The James Webb Space Telescope offers astronomers the opportunity to observe the composition, structure, and dynamics of transiting exoplanet atmospheres with unprecedented detail. However, such observations require very precise time-series spectroscopic monitoring of bright stars and present unique technical challenges. The Transiting Exoplanet Community Early Release Science Program for JWST aims to help the community understand and overcome these technical challenges as early in the mission as possible, and to enable exciting scientific discoveries through the creation of public exoplanet atmosphere datasets. With observations of three hot Jupiters spanning a range of host star brightnesses, this program will exercise time-series modes with all four JWST instruments and cover a full suite of transiting planet characterization geometries (transits, eclipses, and phase curves). We designed the observational strategy through an open and transparent community effort, with contributions from an international collaboration of over 100 experts in exoplanet observations, theory, and instrumentation. Community engagement with the project will be centered around open Data Challenge activities using both simulated and real ERS data, for exoplanet scientists to cross-validate and improve their analysis tools and theoretical models. Recognizing that the scientific utility of JWST will be determined not only by its hardware and software but also by the community of people who use it, we take an intentional approach toward crafting an inclusive collaboration and encourage new participants to join our efforts.