Recently, Ford gathered more than 300 national leaders to discuss workforce challenges. The attendees represented both industry and government from around the world. At a September summit, they focused on obstacles affecting the "Essential Economy," which encompasses sectors such as construction, energy, manufacturing, and transportation.
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The summit, held in Detroit, Michigan, centered on the issues confronting the "Essential Economy" and potential remedies. Many participants observed that complicated regulations, labor shortages, and limited innovation hamper productivity. Over recent years, these essential industries have seen declining productivity while the "knowledge economy," such as tech and software, has become more efficient.
To address these trends, Ford announced several plans. The automaker will invest in excess of $5 million to support workforce programs through 2025 and 2026, aiming to reach over 100,000 educators and students. Ford will also introduce "Ford Future Builders Labs," an educational program for K-12 students. With SkillsUSA, Ford will expand its advanced manufacturing programs currently operating in the United States.
In addition to educational initiatives, Ford will fund scholarships for students entering careers in the "Essential Economy." Partnering with the TechForce Foundation, Ford will expand its Auto Tech Scholarship to provide financial aid to aspiring students in automotive technology. Ford will also launch the "Ford Philanthropy Advanced Manufacturing & Trades Scholarship," which helps cover the costs of tools, training, and education for students 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 emphasized that now is the moment for businesses, tech companies, and government to tackle chronic underinvestment and red tape that have stifled progress. Other leaders agreed, pointing out that skilled trade jobs are frequently overlooked and that more than one million such positions in the U.S. are vacant — a number likely to increase without intervention.
To learn more about Ford's work to mitigate problems with the "Essential Economy," contact Grapevine Ford today.