The semiconductor industry is facing a significant challenge in recruiting workers due to the tight labor market and increased competition for talent. Additionally, the industry is also facing a projected shortfall of as much as one million workers in the broader U.S. economy by 2030. This shortage is expected to be exacerbated by the rise of generative artificial intelligence.
According to a study from the Semiconductor Industry Association, the U.S. chips industry is expected to face a shortage of 67,000 technicians, computer scientists, and engineers by 2030. In comparison, the broader U.S. economy is projected to have a gap of 1.4 million such workers. The talent crunch in the semiconductor space could worsen due to the global economic environment and ongoing supply chain issues, as highlighted in a separate study from Deloitte.
To address this talent shortage, GlobalFoundries, the third-largest chipmaker globally, is taking proactive measures to recruit talent. The company is casting a wide net by seeking out veteran candidates, candidates from its own workforce reentry program, and an initiative for women in construction. GlobalFoundries creates chips for various everyday products and has major clients like General Motors and Lockheed Martin.
In 2021, GlobalFoundries launched the sector’s first registered apprenticeship program. This program is full time and paid with benefits, with training provided at no cost to the apprentice. It can be completed in two years or less and only requires a high school diploma or equivalent and an interest in the mechanical field. So far, 50 apprentices have gone through the program.
Chief People Officer Pradheepa Raman emphasized that maintaining the same size workforce is not an option for the industry as demand continues to soar. GlobalFoundries is aggressively pursuing workforce development efforts, including cross-training talent and identifying alternate talent pools. The company aims to show individuals in different fields that the semiconductor industry offers welcoming opportunities.
Workers at GlobalFoundries also have room for advancement, and training and retaining existing workers is crucial in this competitive environment. For example, Morgan Woods started as a technician and has now moved into a training and development analyst role, overseeing training for technicians, engineers, and management. Woods highlighted the importance of compliance as the company expands into the automotive space.
GlobalFoundries has also launched a program to support its employees with student debt. Eligible U.S.-based employees and new hires can receive a tax-free lifetime total of $28,500 toward student debt. This program has received an overwhelming response, with over 200 applicants so far.
Funding from the CHIPS and Science Act will further bolster growth for GlobalFoundries’ manufacturing fabs in New York and Vermont. The company has announced $1.5 billion in planned CHIPS funding to expand manufacturing capacity, which is expected to create 1,500 manufacturing jobs and 9,000 construction jobs over the lifetime of planned projects. Manufacturing and construction industries have also faced worker shortages and are working towards attracting new and younger hires.
To address the recruitment challenges, GlobalFoundries believes that an ecosystem approach of workforce development and creating a positive work environment through benefits offerings is key. The company aims to make itself one of the best places to work in order to attract and retain talent.
In conclusion, the semiconductor industry is facing a talent shortage, and GlobalFoundries is actively working to recruit and develop talent to meet the growing demand. Through initiatives like apprenticeship programs, cross-training, and benefits offerings, the company aims to bridge the gap in the workforce while providing opportunities for advancement and financial support for its employees.
