The Semiconductor Industry Faces a Tight Labor Market in the Race for Talent

The Semiconductor Industry Faces a Tight Labor Market in the Race for Talent

The semiconductor industry is currently experiencing a shortage of skilled workers in a highly competitive labor market. As the demand for talent continues to increase, the industry is struggling to fill crucial roles in areas such as technicians, computer scientists, and engineers. According to a study from the Semiconductor Industry Association, the U.S. chips industry is expected to face a shortage of 67,000 workers by 2030, while the broader U.S. economy is projected to have a gap of 1.4 million such workers. This shortfall is further compounded by the advent of generative artificial intelligence, which is driving demand in the sector.

To address the talent shortage, companies like GlobalFoundries, one of the world’s largest chipmakers, are implementing innovative recruitment strategies. GlobalFoundries has launched various initiatives to attract diverse talent, including recruiting veterans, candidates from its own workforce reentry program, and women in construction. The company produces chips for a wide range of products, from electronics and phones to autos, as well as components for space and defense. In an effort to fill critical roles, GlobalFoundries introduced the semiconductor industry’s first registered apprenticeship program in 2021. This program is full time, paid with benefits, and completed in two years or less, providing training at no cost to the apprentice. The company has recruited technical graduates and veterans transitioning out of the military to participate in the apprenticeship program.

The semiconductor industry is striving to maintain a sustainable workforce amidst rising demand. Chief People Officer of GlobalFoundries, Pradheepa Raman, emphasized the importance of aggressive workforce development efforts to bridge the talent gap. Raman highlighted the company’s commitment to cross-training talent and identifying alternate talent pools to address the shortage of skilled workers. GlobalFoundries aims to fill hundreds of roles globally and hires thousands of employees annually. Raman stressed that maintaining the same size workforce is not an option for the industry given the escalating demand for semiconductor products. The company’s workforce needs span from technicians to product managers and corporate roles, necessitating a multifaceted approach to talent acquisition.

In addition to recruiting new talent, companies in the semiconductor space are focusing on training and retaining existing employees to foster career growth. One example is Morgan Woods, who began as a technician at GlobalFoundries’ fab facility and has progressed to a training and development analyst role. Woods oversees training for technicians, engineers, and management, ensuring compliance as the company expands into new markets like automotive. With the company’s support, Woods has been able to advance in his career and leverage benefits such as student debt assistance to improve his financial position. Other employees have also benefited from initiatives aimed at enhancing employee retention and advancement opportunities.

Funding from initiatives like the CHIPS and Science Act is expected to contribute to the growth of the semiconductor industry. Companies like GlobalFoundries are leveraging this funding to expand manufacturing facilities and create new jobs. In February, GlobalFoundries announced a $1.5 billion investment to expand manufacturing capacity, with the potential to create thousands of manufacturing and construction jobs. This investment aims to address workforce shortages in manufacturing and construction sectors while attracting new talent to support industry growth. By focusing on workforce development and offering competitive benefits, companies are positioning themselves as attractive employers in the semiconductor industry.

Business

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