Ford recently brought together over 300 national leaders to address workforce issues. Those in attendance represented a diverse range of industries and governments worldwide. At a September summit, they explored problems affecting the "Essential Economy," which encompasses critical sectors such as construction, energy, manufacturing, and transportation.
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Held in Detroit, Michigan, the summit brought together leaders to discuss the roadblocks the "Essential Economy" faces and potential solutions. Many attendees cited barriers such as complex regulations, labor shortages, and a shortage of innovation that have hurt productivity. Meanwhile, the "knowledge economy," which encompasses areas such as technology and software development, has continued to enhance efficiency.
To combat these challenges, Ford outlined several initiatives. The company will invest more than $5 million to support workforce development programs through 2025 and 2026, aiming to benefit over 100,000 educators and students. Ford is also creating a new K-12 program called "Ford Future Builders Labs." In collaboration with SkillsUSA, Ford will expand its advanced manufacturing programs currently active in the U.S.
Along with educational efforts, Ford plans to provide scholarships to support students entering careers within the "Essential Economy." Together with the TechForce Foundation, Ford will expand its Auto Tech Scholarship to provide financial assistance to students pursuing careers in automotive technology. Ford will also introduce the "Ford Philanthropy Advanced Manufacturing & Trades Scholarship," which will cover the cost of necessary 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 emphasized that it's time for businesses, the tech industry, and government leaders to tackle the lack of investment and red tape that have slowed progress. Other executives agreed, pointing out that skilled trade jobs are often overlooked and that more than a million of these positions across the U.S. are currently unfilled—a number that's expected to continue growing without meaningful change.
To learn more about Ford's work to mitigate problems with the "Essential Economy," contact Gwinnett Place Ford today.