The Semiconductor Industry’s Workforce Crisis: Can They Find Enough Talent?
Introduction
The semiconductor industry is facing a significant workforce crisis. With a shortage of as many as one million workers expected in the broader U.S. economy by 2030, the industry is scrambling to recruit and retain talent. In this article, we’ll explore the challenges the industry is facing and the innovative solutions companies like GlobalFoundries are using to address the issue.
The Problem: A Growing Talent Gap
According to a 2023 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. This talent gap is expected to worsen due to the global economic environment and ongoing supply chain issues, as highlighted in a separate study by Deloitte.
GlobalFoundries’ Solution: Aggressive Workforce Development
GlobalFoundries, the third-largest chipmaker globally, is taking a proactive approach to address the talent gap. The company is casting a wide net to recruit talent, seeking out veteran candidates, candidates from its own workforce reentry program, and women in construction. GlobalFoundries creates chips for everyday products from electronics and phones to autos, in addition to components for space and defense.
Apprenticeship Program: A Unique Solution
In 2021, GlobalFoundries launched the semiconductor industry’s first registered apprenticeship program. The program is full-time, paid, and includes benefits, with training at no cost to the apprentice. The program is completed in two years or less and requires only a high school diploma or equivalent and interest in the mechanical field. So far, 50 apprentices have gone through the program, and the company has recruited graduates with technical associate degrees from regional community colleges and veterans transitioning out of the military.
Room for Advancement and Retention
Workers at GlobalFoundries also have room for advancement, and training and retaining existing workers is key in this competitive environment. Morgan Woods, a 28-year-old technician, started out at GlobalFoundries in 2021 and has since moved into a training and development analyst role. Woods oversees training for technicians, engineers, and management, as well as ensuring compliance.
Student Debt Relief: A Perk for Employees
GlobalFoundries has also launched a benefit that allows eligible U.S.-based employees and new hires to receive a tax-free lifetime total of $28,500 toward student debt. This benefit has been met with enthusiasm, with over 200 applicants exceeding expectations.
Conclusion
The semiconductor industry’s workforce crisis is a pressing issue that requires innovative solutions. GlobalFoundries’ aggressive approach to workforce development, including its apprenticeship program and student debt relief benefit, is a model for the industry. By addressing the talent gap and providing opportunities for advancement and retention, companies like GlobalFoundries can ensure a stable and skilled workforce for years to come.
FAQs
Q: What is the expected talent gap in the semiconductor industry by 2030?
A: The Semiconductor Industry Association estimates a shortage of 67,000 technicians, computer scientists, and engineers by 2030.
Q: What is GlobalFoundries doing to address the talent gap?
A: GlobalFoundries is casting a wide net to recruit talent, seeking out veteran candidates, candidates from its own workforce reentry program, and women in construction. The company has also launched an apprenticeship program and offers a benefit to help employees pay off student debt.
Q: How does GlobalFoundries’ apprenticeship program work?
A: The program is full-time, paid, and includes benefits, with training at no cost to the apprentice. The program is completed in two years or less and requires only a high school diploma or equivalent and interest in the mechanical field.
Q: How has GlobalFoundries’ student debt relief benefit been received?
A: The benefit has been met with enthusiasm, with over 200 applicants exceeding expectations.
Q: What are some other solutions to address the talent gap in the semiconductor industry?
A: Some potential solutions include cross-training talent, identifying alternate talent pools, and working with educational institutions to develop programs that produce skilled workers.
Author: www.cnbc.com
Orginal Source link