The semiconductor industry is currently facing a challenging labor market characterized by intense competition for talent. With the dispersion of funding from the CHIPS and Science Act aimed at boosting domestic production, companies in the sector are expediting their recruitment efforts. However, the road ahead is not without obstacles, as projections suggest a looming shortfall of up to one million workers in the broader U.S. economy by 2030, especially in fields such as generative artificial intelligence that are driving demand in the semiconductor industry.
According to a 2023 study from the Semiconductor Industry Association, the U.S. chips industry is forecasted to experience a deficit of 67,000 technicians, computer scientists, and engineers by 2030. This shortage is further exacerbated by the expectation of a 1.4 million-worker gap in these fields within the broader U.S. economy. Deloitte’s separate study highlights the potential exacerbation of the talent crunch in the semiconductor space due to global economic dynamics and ongoing supply chain challenges.
GlobalFoundries, one of the largest chipmakers worldwide, has recognized the urgent need to recruit talent across various demographics. The company has been actively pursuing veteran candidates, individuals from its workforce reentry program, and participants in an initiative aimed at women in construction. By creating chips for a wide range of products, including electronics, phones, autos, space, and defense components, GlobalFoundries has positioned itself as a significant player in the industry.
Innovative Workforce Development Initiatives
In a bid to address the talent shortage, GlobalFoundries introduced the industry’s first registered apprenticeship program in 2021. This two-year, full-time, paid program offers benefits and requires no cost for training, catering to individuals with a high school diploma or equivalent and an interest in the mechanical field. The company has successfully onboarded around 50 apprentices through this program, tapping into talent pools from regional community colleges and transitioning military veterans.
The semiconductor industry’s exponential growth indicates that maintaining a static workforce size is not an option for companies like GlobalFoundries. As demand escalates, the need for technicians, product managers, and corporate roles intensifies. Chief People Officer Pradheepa Raman emphasized the significance of aggressive workforce development efforts, which involve cross-training talent and identifying alternative talent pools from diverse backgrounds.
To retain and attract top talent, companies like GlobalFoundries provide pathways for career advancement. Employees, such as Morgan Woods, have transitioned from technician roles to training and development analyst positions within the company. This progression reflects the company’s commitment to nurturing internal talent and fostering compliance, especially as it expands into new markets like automotive electronics.
GlobalFoundries’ employee-centric approach is evident through initiatives like the tax-free lifetime student debt benefit of $28,500 for eligible U.S.-based employees and new hires. This program, launched in May, has garnered significant interest, with over 200 applicants surpassing initial projections. Employees like Woods view this benefit as a means to secure their financial future and achieve personal milestones like homeownership and family expansion.
Beyond recruitment efforts, funding from the CHIPS and Science Act will play a pivotal role in enhancing GlobalFoundries’ manufacturing capabilities in New York and Vermont. With a planned investment of $1.5 billion, the company aims to create 1,500 manufacturing jobs and 9,000 construction roles over upcoming projects’ lifetimes. By leveraging governmental funding alongside local and state resources, GlobalFoundries seeks to address workforce shortages and establish itself as a premier employer in the industry.
The semiconductor industry’s quest for talent underscores the critical role of robust recruitment strategies, innovative workforce development initiatives, and employee-centric benefits programs. Companies like GlobalFoundries are at the forefront of addressing the talent crunch through proactive measures aimed at attracting, retaining, and advancing top-tier talent. As the industry continues to evolve and expand, investing in human capital remains a strategic imperative for sustainable growth and competitiveness.