Lowe's, Metallica team up to bolster skilled labor workforce
Donation from Lowe's will benefit hundreds of students at five community colleges
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'Cheers' star John Ratzenberger discusses the importance of teaching manufacturing skills to the next generation on 'The Bottom Line.'
The Lowe’s Foundation is partnering with heavy metal band Metallica to bolster the skilled labor workforce, which has been facing a critical shortage of workers.
In order to expand support of skilled trades training for community college students, Lowe's donated $500,000 to Metallica's foundation, All Within My Hands. The organization, launched in 2017, supports critical local services to create sustainable communities. This includes its Metallica Scholars Initiative, which provides direct support to community colleges to enhance their career and technical education programs.
The latest donation from Lowe's will benefit hundreds of students at five community colleges by funding critical training, equipment, recruiting and wraparound services, according to Lowe's.
SMALL BUSINESSES STILL DEALING WITH INFLATION, LABOR SHORTAGES
According to a proprietary model developed by Associated Builders and Contractors, the construction industry will need to attract an estimated 501,000 additional workers on top of the normal pace of hiring this year just to meet the demand for labor.
Western Dakota Technical College (Rapid City, South Dakota) will use its funding to cover tuition, textbooks, tools and student services in its construction and plumbing programs. (All Within My Hands)
In 2025, the industry will need to bring in nearly 454,000 new workers on top of normal hiring. That is also presuming that construction spending growth slows significantly next year, according to the data.
"Not addressing the shortage through an all-of-the-above approach to workforce development will slow improvements to our shared built environment, worker productivity, living standards and the places where we heal, learn, play, work and gather," ABC CEO Michael Bellaman said.
Lars Ulrich, Metallica's drummer and co-founder of the program, told FOX Business that they are already "seeing results."
"Five years in, with the help of community colleges across the country, we are helping people fill these essential jobs that require skills and training," Ulrich said.
SKILLED WORKERS ARE IN DEMAND, THESE TRADE JOBS PAY THE MOST
This marks Lowe's latest effort to address what it says is one of the most critical work shortages in the country. Last year, the home improvement company pledged $50 million over the next five years to combat this shortage of skilled workers.
San Juan College (Farmington, New Mexico) will use its funding to support students in traditional construction programs and automotive technology. (All Within My Hands)
The 5 community colleges that will receive funding:
Pima Community College in Tucson, Arizona: Funding will support Metallica Scholars training for HVAC, carpentry, electrical and plumbing careers. The program also includes comprehensive career advising.
College of Lake County in Grayslake, Illinois: Funding will go to recruit and retain a cohort of students who are training to join the local manufacturing workforce. They will also receive tools and a range of support for students pursuing certificates or degrees leading to HVAC, welding and automotive careers.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LOW | LOWE'S COMPANIES INC. | 262.98 | +3.59 | +1.38% |
San Juan College in Farmington, New Mexico: The funding to support students in traditional construction programs and automotive technology. There will be a priority on low-income individuals.
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Western Dakota Technical College in Rapid City, South Dakota: Funding will cover tuition, textbooks, tools and student services in its construction and plumbing programs.
Milwaukee Area Technical College in Milwaukee: Funding will support hands-on career exploration and scholarships while it promotes "heavy metal" careers. These include automotive/diesel, HVAC, trucking and welding.