The semiconductor industry is currently facing challenges in recruiting workers due to a tight labor market. With the competition for talent intensifying and the funding from the CHIPS and Science Act being distributed to spur domestic production, the industry is under pressure to fill positions. According to a 2023 study from the Semiconductor Industry Association, there is a projected shortfall of as much as one million workers in the broader U.S. economy by 2030, with a specific shortage of 67,000 technicians, computer scientists, and engineers in the U.S. chips industry.
GlobalFoundries, the third-largest chipmaker globally, has been proactive in its approach to recruiting talent. The company has been casting a wide net, seeking out veteran candidates, candidates from its own workforce reentry program, and women in construction. They have created a registered apprenticeship program, which provides full-time paid training with benefits, and is completed in two years or less. This program has seen success with 50 apprentices having gone through it so far. GlobalFoundries is focused on filling hundreds of roles worldwide and hires thousands annually.
A key aspect of retaining talent in the semiconductor industry is providing opportunities for advancement. For instance, Morgan Woods, a technician at GlobalFoundries, has moved into a training and development analyst role overseeing the training of technicians, engineers, and management. This career growth is crucial for keeping employees engaged and motivated in a competitive environment where demand is high.
Companies within the semiconductor industry, such as GlobalFoundries, are providing support to their employees through educational incentives. For example, GlobalFoundries launched a program that offers eligible U.S.-based employees and new hires a tax-free lifetime total of $28,500 toward student debt. This program has been successful, with over 200 applicants exceeding expectations. Employees like Morgan Woods have benefitted from this program, enabling them to improve their financial position and plan for their future.
Funding from the CHIPS and Science Act is expected to drive growth and expansion within the semiconductor industry. GlobalFoundries, for instance, has announced $1.5 billion in planned CHIPS funding to expand manufacturing capacity in New York and Vermont. This funding is projected to create 1,500 manufacturing jobs and 9,000 construction jobs over the lifetime of planned projects. By investing in manufacturing and construction, the industry aims to attract new and younger hires to meet the growing demand.
The semiconductor industry is facing a workforce shortage as it competes for talent in a tight labor market. Companies like GlobalFoundries are taking proactive steps to recruit, train, and retain employees through apprenticeship programs, educational incentives, and opportunities for career advancement. With the support of funding from the CHIPS and Science Act, the industry is poised for growth and expansion, creating new job opportunities and addressing the challenges of recruiting in a competitive environment.
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