The semiconductor industry is recruiting workers in a tight labor market as the competition for talent ramps up and funding from the CHIPS and Science Act designed to spur domestic production continues to be dispersed.
It is also staring down a projected shortfall of as much as one million workers in the broader U.S. economy by 2030 as generative artificial intelligence adds fuel to the in-demand sector.
The U.S. chips industry is expected face a shortage of 67,000 technicians, computer scientists and engineers by 2030, while the broader U.S. economy is set to have a gap of 1.4 million such workers, according to a 2023 study from the Semiconductor Industry Association.
A separate study from Deloitte found the talent crunch in the semiconductor space could get even worse due to the global economic environment and ongoing supply chain issues.
A wafer sorter inside the GlobalFoundries semiconductor manufacturing facility in Malta, New York, on June 18, 2024.
Cindy Schultz | Bloomberg | Getty Images
GlobalFoundries, the third-largest chipmaker globally, is casting a wide net to recruit talent. The company has sought out veteran candidates, along with candidates from its own workforce reentry program and an initiative for women in construction.
The company creates chips for everyday products from electronics and phones to autos, in addition to components for space and defense. Major clients include General Motors and Lockheed Martin.
In 2021, the company launched the sector’s first registered apprenticeship program, which is full time and paid with benefits, with training at no cost to the apprentice. It is completed in two years or less, and requires only a high school diploma or equivalent and interest in the mechanical field. Some 50 apprentices have gone through the program so far, the company said. It has recruited graduates with technical associate degrees from regional community colleges and veterans transitioning out of the military for the program.
GlobalFoundries is working to fill hundreds of roles at a time worldwide, and hires thousands annually, a pace it expects to continue, Chief People Officer Pradheepa Raman told CNBC in an interview. Raman said keeping the same size workforce is “not an option” for the industry as demand soars. The needs range from technicians to product managers and corporate roles.
“It’s why we are very, very aggressive when it comes to our workforce development efforts,” Raman said. “And if you’re not getting traditional talent, [the solution is] cross-training talent, identifying alternate talent pools, people who are doing things in different fields, showing them that this is a very welcoming set of opportunities that exists within the semiconductor industry, is our approach.”
The GlobalFoundries semiconductor manufacturing facility in Malta, New York, on June 18, 2024.
Cindy Schultz | Bloomberg | Getty Images
Workers also have room for advancement, and training and retaining existing workers is key in this…
Read More: GlobalFoundries hiring as semiconductor chip demand rises
