Recently, Ford gathered more than 300 national leaders together to discuss the workforce. The leaders represented industries and governments from around the world. Collectively, at a summit held in September, they discussed issues facing the "Essential Economy," which encompasses crucial fields such as construction, energy, manufacturing, and transportation.
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The summit of global leaders was held in Detroit, Michigan. Leaders discussed the challenges facing the Essential Economy and explored possible solutions. Many attendees at the summit noted that the Essential Economy is encountering several roadblocks that hinder productivity — including complex regulations, labor shortages, and a lack of innovation. Over the past few years, productivity in these essential industries has declined, even as the "knowledge economy," which encompasses fields such as technology and software development, has continued to grow more efficiently.
To address the problem, Ford announced several plans. To start, the automaker will invest over $5 million to help develop workforce programs through 2025 and 2026. The automaker says this investment will benefit more than 100,000 educators and students. Additionally, Ford will create a new educational program called "Ford Future Builders Labs," designed for students in grades K-12. Working with SkillsUSA, Ford will also expand its advanced manufacturing programs, which are already operating in the US.
Along with developing educational programs, Ford also plans to offer scholarships to support students pursuing careers in the Essential Economy. In conjunction with the TechForce Foundation, the automaker will expand its Auto Tech Scholarship to provide financial assistance to aspiring students working in the automotive technology field. Ford will also launch a new scholarship called the "Ford Philanthropy Advanced Manufacturing & Trades Scholarship," which covers the cost of essential tools, training, and education for students who are pursuing careers in the skilled trades sector.
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 added that now is the time for businesses, the technology sector, and governments to address the core issues of underinvestment and bureaucracy that have been hindering progress in the Essential Economy. Other business leaders echoed Farley's sentiments, adding that skilled trade jobs are often overlooked as part of a vital economy, and that over one million skilled trade positions are unfilled in the US. That number is expected to rise without a solution to bolster the Essential Economy.
To learn more about Ford's work to mitigate problems with the Essential Economy, contact Camelback Ford today.