The semiconductor industry faces an intense recruitment struggle amidst a tight labor market and heightened competition for talent, fueled by the CHIPS and Science Act’s funding aimed at boosting domestic production. As generative artificial intelligence propels demand, a looming shortfall of up to one million workers in the U.S. economy by 2030 threatens the sector. Specifically, the U.S. chips industry could see a shortage of 67,000 technicians, engineers, and computer scientists, while the broader economy may face a 1.4 million worker gap, according to the Semiconductor Industry Association’s 2023 study. Deloitte’s separate analysis warns that the talent crunch could worsen due to global economic factors and supply chain issues.
GlobalFoundries, the third-largest chipmaker globally, is actively expanding its talent pool. The company targets veterans, participants from its workforce re-entry program, and women in construction. Producing chips for diverse products including electronics, automobiles, and defense components, GlobalFoundries counts major clients like General Motors and Lockheed Martin. In 2021, it launched the industry’s first registered apprenticeship program, offering paid training and benefits, with a pathway requiring only a high school diploma and mechanical interest.
The program has seen 50 apprentices graduate so far, including technical college graduates and military veterans transitioning to civilian careers. GlobalFoundries aims to fill hundreds of roles internationally and expects to maintain this hiring momentum, according to Chief People Officer Pradheepa Raman. The strategy includes cross-training non-traditional talent and identifying alternate talent pools.
Career advancement is emphasized within the company. Morgan Woods, 28, who joined as a technician in 2021, now oversees training as a development analyst. Woods leverages a recently launched GlobalFoundries benefit offering U.S.-based employees and new hires up to $28,500 tax-free towards student debt, aiding in financial and future planning.
The CHIPS and Science Act funding will support growth at GlobalFoundries’ facilities in New York and Vermont. The company plans to use $1.5 billion in CHIPS funds to expand its manufacturing capacity, aiming to create 1,500 new manufacturing jobs and 9,000 construction jobs.
Company efforts to overcome recruitment challenges include an ecosystem approach to workforce development and offering attractive benefits, according to Raman.
Original Story https://www.cnbc.com/2024/07/05/globalfoundries-hiring-as-semiconductor-chip-demand-rises.html
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