Rising demand for semiconductor chips—driven by breakthroughs in generative artificial intelligence and increased domestic production efforts resulting from the CHIPS and Science Act—is causing a significant talent shortage in the semiconductor sector. Third-largest chipmaker worldwide, GlobalFoundries, is using strategic workforce development initiatives to address this challenge actively. These events focus on gathering, honing, and preserving a large reservoir of talent.
There is a slight dip in the availability of talent in semiconductor sector.
A study by the Semiconductor Industry Association in 2023 indicates that the United States semiconductor sector needs 67,000 technicians, computer scientists, and engineers total. 2030 is expected to bring with it this shortfall. In these sectors, the United States economy as a whole may have 1.4 million labor shortfall. A second study by Deloitte indicates that the present global economic situation and ongoing supply chain management issues might exacerbate the skills gap and make it even more critical. This expected deficit makes various thorough workforce development initiatives immediately and urgently needed.
Global Foundries’ Initiatives in Recruitment
GlobalFoundries is adopting a comprehensive recruiting approach aiming at a range of demographics, including women in construction, veterans, and possibilities for reintroduction into the workforce to attract skilled people. Included in the company’s recruitment activities are both its own workforce reintegration program and an initiative specifically meant to draw women into the semiconductor industry.
Projects for Training and Apprenticeship
Created by GlobalFoundries, the first officially approved apprenticeship program in the semiconductor sector started in 2021. To engage in this full-time, paid program that pays benefits and provides training at no cost to the apprentice, apprentices just have only a high school diploma or its equivalent and an interest in the mechanical field. Under a less than two-year program, around fifty apprentices have been effectively taught. It also wants to recruit graduates with technical associate degrees from nearby community colleges as well as veterans leaving the military.
Staff Expansion: A Strategic Method
GlobalFoundries is always hiring new staff to meet the continually rising demand for semiconductor chips. By means of thousands of fresh hires annually, the company aims to fill hundreds of roles worldwide. From product managers to technicians to corporate roles, these professions cover a broad spectrum of responsibilities. Chief People Officer Pradheepa Raman feels that it is impossible to maintain the same worker count considering the sector’s explosive growth. The company uses a proactive approach for workforce development, which consists of the cross-training of current employees and the discovery of other talent pools.
Employee Retention and Prospective Promotions
GlobalFoundries’ approach maintains existing employees and gives professionals chances to further their careers, which is of top importance. Beginning his work as a technician in Malta, New York, Morgan Woods has advanced to become a training and development analyst in charge of keeping an eye on the management, engineering, and technical training of people. Given the company’s upcoming growth in the automotive sector, this internal mobility especially reflects its commitment to career development and compliance.
Offering Benefits and Financial Support
GlobalFoundries has set up a perk package to help employees who are battling student debt. Introduced in May, the program offers qualified workers and recent hires based in the United States a lifetime total of $28,500 against college debt free from taxes. This approach makes eligible loans accessible for all types of credit-based certificate programs offered by American colleges and universities, as well as for degrees. More than the company had expected, about 200 applications have been sent in already.
Changes made by the Science Act and CHIPS
GlobalFoundries depends on financing from the CHIPS and Science Act if it is to continue growing. Announced in February, a CHIPS funding commitment of $1.5 billion aims to increase industrial capacity in the states of New York and Vermont. It is projected that during the lifespan of the planned projects, this money, along with local and state government contributions, would generate about 1,500 manufacturing jobs and 9,000 construction jobs.
About the Construction and Manufacturing Industries’ Worker Shortage
Furthermore suffering with a shortage of accessible personnel are the manufacturing and construction sectors. Two of the methods GlobalFoundries hopes to draw in new employees—especially younger ones—are the building of a supportive atmosphere for worker growth and the offer of attractive incentives. Regarding the benefits the firm offers, Raman emphasizes the need of making the company among the best places to work there.
Conclusion
GlobalFoundries’s all-encompassing workforce development strategy—which combines aggressive recruitment, extensive training programs, and robust employee support activities—puts the company in a position to effectively address the semiconductor industry’s talent deficit. As the demand for semiconductor chips keeps rising, the company will have to use these strategies if it is to maintain its development and preserve its competitive advantage in the worldwide market.
Our Fresh Take
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