Recently, Ford gathered more than 300 national leaders to discuss workforce-related topics. The group comprised representatives from various industries and governments worldwide. At a September summit, they discussed the issues facing the "Essential Economy," which encompasses sectors such as construction, energy, manufacturing, and transportation.
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The summit convened in Detroit, Michigan, where leaders examined the challenges faced by the "Essential Economy" and discussed potential remedies. Many attendees observed that complex regulations, worker shortages, and limited innovation are hampering the sector's productivity. Meanwhile, the "knowledge economy," including technology and software development, has continued to increase its efficiency.
To address these barriers, Ford announced a series of initiatives. The automaker will invest more than $5 million in workforce programs through 2025 and 2026, an effort that Ford says will reach over 100,000 educators and students. Ford will also introduce "Ford Future Builders Labs," a new K-12 education program. In collaboration with SkillsUSA, the company will expand its advanced manufacturing programs that are already operating in the U.S.
Alongside educational programs, Ford plans to offer scholarships to students pursuing careers in the "Essential Economy." Partnering with the TechForce Foundation, Ford will expand the Auto Tech Scholarship to provide financial support to aspiring students in the automotive technology field. Ford will also launch the "Ford Philanthropy Advanced Manufacturing & Trades Scholarship," which covers costs for essential tools, training, and education for students entering 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 said this is a moment for businesses, the tech sector, and governments to tackle chronic underinvestment and bureaucratic friction that have hindered advancement. Other leaders agreed, noting that skilled-trade roles are frequently overlooked and that more than one million such positions in the U.S. are unfilled — a number expected to rise without effective solutions.
To learn more about Ford's work to mitigate problems with the "Essential Economy," contact Town East Ford today.