chicago fair.

Schultz said the need for private sector businesses and government to dig into the issue is hardly altruistic. Taxpayers spent roughly $26.8 billion in 2013 on incarceration, Medicaid, public assistance and Supplemental Security Income payments associated with disconnected youth, according to the Social Science Research Council.