Recently, Ford assembled over 300 national leaders to address workforce challenges. The group included representatives from industry and government worldwide. In September, they convened to discuss issues affecting the "Essential Economy," such as construction, energy, manufacturing, and transportation.
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The summit took place in Detroit, Michigan, where leaders discussed the barriers facing the "Essential Economy" and explored possible approaches. Many attendees identified hurdles, including complicated regulations, labor shortages, and insufficient innovation, that limit productivity. Meanwhile, productivity in the "knowledge economy," including tech and software development, has continued to improve.
To address these issues, Ford presented several plans. The automaker will invest more than $5 million in workforce programs through 2025 and 2026, aiming to benefit over 100,000 educators and students. Ford will also launch a new program for K-12 students named "Ford Future Builders Labs." Working with SkillsUSA, Ford will expand its U.S.-based advanced manufacturing programs.
Alongside educational initiatives, Ford plans to expand scholarship support for students pursuing careers in the "Essential Economy." Together with the TechForce Foundation, Ford will expand its Auto Tech Scholarship to help fund students entering the automotive technology field. The automaker will also launch the "Ford Philanthropy Advanced Manufacturing & Trades Scholarship" to provide funding for tools, training, and education for individuals 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 businesses, the technology sector, and governments must confront long-standing underinvestment and bureaucratic drag that have slowed the sector. Other leaders echoed this, warning that more than one million skilled-trade roles in the U.S. are currently unfilled and could increase if a solution is not found.
To learn more about Ford's work to mitigate problems with the "Essential Economy," contact Serramonte Ford today.