Ford recently gathered upwards of 300 national leaders to discuss workforce issues. The attendees represented industries and governments from around the world. At a September summit, they discussed challenges confronting the "Essential Economy," which includes sectors such as construction, energy, manufacturing, and transportation.
About Ford Pro Accelerate
Held in Detroit, Michigan, the summit focused on the problems facing the "Essential Economy" and potential solutions. Many participants noted that complicated regulations, a shortage of workers, and a lack of innovation are slowing productivity in these areas. Meanwhile, the "knowledge economy," encompassing technology and software development, continues to increase efficiency.
To respond, Ford announced several initiatives. The automaker will invest more than $5 million in workforce programs through 2025 and 2026, an investment that Ford says will benefit more than 100,000 educators and students. The company will also debut a K-12 program called "Ford Future Builders Labs." In collaboration with SkillsUSA, Ford plans to expand its advanced manufacturing programs, which are already operating in the U.S.
In addition to expanding its education programs, Ford will offer scholarships to support students in pursuing careers in the "Essential Economy." Partnering with the TechForce Foundation, Ford will expand its Auto Tech Scholarship to provide financial assistance to students pursuing automotive technology studies. Ford will also introduce the "Ford Philanthropy Advanced Manufacturing & Trades Scholarship" to cover the costs of tools, training, and education 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 called on businesses, the tech sector, and governments to confront persistent underinvestment and bureaucratic obstacles that have impeded progress. Other business leaders agreed, noting that skilled-trade positions are often overlooked and that more than one million such jobs in the U.S. are currently open — a number likely to rise without intervention.
To learn more about Ford's work to mitigate problems with the "Essential Economy," contact Prosper Ford today.