Recently, Ford hosted over 300 national leaders for discussions on the workforce. Attendees represented government and industry from around the world. During a September summit, they examined the challenges facing the "Essential Economy," which encompasses essential industries such as construction, energy, manufacturing, and transportation.
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The summit was held in Detroit, Michigan, where leaders explored the hurdles confronting the "Essential Economy" and potential fixes. Many attendees observed that complex regulations, workforce shortages, and limited innovation are hindering productivity. Meanwhile, the "knowledge economy," including technology and software development, has continued to gain efficiency.
To help close the gap, Ford announced a range of initiatives. The automaker will invest over $5 million to develop workforce programs through 2025 and 2026, which it expects will benefit more than 100,000 educators and students. Ford will also launch "Ford Future Builders Labs," an educational program for K-12 students. In partnership with SkillsUSA, Ford will expand its advanced manufacturing programs, which are already in operation across the U.S.
Along with workforce education, Ford will provide scholarships to assist students pursuing careers in the "Essential Economy." Working with the TechForce Foundation, Ford will expand its Auto Tech Scholarship to provide financial aid to students pursuing careers in automotive technology. The company will also introduce the "Ford Philanthropy Advanced Manufacturing & Trades Scholarship," which will help cover the costs of tools, training, and education for students entering 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 said the time has come for businesses, tech companies, and governments to address the chronic underinvestment and red tape that have hindered progress. Other leaders echoed this sentiment, warning that more than one million skilled-trade jobs in the U.S. are currently unfilled — a figure that could increase without action.
To learn more about Ford's work to mitigate problems with the "Essential Economy," contact Peoria Ford today.