Ford recently convened more than 300 national leaders to focus on workforce concerns. The attendees represented government and industry from around the globe. At a September summit, they discussed the challenges confronting the "Essential Economy," which encompasses key sectors such as construction, energy, manufacturing, and transportation.
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The event was held in Detroit, Michigan, where leaders examined the productivity obstacles facing the "Essential Economy" and proposed solutions. Many noted that complex regulations, labor shortages, and a lack of innovation have reduced productivity in these sectors. At the same time, the "knowledge economy," such as technology and software development, has continued to grow more efficiently.
To address these trends, Ford announced multiple 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 create "Ford Future Builders Labs," an educational program for K-12 students. In partnership with SkillsUSA, Ford will expand its advanced manufacturing programs currently active in the U.S.
In addition to its education efforts, Ford plans to offer scholarship programs to support students pursuing careers in the "Essential Economy." Working with the TechForce Foundation, Ford will expand its Auto Tech Scholarship to provide financial aid to individuals entering the automotive technology field. Ford will also launch the "Ford Philanthropy Advanced Manufacturing & Trades Scholarship," which helps cover the cost 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 urged businesses, the tech sector, and governments to address underinvestment and bureaucratic hurdles that have stunted progress. Other leaders agreed, pointing out that skilled-trade jobs are often undervalued and that over one million such positions in the U.S. remain unfilled — a number likely to grow without action.
To learn more about Ford's work to mitigate problems with the "Essential Economy," contact Surprise Ford today.