Ford recently convened over 300 national leaders to focus on workforce issues. Attendees came from industries and government around the world. In a September summit, they examined the challenges facing the "Essential Economy," which covers vital areas such as construction, energy, manufacturing, and transportation.
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The summit took place in Detroit, Michigan, where global leaders discussed hurdles affecting the "Essential Economy" and explored possible solutions. Many have noted that complex regulations, labor shortages, and a lack of innovation are hindering productivity in these sectors. Meanwhile, the "knowledge economy" — encompassing technology and software development — has continued to drive productivity growth.
To respond, Ford announced several initiatives. The company will invest more than $5 million to develop workforce programs through 2025 and 2026, which it states will support over 100,000 educators and students. Ford will also roll out a new K-12 initiative named "Ford Future Builders Labs." In partnership with SkillsUSA, Ford intends to expand its existing advanced manufacturing programs in the U.S.
Beyond new educational offerings, Ford plans to offer scholarships to help students pursuing careers in the "Essential Economy." Working with the TechForce Foundation, the automaker will expand its Auto Tech Scholarship to help finance students entering the automotive technology field. Ford will also establish the "Ford Philanthropy Advanced Manufacturing & Trades Scholarship" to cover essential tools, training, and education for those pursuing skilled trades.
As Ford's president and CEO, Jim Farley notes, the summit's mission was to fix a growing productivity divide between the knowledge economy and "Essential Economy." Farley urged businesses, the technology industry, and governments to address underinvestment and burdensome bureaucracy that have impeded progress. Other executives echoed this view, warning that more than one million skilled-trade roles in the U.S. are currently unfilled — and that number could rise without action.
To learn more about Ford's work to mitigate problems with the "Essential Economy," contact Grand Prairie Ford today.