Ford recently convened over 300 national figures to focus on workforce concerns. The attendees represented industries and government from around the world. During a September summit, they addressed issues affecting the "Essential Economy," which includes critical fields such as construction, energy, manufacturing, and transportation.
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The summit, held in Detroit, Michigan, examined the challenges faced by the "Essential Economy" and discussed possible remedies. Many participants noted that complex rules, labor shortages, and a deficit of innovation are limiting productivity in these sectors. In contrast, the "knowledge economy," including technology and software sectors, has continued to become more productive.
To confront these issues, Ford announced several measures. The company will invest more than $5 million to help develop workforce programs through 2025 and 2026, aiming to reach over 100,000 educators and students. Ford will introduce a K-12 initiative called "Ford Future Builders Labs." Working with SkillsUSA, Ford will also scale up its advanced manufacturing programs currently operating in the U.S.
Beyond educational programming, Ford will expand scholarship opportunities for students pursuing careers in the "Essential Economy." Collaborating with the TechForce Foundation, Ford will expand the Auto Tech Scholarship to provide financial support to students pursuing careers in automotive technology. Ford will also launch the "Ford Philanthropy Advanced Manufacturing & Trades Scholarship," which will help cover the costs of tools, training, and educational expenses 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 urged businesses, the technology sector, and governments to confront underinvestment and bureaucratic roadblocks that have slowed progress. Other business leaders agreed, pointing out that skilled trades are often undervalued and that more than one million skilled-trade positions remain unfilled in the U.S., a number expected to rise without solutions.
To learn more about Ford's work to mitigate problems with the "Essential Economy," contact Mall of Georgia Ford today.