In just three years, the semiconductor industry has undergone a remarkable transformation, evolving from an obscure technology sector to a dynamic and innovative market captivating global attention. As society’s awareness of our profound dependence on semiconductor chips in everyday life has expanded, so too has the industry’s significance, poised to reach a monumental milestone of a $1 trillion dollar industry by 2030.

Yet, amidst this promising trajectory, a pressing challenge looms large: by decade’s end, the industry could experience a shortfall exceeding 67,000 skilled technicians, computer scientists and engineers, according to a recent report by the Semiconductor Industry Association. Addressing this shortage is not only pivotal for sustaining the industry’s growth but also for fortifying its role as a cornerstone of technological progress worldwide.

Setting your team apart in anticipation of talent shortages

As the semiconductor industry experiences unprecedented growth worldwide, the challenge of aligning the talent pool with this rapid expansion becomes increasingly evident. To ensure the sustained progression of the industry, companies across the ecosystem must reassess their approaches to global workforce development, talent acquisition and development.

With two decades of experience in people operations within the technology sector, I am deeply aware of the strategies at our disposal to address this challenge. However, I advocate for a strategic focus on three key areas: prioritizing employee financial well-being, forging partnerships with K -12 institutions, universities and community colleges, and actively welcoming individuals reentering the workforce. By prioritizing these initiatives, every employer can lay a solid foundation for building a globally skilled and resilient workforce poised to drive our industry forward.

New graduates need more financial support

Student loan debt has become a significant financial burden for many individuals in this country, and research has shown that mental health, wellbeing and student loan debt are inextricably linked. At GlobalFoundries (GF), we recognized that the burden of student loan debt extends beyond financial stress for graduates in debt and are one of the less than 10% of trailblazing companies offering assistance.

Pradheepa Raman, Chief People Officer at GlobalFoundries

In many cases, student loans are delaying individuals’ major life decisions, including pursuing higher education, starting a family and purchasing a home. In fact, nearly a quarter of U.S. millennials felt “strongly impacted” by student loan debt in a survey by Legal & General.

Last year, total student loan debt soared to an unprecedented $1.75 trillion, as reported by the Federal Reserve. This staggering figure underscores the significant financial strain faced by countless individuals across the nation. Moreover, extensive research has underscored the intricate connection between mental health, overall well-being, and the burden of student loan debt. At GF, we recognize that this burden transcends financial stress, impacting graduates and employees with student loan debt in profound ways. That’s why we’re proud to stand among the less than 10% of pioneering companies offering assistance in this critical area for all employees in the US.

For many, student loan obligations delay pivotal life milestones such as pursuing further education, starting a family, or purchasing a home. In fact, a survey by Legal & General revealed that nearly a quarter of US millennials felt “strongly impacted” by student loan debt. To address this pressing issue, GF recently launched a student loan program, allocating over $10 million dollars to students in need. However, we believe our efforts should not stand alone.

The provision of student loan assistance holds the power to profoundly alter the trajectory of individuals’ lives, making such programs increasingly coveted benefits among tech companies vying for top talent. By offering this support, companies can alleviate the financial strain associated with higher education, enabling employees to pursue their financial goals more confidently, including saving for retirement.

Beyond serving as a tool for talent attraction, these initiatives play a pivotal role in nurturing our most valuable asset—our people. When employees feel supported in their career and financial journey, we witness heightened dedication to their roles and a deeper sense of commitment to our organization. It is imperative that teams remain attuned to the challenges their members face and strive to provide meaningful support, particularly in areas like student debt relief.

Building the semiconductor ecosystem through local partnerships

Insufficient qualifications often stand as a formidable barrier preventing individuals from pursuing new career opportunities or realizing their ambitions for career changes. A recent study conducted by Wiley Edge revealed that nearly half of businesses seeking tech talent encounter candidates who, despite possessing relevant degrees, lack essential technical skills for entry-level positions.

GF firmly believes that every skilled technician, computer scientist and engineer plays a crucial role in shaping the future of semiconductors, upon which our world heavily relies. To address the skills gap and foster a diverse, skilled and global workforce, companies must pioneer innovative initiatives. This includes GF’s apprenticeship program, which is supported by the White House’s executive order in March to expand Registered Apprenticeships.

These types of initiatives provide invaluable on-the-job training and coursework at no cost to the employee. By removing financial barriers to entry, companies can successfully attract talented individuals who might otherwise have been deterred from applying. It is also important to consider robust paid summer internships that have the potential for full time conversion before graduation.

Diversifying the workforce is also a critical component to increasing the current talent pool. For example, GF recently partnered with Micron and the U.S. National Science Foundation to drive workforce development at Minority Serving Institutions, addressing the growing needs of the semiconductor ecosystem. This type of collaboration will diversify the semiconductor workforce and create strong talent pathways through education and career reentry initiatives.

This effort complements our other strategic engagements, such as research and development partnerships with over seventy universities worldwide. Moreover, volunteer teams play a crucial role in talent engagement. They should be encouraged to support STEM education, with ambassadors passionate about STEM actively engaging with local K-12 communities through information sessions, classroom visits, guest lectures, career panels, and mentorships.

Through these concerted efforts, companies can not only equip prospective employees with the necessary skills, but also demonstrate their commitment to fostering a robust and sustainable semiconductor talent pipeline. In 2023 alone, our global recruitment efforts resulted in the hiring of over 360 interns and more than 240 students into full-time roles, underscoring our dedication to nurturing the next generation of semiconductor professionals.

Create opportunities for those returning to the global workforce

Reaching out to students is undoubtedly vital for any semiconductor company’s HR strategy. However, equally essential is the inclusion of returning talent—individuals who may have taken a hiatus from their careers for various reasons. Establishing programs tailored to support individuals re-entering the workforce, such as returning parents, veterans, and those on sabbatical leave, is paramount for fostering a resilient and dynamic talent pipeline.

These programs not only underscore a company’s commitment to fostering inclusive career development, but also offer equitable advancement opportunities for individuals who have temporarily stepped away from their traditional career paths and are now eager to rejoin the workforce. In addition to enhancing diversity within teams, these initiatives enrich organizational culture by embracing the fresh perspectives and valuable insights of individuals returning from extended breaks, whose diverse experiences contribute to collective growth and innovation.

Looking ahead at 2024’s rising competition for talent

Building the future of the semiconductor industry is a commitment that must go beyond the traditional perks that have been enough to attract talent in the past. By offering student loan repayment assistance, partnering with local academic institutions, and creating programs for workers returning to the global workforce, we are helping address the current needs of a new generation of talent, as well as mapping out the growth trajectories of tomorrow’s tech leaders. As we work to foster a highly skilled, diverse workforce to support the innovative nature of the semiconductor industry, our approach to attracting talent must strategically meet the requirements of our hiring market.

Prospective employees should be able to envision their future with an organization – not just their first day. Through prioritizing the long-term well-being of employees, companies are not just enhancing individual lives, but investing in the success of the semiconductor industry as a whole. As we strive to further our recruitment, our hope is to inspire other organizations to do the same until it becomes an industry standard

By: DocMemory
Copyright © 2023 CST, Inc. All Rights Reserved