The semiconductor industry is currently grappling with a tight labor market as the competition for talent intensifies. With funding from the CHIPS and Science Act being distributed to boost domestic production, the demand for workers in this sector is soaring. According to a study by 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 the chips industry expected to face a shortage of 67,000 technicians, computer scientists, and engineers. The ongoing advancement of generative artificial intelligence is only adding fuel to this already in-demand sector.
GlobalFoundries, one of the world’s largest chipmakers, is actively seeking to recruit talent to meet the growing demand in the industry. The company has implemented various initiatives to attract skilled workers, including targeting veteran candidates and participants in its own workforce reentry program. Furthermore, GlobalFoundries has launched an apprenticeship program that offers full-time paid training with benefits, requiring only a high school diploma or equivalent and a passion for the mechanical field. The company’s commitment to workforce development is evident in its effort to fill hundreds of roles worldwide and hire thousands of employees annually.
In a competitive environment where talent is scarce, companies in the semiconductor industry are focused on training and retaining their existing workforce. Morgan Woods, a former technician at GlobalFoundries, has advanced into a training and development analyst role within the company. This promotion showcases the opportunities for career growth and upskilling available to employees in the industry. Additionally, GlobalFoundries’ initiative to provide financial support for student debt repayment has been well-received by employees, with over 200 applicants taking advantage of the program. This highlights the company’s commitment to supporting its workers’ financial well-being and long-term goals.
The CHIPS and Science Act funding is expected to boost growth in the semiconductor industry, particularly for manufacturing fabs in states like New York and Vermont. GlobalFoundries announced a $1.5 billion investment to expand manufacturing capacity, which is projected to create 1,500 manufacturing jobs and 9,000 construction jobs over the lifetime of planned projects. This infusion of funding presents an opportunity to address worker shortages in manufacturing and construction, while also enticing new and younger hires to join the field. By taking an ecosystem approach to workforce development and enhancing benefits offerings, companies like GlobalFoundries are positioning themselves as attractive employers in the industry.
The semiconductor industry is at a critical juncture as it grapples with a shortage of skilled workers and a rapidly expanding market demand. Companies like GlobalFoundries are taking proactive steps to recruit, train, and retain talent in order to meet these challenges head-on. With the support of initiatives like the CHIPS and Science Act funding, the industry is poised for growth and innovation. It is imperative for companies to continue investing in workforce development and creating a supportive environment for employees to thrive in order to sustain their competitive edge in the semiconductor market.