The semiconductor industry is currently facing a tight labor market, with intense competition for talent as funding from the CHIPS and Science Act continues to be distributed. This industry, which is deemed critical for the economy, is projected to face a shortage of around 67,000 technicians, computer scientists, and engineers by 2030. With the broader U.S. economy set to experience a shortfall of 1.4 million skilled workers, the pressure is on to attract and retain top talent within the semiconductor space.
GlobalFoundries, the third-largest chipmaker globally, is actively seeking to recruit talent from various pools. The company has targeted veteran candidates, individuals from its own workforce reentry program, and women in construction initiatives. GlobalFoundries plays a significant role in creating chips for a wide range of products, from everyday electronics and phones to components for space and defense. Major clients include industry giants such as General Motors and Lockheed Martin.
In an effort to bridge the talent gap, GlobalFoundries launched the semiconductor sector’s first registered apprenticeship program in 2021. This program is full-time, paid with benefits, and incurs no cost to the apprentice. Lasting for two years or less, it is open to individuals with a high school diploma or equivalent, who have an interest in the mechanical field. The company has successfully onboarded 50 apprentices thus far, including graduates with technical associate degrees from regional community colleges and veterans transitioning out of the military.
Meeting Growing Demand with a Skilled Workforce
Chief People Officer Pradheepa Raman highlighted the urgency of meeting the industry’s demand by acknowledging that maintaining the same workforce size is not an option. GlobalFoundries anticipates filling hundreds of roles globally at any given time and hiring thousands of employees annually. Raman emphasized the importance of workforce development efforts and the company’s aggressive approach to identifying and nurturing talent from various backgrounds.
Morgan Woods, who started as a technician at GlobalFoundries in 2021, exemplifies the company’s commitment to training and advancing its employees. Woods has advanced from a technician role to a training and development analyst overseeing training for technicians, engineers, and management. As the demand for microchips continues to rise, Woods stressed the necessity for increased manpower to support production targets, especially as GlobalFoundries expands its presence in the automotive sector.
GlobalFoundries’ initiative to provide eligible U.S.-based employees with a tax-free lifetime reimbursement of up to $28,500 for student debt is a testament to the company’s commitment to its workforce. This program has seen over 200 applicants, exceeding expectations, and empowering employees like Woods to achieve financial stability and pursue personal milestones such as homeownership and starting a family.
Beyond addressing immediate talent needs, funding from the CHIPS and Science Act will play a vital role in enhancing GlobalFoundries’ manufacturing capabilities in New York and Vermont. The company’s planned expansion, supported by $1.5 billion in CHIPS funding, is expected to create 1,500 manufacturing jobs and 9,000 construction jobs over the course of planned projects. By investing in workforce development and fostering a positive work environment, GlobalFoundries aims to overcome industry recruiting challenges and position itself as a premier employer in the semiconductor space.