Recently, Ford assembled over 300 national leaders to discuss workforce strategy. The attendees came from industry and government across the globe. At a September summit, they discussed challenges facing the "Essential Economy," which spans construction, energy, manufacturing, and transportation.
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The summit took place in Detroit, Michigan, where global leaders explored issues confronting the "Essential Economy" and potential solutions. Many participants highlighted obstacles, including complex regulations, labor shortages, and a lack of innovation, that are hindering productivity. Meanwhile, productivity in the "knowledge economy," including tech and software development, has continued to rise.
To address the situation, Ford has announced several actions. The automaker plans to invest more than $5 million to support workforce programs through 2025 and 2026, with benefits expected to reach more than 100,000 educators and students. Ford will also launch "Ford Future Builders Labs," a new educational initiative for K-12 students. Partnering with SkillsUSA, Ford will expand its advanced manufacturing programs that are already operating in the U.S.
In addition to education programs, Ford will offer scholarships to back students pursuing careers in the "Essential Economy." In partnership with the TechForce Foundation, Ford will expand its Auto Tech Scholarship to provide financial support to aspiring students in automotive technology. The company will also roll out the "Ford Philanthropy Advanced Manufacturing & Trades Scholarship," which covers essential tools, training, and education costs 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 called on businesses, the tech sector, and governments to address the problems of underinvestment and bureaucracy that have hindered the sector. Other leaders agreed, highlighting that skilled-trade jobs are often overlooked and that more than one million such roles in the U.S. remain vacant — a number that could increase without action.
To learn more about Ford's work to mitigate problems with the "Essential Economy," contact Joe Myers Ford today.