Recently, Ford convened over 300 national leaders to address workforce challenges. Representatives from industries and governments worldwide attended. At a September summit, they discussed issues impacting the "Essential Economy," including construction, energy, manufacturing, and transportation.
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The summit, held in Detroit, Michigan, brought leaders together to examine the obstacles facing the "Essential Economy" and explore ways to overcome them. Many attendees highlighted that complex regulations, labor shortages, and a lack of innovation have constrained productivity. In contrast, the "knowledge economy," encompassing technology and software development, has continued to improve in efficiency.
To help remedy the situation, Ford announced multiple initiatives. The automaker will invest more than $5 million to support workforce programs through 2025 and 2026, which it says will benefit over 100,000 educators and students. Ford will also launch a K-12 education program titled "Ford Future Builders Labs." Working alongside SkillsUSA, Ford plans to expand its advanced manufacturing programs, which are already operating in the U.S.
Beyond educational efforts, Ford will expand scholarship offerings for students pursuing careers in the "Essential Economy." In partnership with the TechForce Foundation, Ford will grow its Auto Tech Scholarship to aid students interested in automotive technology. Ford will also introduce the "Ford Philanthropy Advanced Manufacturing & Trades Scholarship," which helps cover the costs of tools, training, and education needed for careers in the 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 persistent underinvestment and bureaucratic hurdles that have held back progress. Other business leaders echoed this, warning that more than one million skilled-trade jobs in the U.S. are currently unfilled and that number could increase without action.
To learn more about Ford's work to mitigate problems with the "Essential Economy," contact Westway Ford today.